Soluna Holdings, a renewable-powered data center operator, reported $15.1 million in Q2 revenue, up 145% year-over-year, or 73% excluding an accounting presentation change. However, only 192 MW out of its announced 6.3 GW pipeline was operational, representing just 3% of the planned fleet. The consolidated GAAP net loss widened to $22.6 million from $17.9 million in the first quarter. The company pursued substantial share dilution to finance its expansion, with outstanding shares rising from 102.5 million to 244.6 million, a 139% increase.
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