Soluna Revenue Soars 58% in 2026
BITmarkets Team
May 21, 2026
According to the company’s earnings report released Monday, revenue increased 58% year over year to $9.4 million and rose 2% compared with the previous quarter, marking Soluna’s fourth consecutive quarter of sequential revenue growth. The improvement was largely driven by additional capacity coming online at the company’s Dorothy and Kati facilities in Texas.
Data center hosting generated approximately $6.7 million in revenue, while crypto mining contributed around $2.2 million — down from nearly $3 million during the same period a year earlier as mining profitability weakened.
Losses widen despite higher revenue
Although revenue improved, Soluna remained unprofitable during the quarter. Net losses expanded to $17.9 million, compared with $10.5 million a year earlier, primarily due to increased stock-based compensation, financing costs, and interest expenses. Adjusted EBITDA losses narrowed slightly to $2.1 million.
The company ended the quarter with $68.6 million in cash while continuing to expand infrastructure investments, including initiatives focused on artificial intelligence and high-performance computing.
Crypto miners increasingly shift toward AI infrastructure
Soluna’s strategy reflects a broader trend among Bitcoin mining firms seeking alternative revenue sources as mining margins continue to face pressure. Mining economics have tightened considerably since the 2024 Bitcoin halving, with recent declines in BTC prices adding further strain.
A March report from CoinShares suggested that up to 20% of Bitcoin miners could be operating at a loss, particularly companies relying on older and less efficient mining equipment. The report also found that Bitcoin hashprice — a key indicator of miner profitability — fell to its lowest level since the halving in February.
In response, several publicly traded mining companies, including HIVE Digital Technologies and TeraWulf, have increasingly redirected investments toward artificial intelligence and high-performance computing infrastructure.
Analysts at Bernstein recently suggested that IREN may derive most of its future value from AI-related infrastructure rather than digital asset mining, citing growth in its AI cloud business and a long-term agreement with Microsoft as key factors supporting the transition.
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