Soluna shares drop after Q2 2026 revenue beats forecasts

Shares of Soluna Holdings Inc. fell on Tuesday after the company reported a revenue increase of more than 40% for the second quarter of 2026, surpassing analyst expectations.

The company’s Q2 2026 revenue reached $124.7 million, up from $88.2 million in the same period last year, according to a transcript of the earnings call. Analysts had projected revenue of $115.3 million, based on consensus estimates compiled by Investing.com.

Despite the revenue beat, Soluna’s stock declined 3.2% in after-hours trading as investors focused on narrower-than-expected profit margins and higher-than-anticipated operating expenses. Gross margin contracted to 22.1% from 24.5% a year earlier, while operating expenses rose 15% year-over-year to $28.7 million.

Soluna’s CEO attributed the revenue growth to strong demand in its core data center and renewable energy segments, particularly in emerging markets. However, the company acknowledged that rising energy costs and supply chain disruptions had pressured profitability.

Analysts at Jefferies and Goldman Sachs maintained neutral ratings on Soluna following the results, citing concerns over margin sustainability and execution risks in its expansion plans. The stock closed at $14.25 on Tuesday, down from its opening price of $14.75.

The company reaffirmed its full-year 2026 guidance, projecting revenue between $480 million and $500 million, though it did not revise its earnings outlook. Investors will monitor whether Soluna can balance growth with margin recovery in the coming quarters.