Soluna Holdings posted sharp second-quarter revenue growth while reporting weaker consolidated profitability and a wider net loss. Revenue for the three months ended June 30 rose to $15.1 million from $6.2 million a year earlier, helped in part by a new presentation of pass-through electricity costs that added $4.4 million to both revenue and cost of revenue without changing gross profit, operating loss or net loss. Excluding that accounting presentation change, revenue still increased 73%. At the project level, Project Kati 1 completed 48 MW of construction and produced its first positive site gross profit of $82,000, while Project Dorothy 1A generated $2.9 million of revenue and $795,000 of gross profit. Even so, consolidated gross profit fell 60% from the first quarter to $766,000. Soluna said profitability was pressured mainly by $1.5 million of maintenance costs at the recently acquired Briscoe Wind Farm, ramp costs at Kati 1, and depreciation that started before those sites delivered their full revenue contribution. The GAAP net loss widened to $22.6 million from $17.9 million in the first quarter and $7.8 million a year earlier, including a $4.2 million loss on debt extinguishment. To fund operations, acquisitions and development, the company leaned heavily on equity issuance. Outstanding common shares rose from 102.5 million at Dec. 31, 2025, to 225.8 million on June 30, and then to 244.6 million as of Aug. 10 after additional at-the-market share sales. The company’s AI pivot remains early relative to its headline development pipeline. Soluna said its pipeline totaled about 6.3 GW as of Aug. 1, but only about 192 MW, or roughly 3%, was operating across three fully energized sites. Another 14 MW was under construction at Kati 1, while 1.6 GW was in planning and development and 4.5 GW was in assessment with power partners. Kati 2, a joint venture with Metrobloks, underscores that gap: its planned 100 MW first phase and 250 MW second phase were not yet part of operating capacity.