Soluna Holdings, Inc. (NASDAQ: SLNH) reviews second quarter 2026 financial results and provides a business update.
CEO John Belizaire, Chief Development Officer Ryan Carver, and CFO Michael Picchi walk through the quarter, including the completion of vertical integration at Project Dorothy, progress on the company’s AI/HPC development projects at Kati 2 and Dorothy 3, and second-quarter financial results.
Q2 2026 Highlights
• Revenue of $15.1 million, up 145% year over year — a fifth consecutive quarter of sequential growth
• Closed the acquisition of the 150 MW Briscoe Wind Farm and consolidated 100% ownership of Project Dorothy 1
• Signed the Kati 2 AI joint venture with Metrobloks • Expanded the development pipeline to 6.3 GW
• Ended the quarter with $113 million of cash available for project development and operations
Read the Q2 2026 press release: https://www.solunacomputing.com/news/q2-2026-results
Speaker: Michael Tu, VP of Finance
Slide 1 — Title
Good afternoon, and thank you for joining Soluna’s second quarter 2026 earnings call.
Our earnings release and the accompanying presentation are available in the investor relations section of solunacomputing.com, and this call is being webcast with the presentation.
Slide 2 — Speakers
With me today are John Belizaire, Chief Executive Officer; Ryan Carver, Chief Development Officer; and Michael Picchi, Chief Financial Officer.
Slide 3 — Legal Disclosure
Before management begins their formal remarks, we would like to remind everyone that some statements we’re making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We will also discuss non-GAAP financial metrics and encourage you to read our disclosures and the reconciliation tables to applicable GAAP measures in our earnings release carefully as you consider these metrics. We refer you to our filings with the Securities and Exchange Commission for detailed disclosures and descriptions of our business, as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the caption ‘Risk Factors’ in our Annual Report on Form 10-K for the year ended December 31, 2025, and our other SEC filings.
One note before we begin. Effective this quarter, we changed the presentation of pass-through electricity costs from a net basis to a gross basis. That change increases both reported revenue and reported cost of revenue by the same amount, and has no effect on gross profit, operating loss, or net loss. Every affected slide is footnoted, and Mike will walk through the mechanics.
With that, I’ll turn it over to John.
Speaker: John Belizaire, CEO
Slide 4 — Company Overview
Thanks, Mike Tu.
Hello, and welcome to Soluna’s second quarter results and business update.
This is our first quarterly earnings webcast, and we’re glad to have you here.
Let me start with the thesis, because everything else today sits underneath it.
Power is the primary constraint in the AI era. Not chips. Not capital. Power — and how quickly you can reach it.
Soluna has secured long-term, behind-the-meter access to power at scale, and we convert that access into contracted data center cash flows by building directly on the site of renewable generation with stranded power bypassing long grid queues.
Four numbers frame where we stand today.
- Revenue grew 145% year over year — our fifth straight quarter of sequential growth.
- We have 192 megawatts of capacity under management, a proven, cash-generating operating base. We expect that to increase this summer to 206 megawatts.
- We have over 650 megawatts across two AI campuses in development at Kati 2 and Dorothy 3, both on track to secure leases and construction.
- And our renewable power pipeline grew 47% this year to over 6.3 gigawatts — the scarce input for AI, sourced behind the meter.
Now let me spend a moment on the second and third of those, because this is the quarter they connected.
We like to say power is the asset and compute follows. That’s the Soluna way.
In the second quarter, we took it all the way through at Project Dorothy. On April 1st, we closed the acquisition of the 150-megawatt Briscoe Wind Farm. On April 15th, we acquired Spring Lane Capital’s interest in Dorothy 1A. And on May 19th, we acquired Navitas’ interest in Dorothy 1B. Soluna now owns the generation and the compute across all 50 megawatts of Project Dorothy 1.
Everyone in this industry is racing to secure power right now — signing PPAs, taking queue positions, negotiating with utilities for capacity that shows up in 2029.
We acquired the wind farm.
So when a hyperscale or neo-cloud customer performing diligence on one of our sites asks the two questions that decide everything — how fast can you get me to power, and what is my energy cost — we answer both with an asset we own outright.
Slide 5 — Current & Future Revenue Streams
That model produces five revenue streams, and the mix is shifting deliberately.
- Hosting for Bitcoin miners is our largest business today. We build and operate the data center; creditworthy mining companies bring the machines – and that is the driver of our revenue.
