Soluna (SLNH) Investor presentation summary

Market opportunity and industry trends

• Explosive growth in AI and data center demand is driving a need for 50 GW of new U.S. generation by 2030, with individual campuses reaching up to 5 GW, comparable to small cities.

• National interconnection queues exceed 2.6 TW, causing significant delays in bringing new power online.

• Grid reliability is under strain, with DOE and NERC warning of rising risks without major new generation and transmission.

• Renewable energy plants waste 30-40% of generated power due to curtailment, representing a massive untapped resource.

• Texas is a key location for renewable-powered data centers, with clustering enabling large-scale campus development.

Business model and strategy

• Converts stranded renewable energy into high-performance computing infrastructure for AI and Bitcoin.

• Develops, owns, and operates Bitcoin hosting data centers and AI data center projects, often through joint ventures.

• Co-locates data centers behind the meter at renewable power sites, bypassing interconnection queues and improving power economics.

• Monetizes curtailed energy, reducing grid congestion and providing ancillary services.

• Proprietary Maestro OSM software automates site operations, enhances uptime, and integrates with grid systems.

Financial and operational highlights

• As of Q4 2025: 123 MW energized, 5.2 EH/s installed hashrate, $34/MWh average power cost, and $9.2M Q4 revenue.

• Raised $57.5M in Q4 2025, with a total power development pipeline of ~4.3 GW.

• Monetized 105,109 MWh of curtailed energy in 2025.

• Projected consolidated total revenue could reach $132.8M by FY28 in the base case, with significant EBITDA growth potential.

• Briscoe Wind Farm acquisition secures 150 MW of wind power, supporting a 300 MW AI campus and projected to generate $6–11M in adjusted EBITDA annually.