Perspez

@HCWCO initiates coverage ... "The Sun and Moon are Aligning; Expect AI & BTC Catalysts to Converge in 2H26; Assuming Coverage at Buy / $4 PT... We are assuming coverage of SLNH with a Buy rating and $4 price target (over 250% upside potential to current levels). @Soluna Holdings is a digital infrastructure company that sources and converts low-cost renewable energy into global computing power for energy intensive applications including Bitcoin mining and artificial intelligence (AI) workloads,... Soluna strategically co-locates its data centers behind the meter at renewable power generation facilities, which enables the company to bypass lengthy grid interconnection queues, to secure attractive long-term power economics, and to accelerate infrastructure deployment timelines for its customers relative to traditional data center developers, which we view as key competitive advantages in a power constrained market for AI infrastructure projects. ... ...Despite a challenging operating environment for the mining industry amid an extended bear market for BTC, Soluna has continued to expand energized capacity, and sign new, more attractive hosting agreements, while materially improving the quality of its revenue base over the past year. Meanwhile, the company has established a credible pathway into AI infrastructure development, and recent developments give us high conviction in the company's near-term ability to secure its first AI contract, which we estimate could be transformational. The base case of our scenario analysis in Exhibit 3 on Page 5 suggests that a 100 MW contract for Phase I of Kati 2 could generate $190M of incremental annual revenues (reflecting 2.5x our current '27 total revenue forecast, which currently does not factor in any revenue contribution from HPC/AI) and $162M of annual NOI for Soluna." $SLNH @SolunaHoldings @power_analys1s @disruptorinvest @perspez Read full report here> hcwco.bluematrix.com/links2/secure/…

$SLNH Is Soluna Preparing Investors for a Hyperscaler Deal at Kati 2? (Part 1# of 8) Purely speculatively, I increasingly believe Soluna’s exclusive Kati 2 process could lead to a direct hyperscaler lease. Nothing has been confirmed. The tenant could still be a major neocloud supported by a strong downstream customer or financial wrap. But the way @jbelizaireCEO discussed tenant selection sounded like an attempt to prepare investors for an agreement where the headline lease rate may not be the highest in the market, while the total economic value could be substantially greater. Belizaire made clear that Soluna is not simply choosing the customer willing to pay the highest rent: “The best customer is an educated customer that understands the power design and can fit within this environment.” He then moved directly to bankability: “What’s the right type of financial structure to the deal? Is there going to be a wrap? Are they providing the wrap themselves? Is there a downstream partner?” And then came the most interesting line: “For the hyperscalers that we talked to, obviously they themselves would wrap.” A direct hyperscaler lease could support lower financing costs, greater project-level debt capacity, less sponsor equity, simpler underwriting and a faster financial close. A hyperscaler may use its purchasing power to negotiate a lower lease rate. But its balance sheet could still make the project more valuable than a higher-paying tenant requiring additional guarantees, more expensive debt or significantly more equity from Soluna and its partners. Belizaire explained the lender’s perspective directly: “You might go to the bank and say, ‘I have this deal, this deal and this deal.’ And the bank works with you and says, ‘This one’s better than that one,’ even though the price might not be.” To me, that sounds like a clear message to investors: Do not evaluate the eventual Kati 2 agreement using only the total contract value or rent per megawatt. The more relevant equation is: Lease rate + tenant credit + financing cost + debt capacity + equity requirement + expansion potential. There is also an understandable reason why Soluna may not maximize the headline price on its first AI transaction. Kati 2 would represent the company’s first major AI lease. The initial agreement must prove that Soluna can convert its renewable-power development model into a bankable, financed and operational AI campus. The first customer is therefore underwriting more execution risk than future tenants will. Soluna may reasonably prioritize a highly creditworthy counterparty, a financeable contract structure, lower construction-financing risk and a partner capable of expanding beyond the initial 100 MW. Once the first project is signed, financed and delivered, Soluna’s negotiating position should improve. Belizaire said: “After you’ve done the first one, the second one’s easier, the third one’s easier, the fourth one’s easier.” He also indicated that average economics per megawatt could improve over time, depending on market demand. That does not mean every later lease will automatically carry a higher rate. But after successfully delivering Kati 2 1st phase, Soluna would no longer be selling only a development concept. It would have proven AI execution at scale. That proof could support stronger pricing power across later Kati 2 phases, Dorothy 3 and future projects. The rest of the interview also fits a hyperscaler-grade process: roughly six months of discussions and diligence, dedicated customer power and operations teams, direct participation in the 50% design review, evaluation of current and future GPU generations, and expansion beyond the first 100 MW already under discussion. None of this confirms that the tenant is a hyperscaler. But taken together, the signals suggest Soluna may be optimizing for the highest-quality and most financeable first transaction, rather than simply the highest headline rent.