- Proprietary Bitcoin mining is our own fleet. We sell daily and hold no treasury.
- Grid ancillary services pay us to be a flexible, interruptible load — compensation for acting as behind-the-meter flexible load for the grid operator.
- Soluna Wind is new this quarter: onsite wind generation at Briscoe, with ERCOT substation and grid interconnection.
- And AI and high-performance computing — colocation and hosting for companies that need AI-ready capacity — is where this company is going. That is the segment Ryan was hired to build.
Slide 6 — 2026 Corporate Focus
Everything we are doing this year sits under four priorities.
- Develop AI. Advance Kati 2 and Dorothy 3 to shovel-ready and tenant-ready, and build a pipeline of AI-ready campuses designed for rapid deployment.
- Optimize projects. Energize and ramp Kati 1, and drive profitability across the operating fleet through uptime, operational efficiency, and disciplined cost management.
- Capital formation. Fund pipeline growth and AI development through project-level financing and strategic capital partnerships, while maintaining balance sheet flexibility.
- Grow pipeline. We reached 6.3 gigawatts this quarter, with more than 300 megawatts of that growth coming from expanded term sheets at four sites already in our portfolio.
I want to say something direct about Capital Formation, because it is the question I get most.
We raised $159.4 million in the second quarter, and an additional $23.6 million on our ATM program since quarter-end, issuing about 18.8 million shares.
And here is what it accomplished.
One hundred percent ownership of Project Dorothy 1. A 150-megawatt wind farm. The Kati 2 joint venture and the land for Dorothy 3. And a clean capital structure — we retired the Series B entirely this quarter and paid out the accumulated dividends. Every dollar of that went into assets that are on the balance sheet today.
Going forward, the large AI buildouts are designed to be funded predominantly with project-level debt, collateralized by the data center and underwritten against contracted tenant cash flows. Mike will take you through the structure.
Slide 7 — Business Highlights Q2 2026
Let’s get into the quarter.
Slide 8 — Our Accomplishments in Q2 2026
On the business side, four things.
We were added to the Russell 3000 and Russell 2000 indices in the latest reconstitution, and new sell-side research coverage has been initiated on the company in recent weeks.
Together with the more formal quarterly communications you are seeing today, these reflect a deliberate effort to elevate Soluna’s visibility and accessibility to institutional investors.
We closed the $53 million acquisition of the Briscoe Wind Farm on April 1st — our first direct ownership of a renewable generation asset.
We consolidated 100% ownership of Project Dorothy 1A and 1B, strengthening the path toward Dorothy 3, our new AI campus.
On the project side, our teams delivered across all four campuses.
Kati 2 reached a definitive joint venture with Metrobloks, completed design development, and signed a tenant letter of intent.
Dorothy 3 secured a definitive land purchase agreement and advanced utility coordination.
Kati 1 completed substantial construction.
And Dorothy 1A and Sophie held capacity through a heavy summer curtailment window.
Ryan will take you through the AI project highlights in detail.
Slide 9 — Soluna Development Pipeline
Now the pipeline, which is our core asset.
As of August 1, the total pipeline is approximately 6.3 gigawatts, up from 4.3 gigawatts earlier this year, and I want you to see how it is structured.
192 megawatts is operating — energized and generating revenue today.
14 megawatts is under construction — the final phase of Kati 1. We expect this will take us to 206 megawatts operating by the end of the summer.
Approximately 1.6 gigawatts is in planning and development, where PPA negotiations, ERCOT planning, AI feasibility work, and land acquisition activities are underway.
And approximately 4.5 gigawatts is in assessment with our power partners.
Slide 10 — Unique Interconnection Strategy
One more piece of the model.
Our behind-the-meter structure keeps our data centers flexible. We can draw power from the renewable plant and from the grid, and we can provide ancillary services back to that grid. That flexibility is what gives us rapid time to interconnection.
And we will cluster. We plan to use multiple generation assets in proximity to a single data center site, which is how a footprint that would otherwise support a fraction of the capacity becomes a 300-megawatt campus. We are using that approach at Kati 2 and Dorothy 3, and you will see it at other sites.
Slide 11 — Soluna’s Position on Governor Abbott’s Data Center Audit
Before I turn to the roadmap, I want to address the recent announcements coming out of Texas.
