Soluna completes Dorothy 2 Phase 2; secures $20M for Project Kati; $5M offering

Soluna Holdings, Inc

Project Dorothy 2 Phase 2 construction substantially complete; customer ramp-up started; Phase 3 target completion Oct/Nov 2025.
$20M secured from Spring Lane Capital for Project Kati 1 (first 35 MW); construction expected in Q3 2025.
$5M public offering completed to strengthen balance sheet and support growth initiatives.
Project Dorothy 2 now at full 48 MW hosting capacity with top-tier Bitcoin miner expansion.
Pipeline of 2.8 GW continues expanding; tax abatement for Kati pending to begin construction.

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