$SLNH AI Tenants Are Already Asking About Kati 1’s Power (Part 3 of 8) Prospective AI tenants are already asking whether power used for Bitcoin hosting at Kati 1 could support the larger Kati 2 campus, @jbelizaireCEO said in his interview with @McnallieM. The comments show that customer interest may extend beyond the first 100 MW phase now under exclusive negotiation. SLNH is completing Kati 1 to generate hosting revenue today while structuring agreements so the power can later be redirected toward AI expansion. “We are continuing to develop Kati 1,” Belizaire said. “We’ve reached construction complete for the second phase of the three phases, and we’ll probably be done with the full site here this summer.” Kati 1 can therefore monetize capacity while Kati 2 advances through tenant-specific design, lease negotiations & project-financing preparation. Bitcoin hosting becomes a revenue bridge during development. The strategic change is how SLNH is writing new hosting contracts. “One of the things we’re doing that’s very different than what we’ve done before is we’re not signing long-term contracts,” Belizaire said. When a customer requires a longer term, Soluna can include an exit right that preserves the ability to reclaim the power for AI. “To the extent that they really need something longer-term than we’re willing to do, we include an exit right in that contract,” he said. That flexibility could allow SLNH to move the customer to another site, support a transition to alternative capacity or end the arrangement under agreed notice provisions. “In the event that we do need that power for the AI project, we have the flexibility to do that,” Belizaire said. The reaction from AI prospects is important. Belizaire said visitors see the operating Bitcoin facility across the road from Kati 2 & ask: “What about that thing across the street?” After SLNH explains what it is, the follow-up is direct: “Why don’t you just bring that power to us?” That exchange suggests prospective tenants are evaluating the wider Kati area as an expandable power platform rather than focusing only on the first 100 MW footprint. The current exclusive process still centers on “100 MW of lease in a phase-one footprint.” Kati 1 adds an expansion option through the flexibility built into the new hosting structure. A tenant could begin with 100 MW at Kati 2, expand through later campus phases and potentially access more capacity from the wider Kati power footprint as its deployment grows. Kati 1 therefore serves three purposes at once: it generates revenue today, provides a visible operating reference & preserves a potential reserve of power for future AI growth. The economic logic is straightforward. Bitcoin hosting monetizes the energy while Kati 2 progresses toward lease, financing & construction. Once a bankable AI agreement supports a larger infrastructure investment, Soluna can allocate the power toward the use that creates the strongest long-term value. That gives Soluna a clearer expansion story built around operating assets, proven power delivery and additional capacity. The portfolio model adds another advantage. Belizaire said customers could be moved “to another one of our sites,” allowing SLNH to retain those relationships & continue generating revenue elsewhere. The broader strategy is becoming clearer. Bitcoin hosting provides near-term revenue and operating experience. AI/HPC can increase the long-term value of the same power once a creditworthy tenant, financeable lease & construction plan are in place.