On August 3rd, Governor Abbott directed the PUCT and ERCOT to audit every data center in ERCOT’s interconnection queue before approving new projects.
That is a response to roughly 474 gigawatts of pending requests, about 90% of which are data centers. The mandate targets new studied loads in the queue.
I want to share four points on where we sit…
First, our direct exposure is limited. The audit targets new studied load. Roughly 146 megawatts of our capacity in Texas is already energized, and both Dorothy 3 and Kati 2 build off adjacent, energized interconnections.
Second, our model fits what the state is screening for. No costly transmission upgrades. Flexible, interruptible load. New wind and solar. Minimal water by design. We fund our own electrical infrastructure.
Third, we see this as a tailwind for operators with live capacity. With the queue frozen for the audit and ERCOT’s August 7th dispatch delayed, energized capacity gains value.
And fourth, we welcome the review. We support a rigorous and consistent review process, and we are cooperating fully with the PUCT and ERCOT.
Slide 12 — Q3–Q4 2026 Roadmap of Upcoming Catalysts
I want to close with what’s on tap for the balance of the year.
Complete Kati 1 with the final 14 megawatts. Move from design development to construction documents at Kati 2. Advance the Dorothy 3 development and begin marketing to potential tenants. New Bitcoin hosting announcements at Kati 1. New power purchase agreements at Rosa, Hedy, Ellen, Annie, and new projects. Those are the milestones. We will report against them next quarter.
All right. Before I hand it over: everything you’ve heard so far – the wind farm – the buyouts – the capital – exists for one purpose.
Converting our power position into contracted AI megawatts… which brings me to the newest member of our leadership team.
On July 16th, we appointed Ryan Carver as our Chief Development Officer. Ryan joins us from Microsoft, where he most recently served as Senior Director of AI Construction & Site Development, leading a construction P&L in the tens of billions of dollars across the company’s AI data center campus development.
There are very few people who have delivered hyperscale AI campuses end to end, and Ryan is certainly one of them.
His mandate here is deliberately broad, from site selection & development, to engineering & construction, and operations all in one organization reporting to me.
Ryan, welcome to Soluna. Take it away.
Speaker: Ryan Carver, CDO
Slide 13 — Project Highlights
Thanks, John.
Good afternoon. I’m four weeks in, so I’ll keep the biography short and spend the time on the projects.
As John mentioned, I spent more than ten years at Microsoft, most recently as Senior Director of AI Construction and Site Development. Practically, that meant taking AI campuses from a piece of land to world-class operating data centers — power procurement, permitting, design, construction, commissioning, and handover to operations. The most notable program from my portfolio was called Fairwater, in Mount Pleasant, Wisconsin. My background is building large, complicated infrastructure on schedule and on budget.
Why I came to Soluna. For the last few years, I’ve watched this industry run into the same wall. Chips you can buy. Power you have to wait for, buildings that can be built. Most of the answers I saw amounted to getting in line — a queue position, a utility conversation, capacity that shows up many years later than what could be achieved.
Soluna’s answer is the most compelling one I’ve seen: put the data center behind the meter, colocating facilities with sustainable power generation sites that are already built, underutilized, and already spilling energy. It’s a shorter, traceably more sustainable path to the same megawatt.
My remit covers the AI campuses we are preparing to develop. But first, I’m going to take you through the operating campuses today.
Slide 14 — Project Kati 1
Kati 1 is our 83-megawatt campus in Willacy County, and it is nearly complete.
K1A, the Galaxy Digital portion, is 48 megawatts and held steady through the summer 4CP constraint window while meeting its ERS program requirements.
K1B is the buildout.
Phase 1 — 12 megawatts of Cormint containers and Phase 2 — 9 megawatts of Soluna-designed data centers — are both energized and operating.
Phase 3, the final 14 megawatts, is in construction and running ahead of schedule.
Kati 1 delivered its first positive gross profit this quarter. A site moves from capital consumption to cash generation exactly once, and this is the quarter Kati 1 did it.
Slide 15 — Briscoe Wind Farm
Briscoe is a 150-megawatt wind farm in West Texas, acquired April 1st for $53 million. It is Soluna’s first direct ownership of a generation asset, and it is now integrated into our operations.
We inherited a maintenance backlog. We made a deliberate decision to fix it immediately. That work was completed in Q3.
Beyond the turbines, we completed our Q2 renewable energy credit sale and did substantial community work with county officials and local landowners — which matters for everything we intend to build in that footprint.
