Soluna surpasses 1 GW milestone; starts construction on Project Kati 1; Galaxy expands to 48 MW

Soluna Holdings, Inc

Surpassed 1 GW of renewable-powered computing with addition of Project Gladys (150 MW wind) and Project Fei (100 MW solar).
Galaxy Digital expands to 48 MW at Project Kati 1, total site 83 MW; civil construction started, energization expected December 2025.
Q2'25 steady gross margin; three-month Adjusted EBITDA up +$2.3M since Q3 2024; Dorothy 2 Phase 2 (32 MW) operational.
David Michaels appointed interim CFO (board member, previously interim CFO in 2023).
Project Kati 1 tax abatement approved; prepurchased equipment delivered; next phase substation upgrade to start October.

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