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 generation by 2030, with individual campuses reaching up to 5 GW each.

• National interconnection queues exceed 2.6 TW, causing significant infrastructure bottlenecks and delays of 3–5 years for new projects.

• 30–40% of renewable energy produced is currently wasted due to curtailment, representing a major opportunity for conversion to computing power.

• Texas is emerging as a leading market for renewable-powered data centers, with the potential to surpass Virginia by 2030.

• Data center vacancy rates are expected to remain near zero due to high precommitment in the development pipeline.

Business model and strategy

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

• Operates through three main subsidiaries: Soluna Energy (site development), Soluna Digital (Bitcoin hosting), and Soluna HPC (AI data centers).

• Employs a behind-the-meter model, co-locating data centers with renewable plants to bypass grid bottlenecks and accelerate deployment.

• Offers diversified revenue streams: proprietary Bitcoin mining, hosting for third-party miners, grid ancillary services, and high-performance computing colocation.

• Forms joint ventures for AI data center development, leveraging partnerships with operators like Metrobloks.

Operational highlights and pipeline

• As of December 2025, 123 MW energized, with 5.2 EH/s installed hashrate and 105,109 MWh of curtailed energy monetized.

• Power development pipeline exceeds 4.3 GW, with multiple projects in operation, construction, or development across Texas.

• Major projects include Dorothy (98 MW operational), Kati (83 MW under construction, 300+ MW in development), and several others totaling over 1 GW.

• Achieved average power cost of $34/MWh, among the lowest in the industry.

• Community impact includes job creation and significant reductions in carbon emissions compared to traditional data centers.