Slide 16 — Project Kati 2
Kati 2 sits across the street from Kati 1. At full build, it is expected to be over 350 megawatts. Phase I is 100+ megawatts of critical IT capacity; Phase II will add another 250.
A lot moved this quarter.
We signed the definitive joint venture with Metrobloks on June 3rd. Soluna holds all the Class A interests and serves as manager.
On design: John told you on the Q1 presentation that Phase I was at 30% schematic. We are now nearly complete in design development.
For anyone who does not live in this vocabulary — schematic design is the concept, design development is where you commit to the electrical & mechanical topology, and then on to construction documents, which is what you hand a contractor to build from.
We also brought our general contractor on board during the quarter, so the people who will build this site are in the room while we finish designing it.
On procurement, we have signed commitments with key electrical equipment suppliers for certain long-lead items. On every AI project I have built, those are the long poles — you have to place those orders early, or you risk delays.
On power and site infrastructure: engineering is underway to expand the Las Majadas substation by an additional 100 megawatts in support of future phases, with those upgrades expected next year. And we executed a gas pipeline access agreement to improve resiliency.
For future phases, an additional 150-acre parcel is under agreement, and the purchase is nearing execution. We have also begun conversations with county officials on a potential tax abatement.
And on the tenant: we signed a letter of intent (LOI), and commercial terms and lease negotiations are underway while we finalize the design. We will update the market when we have a definitive agreement to announce.
In the meantime, the clearest signal I can give you is what we are doing while we negotiate. Design is complete through development. The contractor is on board. Long-lead orders are being placed. Substation engineering is running in parallel. That is the work a signed lease requires, and we are doing it now.
Slide 17 — Project Dorothy 3
Now, let’s talk about our second AI project, Dorothy 3.
Dorothy 3 is slated to deliver 300-plus megawatts of AI capacity on land adjacent to our existing Dorothy campus in West Texas.
On land, we have 397 acres under contract to support the initial buildout.
On design, we have begun preliminary master planning and mobilized design teams.
We have also initiated long-lead equipment procurement activities, launched environmental, water, survey, and fiber studies, and advanced ERCOT integration work. We are also looking at onsite gas options.
Slide 18 — Our AI/HPC Development Projects
We have over 1.6 gigawatts of AI data center capacity in development.
Two things about this quarter’s expansion are worth your attention.
The first is where the growth came from.
Four sites in our existing portfolio got larger.
- Project Rosa went from 187 to 242 megawatts.
- Project Hedy went from 120 to 198.
- Project Ellen went from 100 to 145.
- Project Fei went from 120 to 240.
That is an additional 300 megawatts added at sites where we have already done the work — the land is identified, the power agreements are signed, and we have exclusivity.
Rosa, Fei, Hedy, and Ellen are now designated for AI workloads.
We also allocated Project Grace — our 2-megawatt technical validation effort with the Siemens PTI team — to Dorothy 3 capacity.
Slide 18 (continued) — How the power actually works
The question we get from most investors: the wind doesn’t blow all the time, so how does a data center behind a wind farm serve a tenant who needs power twenty-four hours a day, every day, for fifteen years?
The answer is augmenting the wind farms with additional power generation resources that act as one integrated system.
First, the renewable plant itself — sustainable energy that would otherwise be curtailed and wasted, at power costs around $40 per megawatt-hour.
Second, the grid. Our behind-the-meter design lets the campus draw from the plant or from the grid, whichever the moment requires. That flexibility is what gets us to power in months instead of years.
Third, firming. At Kati 2, we have executed an access agreement with a natural gas pipeline operator, and engineering on the lateral to the site is underway — onsite generation that takes the campus to the availability an AI tenant contracts for.
It is a genuinely interesting moment to be doing this work, at the point where AI demand meets renewable energy that would otherwise be wasted.
Very glad to be here!
With that, I will hand it to Mike Picchi for the financials. Mike?
Speaker: Michael Picchi, CFO
Slide 19 — Financial Highlights
Thanks, Ryan, and welcome aboard.
I’m going to spend most of my time on the balance sheet and capital.
Let me start there.
Slide 20 — Balance Sheet Q1 vs Q2
Liquidity strengthened materially over the quarter.
We ended Q2 with $113 million in cash available for project development and operations, and our current ratio improved to 2.1 times from 1.7 times at Q1. Working capital is positive $69.2 million.
