SLNHP Soluna Holdings, Inc
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Executive Summary
Soluna Holdings, Inc. (SLNHP) entered into a definitive joint venture agreement with Metrobloks for the 350+ MW Kati 2 AI/HPC data center project in Willacy County, Texas, replacing a prior non-binding MOU. Soluna contributed Phase I property, a purchase agreement for Phase II property, and ~$3.5M in operating expenses, with commitments to fund ~$19.0M for Phase II acquisition and up to $2.0M for operating costs. The press release also highlighted Q1 2026 revenue up 58% YoY, full ownership of Project Dorothy 1B, and Nasdaq compliance regained.
Actionable Insight
The definitive JV agreement de-risks Kati 2 development and signals progress toward monetizing Soluna's 4.3 GW pipeline. Monitor capital raise progress and tenant signings for Kati 2 — a hyperscaler or neocloud commitment would be a major catalyst. The preferred stock (SLNHP) benefits from improved credit profile as Soluna advances large-scale AI infrastructure projects.
Key Facts
- Definitive JV agreement signed with Metrobloks for 350+ MW Kati 2 AI/HPC data center, replacing non-binding MOU.
- Soluna contributed Phase I property, Phase II purchase agreement, and ~$3.5M in operating expenses.
- Soluna committed ~$19.0M capital contribution for Phase II acquisition and up to $2.0M for operating expenses.
- Q1 2026 revenue up 58% YoY, fourth consecutive quarter of growth; Bitcoin hosting revenue up 178% YoY.
- Soluna acquired full ownership of Project Dorothy 1B, consolidating 100% of Dorothy 1 campus.
- Soluna regained compliance with Nasdaq listing requirements.
- Top-tier investment bank engaged to lead capital raising for Kati 2.
- Distribution waterfall: Soluna gets 14% IRR and $100k/Gross PPA MW before 50/50 split with Metrobloks.
- RFP launched for Phase I (100MW+ CIT) of Kati 2; formal commercial negotiations started with at least one potential tenant.
Financial Impact
Soluna committed ~$19.0M for Phase II acquisition and up to $2.0M for operating expenses; Q1 revenue grew 58% YoY (no absolute dollar amount provided).
Risk Factors
- Capital raise for Kati 2 may be dilutive or come at unfavorable terms.
- Project execution risk — 350+ MW data center development is capital-intensive and subject to construction delays.
- Tenant demand for AI/HPC capacity may not materialize as expected.
- Soluna's common stock (SLNH) has high volatility and recent compliance issues.
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-027852 |
| Exhibit: ex99-1.htm | 0001493152-26-027852 |
| Document: form8-k.htm | 0001493152-26-027852 |
| Document: 0001493152-26-027852-index-headers.html | 0001493152-26-027852 |
| Document: 0001493152-26-027852-index.html | 0001493152-26-027852 |
| Document: 0001493152-26-027852.txt | 0001493152-26-027852 |
Filters
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Jun 12, 2026
2d ago
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Insider Cluster
| $11.38 awaiting T+5 | awaiting T+5 | — | $11.35 (−0.26%) |
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Jun 10, 2026
4d ago
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Insider Cluster
| $10.75 awaiting T+5 | awaiting T+5 | — | $11.35 (+5.58%) |
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Jun 9, 2026
5d ago
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8-K
| $10.98 awaiting T+5 | awaiting T+5 | — | $11.35 (+3.37%) |
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May 20, 2026
25d ago
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8-K
| $12.02 $12.01 | ▼ −0.08% | ▼ −1.89% | $11.35 (−5.57%) |
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May 18, 2026
27d ago
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8-K
| $11.70 $11.75 | ▲ +0.43% | ▼ −1.19% | $11.35 (−2.99%) |
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Apr 22, 2026
7w ago
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EFFECT
| $6.75 $7.23 | ▼ −7.11% | ▼ −7.06% | $11.35 (−68.15%) |
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Apr 21, 2026
7w ago
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8-K
| $6.91 $7.36 | ▲ +6.51% | ▲ +5.43% | $11.35 (+64.25%) |
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Apr 20, 2026
8w ago
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EFFECT
| $7.40 $7.28 | ▲ +1.62% | ▲ +2.53% | $11.35 (−53.38%) |
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Apr 17, 2026
8w ago
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8-K
| $7.40 $7.28 | ▲ +1.62% | ▲ +2.53% | $11.35 (−53.38%) |
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Apr 16, 2026
8w ago
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8-K
| $7.85 $7.22 | ▼ −8.03% | ▼ −9.01% | $11.35 (+44.59%) |
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