Aug 13, 2026 earnings call — Vertical integration and AI campus development
Revenue was $15.1 million, up 145% year-over-year, and the pipeline grew to approximately 6.3 gigawatts.
Revenue $0.0B (est $0.0B) · EPS $-0.18 (est $-0.11)
Key quotes
"How fast can you get me power and what is my energy cost? We answer both with an asset we own outright."
"We signed a definitive joint venture with Metrobloks on June 3. Soluna holds all Class A interests and serves as manager."
"We raised $159.4 million in the second quarter and an additional $23.6 million on our ATM program since quarter end, issuing about 18.8 million shares."
Analyst Q&A 4
Kati 2 lease timing and power
Q (Michael Colonnese · H.C. Wainwright): He asked how negotiations for the Kati 2 LOI are progressing, what must happen before a lease can be signed, and what investors should expect on timing. He also asked about power availability for Kati 2 and Dorothy 3 and how much incremental energy is needed for initial phases.
A: Management said they cannot give a firm timing for a lease because negotiations are detailed and complex, but they are executing like an AI infrastructure company and advancing site design, long-lead orders, preconstruction and capital formation while they negotiate. For power, Dorothy 3 will source from the grid and the Briscoe Wind Farm (which Soluna now owns); Kati will draw from the Las Majadas wind farm with upgrades to increase draw and plans to add firming energy from local gas lines. They said both campuses are already energized and positioned well for the ERCOT audit process.
"So while we can't speak to timing, what we can say is that we're now executing like an infrastructure -- AI infrastructure company." — John Belizaire (CEO)
Tenant type, Dorothy 3 interest, timeline
Q (Michael Donovan · Compass Point): He asked whether the prospective Kati 2 tenant under LOI is a hyperscaler or neocloud and how strong inbound interest at Dorothy 3 is. He also asked if Dorothy 3 will be formally marketed in the fall and what remaining milestones are needed, plus equipment availability and timeline from lease signing to initial RFS.
A: Management would not specify whether the Kati 2 LOI is a hyperscaler or neocloud. They said inbound interest for Dorothy 3 is very keen and has accelerated development; formal marketing is planned to begin in the fall though they're already taking inbound inquiries. On supply chain, they already have key long-lead electrical equipment on order and plan to preorder as much as possible; water will use closed-loop systems and some wells are available. For timing, Kati 2 initial RFS is expected roughly 15 months after contract signing.
"Well, with regard to qualifying the Kati 2 interest, we have not specified whether it's a hyperscaler or neocloud that were under letter of intent." — Michael Picchi (CFO)
How to fund and scale growth
Q (Christopher Brendler · Rosenblatt): He asked how management plans to allocate capital across many opportunities and whether they might partner or combine to grow the footprint given their size and pipeline.
A: Management said they plan to grow incrementally by proving one project at a time to gain access to capital, and they are open to financial and execution partners, including joint ventures, to scale faster. They are focused on the first two projects as proof points within the almost 1.6 gigawatts of AI projects in their pipeline. They are also building the team and expertise needed to execute.
"We look at essentially stair stepping the growth of the business, proving one project at a time that we can execute." — John Belizaire (CEO)
Biggest near-term risk
Q (John Marc Roy · Water Tower): He asked what the single biggest risk is over the next 18 months to achieving their plans.
A: Management said the #1 risk is execution capability — having the tools, architecture, expertise, talent, partnerships and capital to deliver. They are addressing this by hiring experienced leaders and building the team; Ryan agreed team build is the main risk and they are mitigating it now. Mike added that two big industry challenges are access to power and access to capital, and that project financing at roughly 80% loan-to-cost with equity or JV partners for the other 20% is their funding approach to execute the 1,600 megawatts in line of sight.
"I think the #1 risk and challenges is execution capability." — John Belizaire (CEO)