On the asset side, current assets grew 48% to $134.6 million, and net property, plant and equipment rose $58.3 million, to $137.8 million — that’s the Briscoe Wind assets and the Kati 1 construction coming onto the balance sheet. Total assets grew 54% to $293.5 million.
On the liability side, total liabilities rose modestly, to $81.8 million from $76.1 million. Within that, there’s a reclassification worth explaining. Current liabilities increased 26% to $65.4 million while long-term debt fell 81% to $3.0 million. That’s not new borrowing — it’s the reclassification of our Generate debt from long-term to current, as we intend to repay that in the near term. In fact, this week we prepaid just over half of the loan outstanding. Total debt across the business at June 30th was $33.1 million.
The short version: we ended the quarter with materially more liquidity, materially more owned infrastructure, and a simpler capital structure than we started it.
Slide 21 — Revenue by Quarter
Turning to the P&L.
Revenue was $15.1 million, up 145% year over year — a fifth straight quarter of sequential growth, as sites and customers ramped.
One accounting note that affects this line. Effective this quarter, we present pass-through electricity costs on a gross basis rather than net, in both revenue and cost of data hosting. That’s a Change in Presentation applied prospectively. It adds approximately $4.4 million to each line, with no effect on gross profit, operating loss, or net loss. And Prior quarters are not revised.
So there are two ways to read the top line, and both are correct. As reported, revenue grew 145%. Excluding the presentation change, revenue grew 73% year over year and 13% sequentially. The footnote is on every affected slide.
The growth drivers include: hosting revenue as Dorothy 2 reached full-quarter operation compared to the prior year, Kati 1 contributed, Dorothy 1A ramped Blockware and Canaan, and Dorothy 1B began hosting. Briscoe added $366 thousand of wind revenue, net of intercompany elimination. Offsetting that, proprietary mining declined $1.1 million, or 40%, on a 34% decline in hashprice — from roughly $51 to $34 — and the deliberate conversion of Dorothy 1B capacity, from mining to hosting.
Slide 22 — Gross Profit by Quarter
Gross profit was $766 thousand, which compressed 35% year over year from $1.2 million.
Two things drove that, and I want to be specific because the revenue line moved the other way.
New-site costs came online ahead of full revenue contribution. Kati 1 is energizing in phases, and the cost of running a site arrives before the site is full.
And Briscoe’s repair work ramped up. The wind farm carried roughly $1.5 million of turbine repairs and maintenance in its first quarter under our ownership, and posted a gross loss of $787 thousand. Ryan walked you through why we chose to front-load that work.
Underneath the consolidated number, the operating fleet performed. Data hosting delivered $1.9 million of segment gross profit, the largest contributor. Demand response contributed at effectively full margin. Proprietary mining posted a loss on hashprice compression. And Kati 1 turned its first positive gross profit — the point at which a site moves from consuming capital to generating it.
I’d also note that cost of revenue includes site-level depreciation; when you consider EBITDA at the segment level, Q2 2026 saw 50% growth compared to Q2 2025.
Slide 23 — Adjusted EBITDA
Net loss was ($22.6) million, compared with $7.8 million in Q2 2025. The increase is driven by non-cash and financing items I’ll describe shortly, partially offset by site-level operating improvements.
Adjusted EBITDA was a loss of $1.6 million — which improved 25% sequentially, from a $2.1 million loss in Q1, and roughly flat year over year.
Stepping back further, that’s a 76% improvement from the $6.4 million loss in Q3 2025. The trend line is the point.
Below the line, there are three items you’ll see in the reconciliation of net loss to Adjusted EBITDA. First, non-cash stock-based compensation was $9.4 million, reflecting overlapping 2025 and 2026 equity awards, amortizing on schedules set at the grant date. Second, Interest expense of $3.2 million was up from $1.2 million a year ago. And third, there was a $4.2 million loss on debt extinguishment — $2.0 million related to the Generate Tranche B modification that partially funded Briscoe and $2.0 million related to the early Yorkville loan payoff.
General and administrative expenses increased $9.8 million year over year, of which $7.5 million is the non-cash stock compensation increase. Salaries and benefits added $1.1 million, and professional and legal fees added $720 thousand, driven by the Briscoe transaction, hosting agreement negotiations, project financing, and technical accounting support.
Full reconciliations are in the appendix and the earnings release.