$SLNH Kati 2 Advances on Multiple Fronts as 100 MW Lease Talks Continue (Part 2 of 8) Soluna is advancing land, power, HV infrastructure, BESS, gas, fiber and local emergency planning at Kati 2 while negotiating an exclusive lease for the first 100 MW AI phase, @jbelizaireCEO said in his latest interview with @McnallieM. “Everything is happening in parallel,” Belizaire said. That is the key takeaway. Soluna is not waiting for the definitive lease before moving the project forward. Commercial talks are running alongside the technical and regulatory work needed to define what the tenant will receive, when the site can reach RFS and how the campus can scale. The land plan is already being shaped by the customer’s longer-term power ramp, not only Phase 1. “We look at water, the key boundaries and size, so we can lay out a campus based on the customer’s power-ramp plan,” Belizaire said. Soluna is evaluating more acreage for future data halls, transformers, BESS, cooling, roads, fiber and later phases. Belizaire said AI campuses require more room than Bitcoin sites: “One thing that I’m learning, as compared to Bitcoin, is that you always need more land.” Kati already has 166 MW available, while the technical models are being updated for an AI load supported by BESS. “The power is available to us,” Belizaire said. “It’s more redoing some of the technical studies when there isn’t a Bitcoin farm back there — there’s going to be an AI farm and a battery system.” Those studies cover power quality, ride-through and the interaction between the GPU campus, BESS, the wind farm and the grid. Soluna is also expanding the wind-farm substation with more feeders for Phase 1, redundancy and future growth. The master plan includes a gas connection about six miles from the site and future on-site generation, adding dispatchable power to a system combining wind, grid access and storage. “It’s not something that necessarily needs to be done before we sign the lease, but it has to be underway,” Belizaire said. That gives useful context on timing. The full infrastructure package does not need to be completed before signing. It needs to be sufficiently defined and progressing under an agreed plan. BESS is another core part of the design. Soluna is evaluating suppliers for a system intended to provide “a buffer and a one-hour backup to the entire data-center campus.” It would also smooth rapid GPU-load changes and “shield the grid from the power fluctuations on the GPU side.” The tenant is directly involved. Its teams are reviewing data-hall count, aisle spacing, cooling, network layout, fiber entry, power distribution and compatibility with current and future GPU platforms. “They need clarity around the product that they’re signing a lease for,” Belizaire said. That level of review shows the customer is evaluating a defined technical product and helping shape the remaining design, which management says is about 50% complete. Fiber routes and providers are also being mapped, while local emergency planning has begun with the fire department. Each workstream supports the same goal: moving from lease to financing and construction without waiting for one discipline to finish before another begins. The customer has also asked how Soluna will execute a project of this scale. “We’re very self-aware as a company as to what we’re good at and what we’re not, and where that expertise will come from,” Belizaire said. Metrobloks has supported the effort, while former Microsoft data-center executive Ryan Carver adds internal experience across design, construction, commissioning and operations. Belizaire said the hire “gives the customer confidence that we can deliver.” The McNallie interview presents Kati 2 as a coordinated development program, not just a lease negotiation. Phase 1 is 100 MW, but the work is being planned around a 350+ MW campus with a longer-term path toward about 1 GW.

