
Soluna Holdings, Inc. is transitioning from Bitcoin mining to AI data center hosting, but market focus has shifted to its ability to finance growth without excessive dilution. Q2 2026 revenue surged 145% to $15.06M, yet gross profit declined and share count more than doubled due to aggressive equity financing, highlighting dilution risk. Execution hinges on securing a definitive lease and project-level debt (targeting 70-80%) for Kati 2; failure could force further equity issuance and undermine valuation.