Slide 24 — Sources & Uses of Capital
Now to capital, which is the part I focus on and get the most questions about.
We raised $159 million in the second quarter: $113.5 million came from the ATM program, $24.5 million of debt financing, $18.9 million under the Standby Equity Purchase Agreement — which is now fully utilized — and $2.5 million from warrant exercises. The debt was $12.5 million drawn on Generate’s Tranche C to complete the Briscoe transaction, and a $12.0 million Yorkville note we drew and fully repaid within the quarter, on June 12th.
And we deployed $159 million! $51.4 million net went to the Briscoe Wind Farm. $25.3 million went to buy out our joint venture partners at Dorothy 1A and 1B. There was $17.0 million of debt repayment, $13.0 million of capex and equipment deposits, and $7.4 million of working capital and other. Ultimately, $45.3 million of cash went to the balance sheet.
That last number matters, and it’s there for a reason I’ll come to on the next slide.
We also simplified the capital structure. All 62,500 shares of Series B Preferred converted into 6,510,416 common shares at the adjusted $0.96 conversion price; we paid $2.1 million of accumulated dividends, and we filed a Certificate of Withdrawal on June 23rd. No Series B Preferred stock remains outstanding.
Subsequent to quarter end, we issued approximately 18.8 million additional shares under the ATM program for net proceeds of $23.6 million.
Slide 25 — The Financial Opportunity in a Single AI Campus
Now let me close on how we intend to fund what Ryan described.
Winning an AI contract requires investment before the contract exists. Fiber studies, environmental and geotechnical work, long-lead equipment deposits, site design, joint venture formation, securing power. A customer performing diligence on a site is evaluating work that has already been done. You cannot wait to be awarded a contract and then begin.
Our policy for the large buildouts is project-level debt. For a 100-megawatt buildout — which we estimate at $1.2 to $1.3 billion — we would target 70% to 80% project-level debt, likely high-yield notes, sized against the contracted tenant cash flows under the lease, with the remaining 20% to 30% from Soluna contributions or third-party project equity.
We would expect that debt and equity formation to occur in the eight-to-twelve-week period following announcement of a signed lease. Having capital already available to begin construction in that window is another use of the cash balances we have built through the first seven months of 2026.
Bitcoin and AI are capitalized separately, at the project level, which gives each access to capital appropriate to its risk profile.
This is how we underwrite an AI lease.
At the lease rates currently being struck in this market, for critical IT capacity on long-duration, triple-net terms, a 100-megawatt, 15-year contract would generate sufficient revenue and net operating income to service and retire the project-level debt and deliver a strong multiple on the equity invested.
The illustrative case on this slide shows roughly $180 million of stabilized annual net operating income against an estimated $1.2 to $1.3 billion buildout, based on the assumptions disclosed here. When we do reach an agreement, the results may differ materially.
I offer it to explain why we are investing ahead of a contract. It is not a forecast. And consider that this is just the first 100 megawatts of our AI pipeline, with expansion possibilities at each campus and additional projects to layer on top.
In summary: Q2 was a quarter of asset consolidation. We took full ownership of Dorothy 1, acquired the generation next to it, formed the Kati 2 joint venture, retired the Series B Preferred, and ended with the strongest liquidity position in the company’s history. The operating fleet improved. Adjusted EBITDA improved sequentially. And the capital we deployed went into assets on the balance sheet.
With that, I will hand it back to John.
Speaker: John Belizaire, CEO
Slide 26 — Renewable Computing
Thanks, Ryan and Mike.
Let me close on the shape of the quarter.
We grew the pipeline where we already hold power — expanding term sheets at Rosa, Hedy, Ellen, and Fei by more than 300 megawatts.
We completed vertical integration at Dorothy 1. We acquired the Briscoe Wind Farm on April 1st, then bought out our partners at Dorothy 1A and 1B. — allowing us to achieve vertical integration at the D1 site.
We advanced both AI campuses. Kati 2 through design development and into construction documentation with a signed letter of intent from a prospective tenant, and Dorothy 3 through land, fiber, and utility studies.
Pipeline, power, projects, and now customers. That’s the sequence this business runs on, and in the second quarter we moved on every one of them.
All of it sits on clean energy that would otherwise be curtailed and wasted.
That’s what we mean by Renewable Computing.
It’s our mission: to make renewable energy a global superpower, using computing as a catalyst.
Thank you for your time.