Great interview today with @jbelizaireCEO of @SolunaHoldings updating on Kati 2 LOI and the new CDO appointment! Make sure you don't miss out on this one!!!🔥🔥🔥 $SLNH youtube.com/watch?v=kmiof2…

$SLNH Kati 2 Advances on Multiple Fronts as 100 MW Lease Talks Continue (Part 2 of 8) Soluna is advancing land, power, HV infrastructure, BESS, gas, fiber and local emergency planning at Kati 2 while negotiating an exclusive lease for the first 100 MW AI phase, @jbelizaireCEO said in his latest interview with @McnallieM. “Everything is happening in parallel,” Belizaire said. That is the key takeaway. Soluna is not waiting for the definitive lease before moving the project forward. Commercial talks are running alongside the technical and regulatory work needed to define what the tenant will receive, when the site can reach RFS and how the campus can scale. The land plan is already being shaped by the customer’s longer-term power ramp, not only Phase 1. “We look at water, the key boundaries and size, so we can lay out a campus based on the customer’s power-ramp plan,” Belizaire said. Soluna is evaluating more acreage for future data halls, transformers, BESS, cooling, roads, fiber and later phases. Belizaire said AI campuses require more room than Bitcoin sites: “One thing that I’m learning, as compared to Bitcoin, is that you always need more land.” Kati already has 166 MW available, while the technical models are being updated for an AI load supported by BESS. “The power is available to us,” Belizaire said. “It’s more redoing some of the technical studies when there isn’t a Bitcoin farm back there — there’s going to be an AI farm and a battery system.” Those studies cover power quality, ride-through and the interaction between the GPU campus, BESS, the wind farm and the grid. Soluna is also expanding the wind-farm substation with more feeders for Phase 1, redundancy and future growth. The master plan includes a gas connection about six miles from the site and future on-site generation, adding dispatchable power to a system combining wind, grid access and storage. “It’s not something that necessarily needs to be done before we sign the lease, but it has to be underway,” Belizaire said. That gives useful context on timing. The full infrastructure package does not need to be completed before signing. It needs to be sufficiently defined and progressing under an agreed plan. BESS is another core part of the design. Soluna is evaluating suppliers for a system intended to provide “a buffer and a one-hour backup to the entire data-center campus.” It would also smooth rapid GPU-load changes and “shield the grid from the power fluctuations on the GPU side.” The tenant is directly involved. Its teams are reviewing data-hall count, aisle spacing, cooling, network layout, fiber entry, power distribution and compatibility with current and future GPU platforms. “They need clarity around the product that they’re signing a lease for,” Belizaire said. That level of review shows the customer is evaluating a defined technical product and helping shape the remaining design, which management says is about 50% complete. Fiber routes and providers are also being mapped, while local emergency planning has begun with the fire department. Each workstream supports the same goal: moving from lease to financing and construction without waiting for one discipline to finish before another begins. The customer has also asked how Soluna will execute a project of this scale. “We’re very self-aware as a company as to what we’re good at and what we’re not, and where that expertise will come from,” Belizaire said. Metrobloks has supported the effort, while former Microsoft data-center executive Ryan Carver adds internal experience across design, construction, commissioning and operations. Belizaire said the hire “gives the customer confidence that we can deliver.” The McNallie interview presents Kati 2 as a coordinated development program, not just a lease negotiation. Phase 1 is 100 MW, but the work is being planned around a 350+ MW campus with a longer-term path toward about 1 GW.

$SLNH Soluna Enters Exclusive Talks on 100MW Kati 2 AI Lease (Part 1 of 8) @SolunaHoldings has entered exclusive commercial negotiations with a prospective tenant for the first 100 MW phase of its Kati AI data-center campus, @jbelizaireCEO said in an interview with McNallie Money. The agreement follows roughly 6 months of discussions & due diligence during H1 2026. The customer’s power & operations teams are now participating in the design review after Kati 2 reached about 50% design completion. “The goal is to exit that with 100 MW of lease in a Phase 1 footprint,” Belizaire said. A definitive lease would give Soluna the commercial basis to complete project financing and move toward construction. The prospective tenant is also evaluating how quickly it could expand beyond the initial 100 