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ALBANY, N.Y. - Soluna Holdings, Inc. (NASDAQ: SLNH), a company specializing in green data centers, has announced the commencement of customer deployments at its Project Dorothy 2, following the early May completion of phase 1. Additionally, the company’s Project Sophie has reached a significant milestone, achieving a record 1.0 EH/s in computing power.
The company’s recent corporate highlights include a first-quarter revenue of $5.9 million and the development of 220MW of new projects. Soluna has also signed a term sheet for Project Annie, which marks its first solar-powered data center and expands its development pipeline to over 773 MW, spanning wind, grid, and solar projects. The company’s market capitalization currently stands at $8.37 million, with its stock experiencing significant volatility over the past year. InvestingPro subscribers can access 10+ additional financial health indicators and detailed company analysis to better understand the investment potential.
Project Dorothy 1A and 1B, both 25 MW Bitcoin hosting facilities, have successfully participated in the ERCOT 4 Coincident Peak program for the third consecutive year, contributing to grid stability. The sites have also been upgraded with insulation, baffling, and active cooling systems in preparation for the summer season.
Project Dorothy 2 is advancing, with phase 2 commissioning expected to begin shortly and completion projected by August. The mechanical construction of phase 3’s Modular Data Center (MDC) buildings is also in progress.
Project Kati, a 166 MW development for Bitcoin hosting and AI, has completed its construction bid process for the first phase, paving the way for capital formation finalization.
Customer success stories include the deployment of approximately 476 next-generation S21+ miners for Blockware’s new partnership, with full deployment expected in June at the Dorothy 2 site. Additionally, Project Sophie has completed the expansion of a hyperscale customer, marking the third partnership growth.
The company’s contracting for Project Dorothy 2 continues, with 48 MWs subscribed for the period of June-September 2025, involving new and existing customers.
Soluna’s team received positive feedback at the annual Bitcoin 2025 conference, affirming its hosting services and ability to meet market demand.
The information in this article is based on a press release statement. Soluna Holdings, Inc. has cautioned that forward-looking statements are not guarantees of future performance, and actual results may differ materially due to various factors. Based on InvestingPro metrics, the company currently shows a weak overall financial health score of 1.36, with the stock down 74.64% over the past year. Investors can access comprehensive financial analysis and real-time alerts through InvestingPro’s advanced platform.
In other recent news, Soluna Holdings, Inc. has announced a significant expansion of its green data center projects, including the development of Project Hedy, a 120MW wind-powered data center in Texas, and Project Kati, a 166MW site for Bitcoin mining and AI applications. The company has made progress on Project Dorothy 2, increasing its Bitcoin hosting capacity by 60% to 123 MW, with full operation expected by Q4 2025. Additionally, Soluna has secured a $5 million non-dilutive debt financing from Galaxy Digital to support its projects. On the regulatory front, Soluna Holdings received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement, with a deadline of November 4, 2025, to regain compliance. The company is actively monitoring its stock price to address this issue. Soluna has also entered into an at-the-market offering agreement with H.C. Wainwright & Co., LLC, potentially raising up to $3.75 million through the sale of common stock. Furthermore, the company has been awarded its second utility patent, enhancing its Modular Data Center technology. These developments indicate Soluna’s ongoing commitment to expanding its renewable energy-powered computing capabilities.
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