Welcome to another installment of Soluna’s AMA (Ask Me Anything) series, where we turn the mic over to you.
For this edition, we crowdsourced questions directly from our community on X. You can view the original thread and join the conversation here.
In this Q&A, Soluna CFO Michael Picchi responds to questions from shareholders, prospective investors, and followers who want a deeper look at our strategy, growth, and vision for Bitcoin, AI, and Renewable Computing.
Miner Shift @Hak84026661 asked: What type of customer are you targeting for HPC AI?
For large-scale computing, Soluna would like to secure a hyperscaler, such as Google, Meta, Amazon, or Microsoft, or a Neocloud provider, including CoreWeave, Nebius, Crusoe, Lambda, or Tensorwave.
What is the main constraint you are facing today to sign off on an AI off-taker? In more general what do you think makes Soluna a good solution for those customers?
Speed-to-power makes Soluna an excellent solution for customers seeking power options in 2027. Soluna can deliver utility-scale power quickly because our primary power source comes from existing wind farms adjacent to our data center locations in Texas.
What is the actual power generated by the Briscoe wind farm? Is the site expandable, and is it planned to increase power generation there?
The actual power generated by the Briscoe Wind Farm is 150 MW, but, as we communicated previously, some portion is usually curtailed, or cut back. That excess power is used by Soluna to power our Dorothy campus, which currently consists of Dorothy 1 and Dorothy 2, and will include Dorothy 3 in the future. To increase power generation there, Soluna would most likely tap into other wind farms in the surrounding areas rather than add additional wind turbines at Briscoe.
What is the first HPC AI power capacity contract you are targeting? Please provide an MW range.
We are marketing Kati 2 as an initial 100MW critical IT load site in Phase I, readily expandable to 300+ MW in Phase II. For potential customers, we’ve laid out a roadmap showing Kati 2 expandable to 1000+ MWs.
Onofre asked: Given Soluna’s use of renewable energy, one could assume that its HPC/AI data centers will have a lower carbon footprint than competing data centers. Are potential customers concerned about carbon footprint when choosing a data center provider? Are they willing to pay a premium for a more sustainable option? And does Soluna’s HPC/AI offering represent such an option?
Soluna’s HPC/AI offering does represent a lower carbon footprint, but the real attraction for customers is the lower power costs from those alternative energy resources compared to conventional sources. Utility grid power and natural gas power are more expensive than the wind power on which Soluna primarily relies.
Brain asked: Katti 2 hyperscaler discussions: what stage (NDA/LOI/term sheet)? When do you expect a definitive agreement? Target MW for initial contract?
We received Indications of Interest for Kati 2 capacity. Those interested parties are conducting due diligence on the power, build-out schedule, and fit with their needs. We have not given timing expectations for a definitive agreement. The target MW for an initial contract is 100 MW of Critical IT load.
Sergi asked: How long will it take to start building Kati 2?” Will it be ready by 2027? And Dorothy 3?
In our customer conversations, we’ve projected that, from the contract date, the site will be constructed and powered up within 15 months. That timing assumes there are no material disruptions during construction. A new contract won in the next few months would make the project operational before the end of 2027.
Andre asked: If behind-the-meter power production pays better, why not completely pivot to that and sell the BTC rigs?
Our BTC operations were a great source of learning and profit for Soluna. We’ve developed and powered up 200+ MWs of BTC operations. Some of those BTC operations can be converted to AI/HPC locations, while other BTC operations can migrate to BTC hosting solutions under longer-term contracts, reducing revenue and earnings volatility and improving forward visibility.
Yousef asked: What are the biggest difficulties in hiring the right talent to kickstart AI data centers without JV partners?
Tenant (customer) acquisition and construction management are two challenges that a JV party can help mitigate.
@PrivacyLedger asked: With Briscoe Wind Farm closed and Dorothy expansions underway, how soon could the 300 MW+ Dorothy 3 AI campus contribute revenue/EBITDA, and any early HPC/AI partner interest?
We’re currently developing Dorothy 3 to bring the AI/HPC campus to market. Our focus has been on obtaining a tenant for Kati 2 to date. That said, only one tenant will likely go into Kati 2, leaving others interested in that location as prime candidates to then become potential customers for Dorothy 3. The timing of Dorothy 3 coming online and contributing revenue and EBITDA depends on the timing of the tenant contract.
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Safe Harbor Statement
This AMA contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business, operations, project developments and financing plans, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Readers are cautioned that any forward-looking information provided by us or on our behalf is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking statements as a result of various factors disclosed in our filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 31, 2025. All forward-looking statements speak only as of the date on which they are made, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law.