MW. The LOI includes exclusivity, narrowing the process from discussions with several interested parties to formal negotiations with one selected counterparty. “To reach the LOI is really a material shift to those conversations – to trying to get a deal done,” Belizaire said. The customer is reviewing the project’s electrical architecture, data-hall configuration, cooling, network design, battery system and ability to support current and future generations of graphics-processing units. Its involvement allows Soluna to shape the first phase around a specific operating profile rather than finish a generic design and seek customer approval later. Kati 2 is being planned as an expandable campus, not a stand-alone 100 MW facility. The tenant wants visibility into later phases, additional power & whether the site can support more buildings without a major redesign. That expansion path could let the customer add capacity at one location while giving Soluna the opportunity to build a larger relationship beyond Phase 1. Soluna is evaluating the customer on more than headline rent. Management is weighing technical compatibility, credit quality, contractual support & whether the lease can support project-level financing. Kati 2 is expected to combine renewable generation, grid access, battery storage & potentially on-site gas generation. “The best customer is an educated customer that understands the power design and can fit within this environment,” Belizaire said. The customer’s financial strength will influence how much debt the project can support, how much equity Soluna and its partners must contribute and the overall cost of capital. A lower lease rate from a stronger, more bankable tenant may therefore be more valuable than a higher rate from a weaker counterparty. Stronger credit can increase debt capacity, reduce the equity requirement and accelerate financial close. A higher-paying but less secure tenant may create greater financing risk and require more expensive capital. The planned battery system is also part of the tenant’s technical review. Soluna is evaluating it for power smoothing, short-duration ride-through & management of rapid changes in GPU demand, in addition to potential backup capacity. Legal teams are working on the lease while the technical review continues. The agreement is expected to address pricing, duration, delivery milestones, service levels, expansion rights and credit support. Belizaire said the negotiations would keep the company occupied over the coming weeks, without providing a signing timetable. Before the LOI, Soluna had assembled the project’s principal components: site control, power, an advancing design, a selected general contractor and interest from multiple potential tenants. The current process is different. Soluna is now developing the 1st phase around one customer while negotiating the contract required to finance and build it. The intended progression is: Definitive lease → project financing → construction → operating AI capacity.

$SLNH Eight Themes From John Belizaire’s Latest McNallie Money Interview Yesterday, @McnallieM published a wide-ranging interview with Soluna Holdings @jbelizaireCEO The Kati 2 LOI was the headline, but the interview covered much more than one potential tenant agreement. Belizaire discussed the technical work now taking place behind the scenes, how Soluna is evaluating customers and financing structures, the role of Metrobloks, the buildout of the internal AI/HPC organization, accelerating demand for Dorothy 3, Briscoe Wind Farm and the company’s next stage of institutional development. Rather than compressing the entire interview into one summary, I will break it down into eight separate posts, with each part focused on one area of the investment case: 1. The Kati 2 LOI and the path toward a 100 MW tenant lease 2. The parallel development work across land, power, permitting, gas, battery storage and fiber 3. Kati 1’s strategic flexibility and Soluna’s ability to redirect power toward AI 4. Metrobloks’ economic role and the buildout of Soluna’s internal AI/HPC organization 5. The increase in demand for Dorothy 3 and the remaining capacity at Kati 2 6. The economics of the first AI agreement and how a lease could materially change Soluna’s asset value 7. Why Ryan Carver chose Soluna, what his Microsoft experience adds and how he views the company’s potential 8. Briscoe Wind Farm, additional power acquisitions, institutional investors and Soluna’s first formal earnings call There was a significant amount of new detail in this interview. Some of it confirms what Soluna has already communicated, while other comments provide a clearer view of how the different parts of the strategy are beginning to connect. The first post will focus on the Kati 2 LOI, the exclusivity period and what must happen for the current process to become a definitive 100 MW lease. Stay tuned!

$SLNH Soluna Enters Exclusive Talks on 100MW Kati 2 AI Lease (Part 1 of 8) @SolunaHoldings has entered exclusive commercial negotiations with a prospective tenant for the first 100 MW phase of its Kati AI data-center campus, @jbelizaireCEO said in an interview with McNallie Money. The agreement follows roughly 6 months of discussions & due diligence during H1 2026. The customer’s power & operations teams are now participating in the design review after Kati 2 reached about 50% design completion. “The goal is to exit that with 100 MW of lease in a Phase 1 footprint,” Belizaire said. A definitive lease would give Soluna the commercial basis to complete project financing and move toward construction. The prospective tenant is also evaluating how quickly it could expand beyond the initial 100 MW. The LOI includes exclusivity, narrowing the process from discussions with several interested parties to formal negotiations with one selected counterparty. “To reach the LOI is really a material shift to those conversations – to trying to get a deal done,” Belizaire said. The customer is reviewing the project’s electrical architecture, data-hall configuration, cooling, network design, battery system and ability to support current and future generations of graphics-processing units. Its involvement allows Soluna to shape the first phase around a specific operating profile rather than finish a generic design and seek customer approval later. Kati 2 is being planned as an expandable campus, not a stand-alone 100 MW facility. The tenant wants visibility into later phases, additional power & whether the site can support more buildings without a major redesign. That expansion path could let the customer add capacity at one location while giving Soluna the opportunity to build a larger relationship beyond Phase 1. Soluna is evaluating the customer on more than headline rent. Management is weighing technical compatibility, credit quality, contractual support & whether the lease can support project-level financing. Kati 2 is expected to combine renewable generation, grid access, battery storage & potentially on-site gas generation. “The best customer is an educated customer that understands the power design and can fit within this environment,” Belizaire said. The customer’s financial strength will influence how much debt the project can support, how much equity Soluna and its partners must contribute and the overall cost of capital. A lower lease rate from a stronger, more bankable tenant may therefore be more valuable than a higher rate from a weaker counterparty. Stronger credit can increase debt capacity, reduce the equity requirement and accelerate financial close. A higher-paying but less secure tenant may create greater financing risk and require more expensive capital. The planned battery system is also part of the tenant’s technical review. Soluna is evaluating it for power smoothing, short-duration ride-through & management of rapid changes in GPU demand, in addition to potential backup capacity. Legal teams are working on the lease while the technical review continues. The agreement is expected to address pricing, duration, delivery milestones, service levels, expansion rights and credit support. Belizaire said the negotiations would keep the company occupied over the coming weeks, without providing a signing timetable. Before the LOI, Soluna had assembled the project’s principal components: site control, power, an advancing design, a selected general contractor and interest from multiple potential tenants. The current process is different. Soluna is now developing the 1st phase around one customer while negotiating the contract required to finance and build it. The intended progression is: Definitive lease → project financing → construction → operating AI capacity.

$SLNH Eight Themes From John Belizaire’s Latest McNallie Money Interview Yesterday, @McnallieM published a wide-ranging interview with Soluna Holdings @jbelizaireCEO The Kati 2 LOI was the headline, but the interview covered much more than one potential tenant agreement. Belizaire discussed the technical work now taking place behind the scenes, how Soluna is evaluating customers and financing structures, the role of Metrobloks, the buildout of the internal AI/HPC organization, accelerating demand for Dorothy 3, Briscoe Wind Farm and the company’s next stage of institutional development. Rather than compressing the entire interview into one summary, I will break it down into eight separate posts, with each part focused on one area of the investment case: 1. The Kati 2 LOI and the path toward a 100 MW tenant lease 2. The parallel development work across land, power, permitting, gas, battery storage and fiber 3. Kati 1’s strategic flexibility and Soluna’s ability to redirect power toward AI 4. Metrobloks’ economic role and the buildout of Soluna’s internal AI/HPC organization 5. The increase in demand for Dorothy 3 and the remaining capacity at Kati 2 6. The economics of the first AI agreement and how a lease could materially change Soluna’s asset value 7. Why Ryan Carver chose Soluna, what his Microsoft experience adds and how he views the company’s potential 8. Briscoe Wind Farm, additional power acquisitions, institutional investors and Soluna’s first formal earnings call There was a significant amount of new detail in this interview. Some of it confirms what Soluna has already communicated, while other comments provide a clearer view of how the different parts of the strategy are beginning to connect. The first post will focus on the Kati 2 LOI, the exclusivity period and what must happen for the current process to become a definitive 100 MW lease. Stay tuned!