What is the outlook for the company's AI and Bitcoin mining segments based on the Q2 results?

Fundamental outlook

Soluna’s Q2‑25 release underscores a strengthening balance sheet in both of its core verticals. Adjusted EBITDA continued to improve, and margin expansion was driven by higher utilisation rates at its green‑energy‑powered data‑centre sites. The company also announced the onboarding of its first customers to Project Dorothy 2, the next‑phase expansion of its flagship facility that will house both AI‑training rigs and Bitcoin‑hashing hardware. This signals that the AI‑compute pipeline is moving from a “pilot” to a revenue‑generating stage, while the Bitcoin‑mining footprint is being scaled to meet the anticipated rebound in crypto mining demand as network hash‑rate growth and regulatory clarity improve.

Market dynamics & technical considerations

• AI segment: Global AI‑compute demand is still on a multi‑year up‑trend, with hyperscale cloud providers and enterprise AI workloads expanding faster than supply. Soluna’s low‑carbon, high‑efficiency footprint gives it a cost‑advantage versus traditional data‑centres, positioning it to capture premium pricing on AI‑training contracts. The recent customer wins should translate into a higher‑margin revenue mix, supporting a mid‑term upside to the AI line‑item.
• Bitcoin‑mining segment: Crypto mining remains cyclical and highly sensitive to BTC price swings and electricity‑cost dynamics. Soluna’s green‑energy model mitigates exposure to volatile power costs and aligns with the growing “green‑hash” narrative that is attracting institutional miners. Assuming BTC holds above $30k, the expanded capacity from Project Dorothy 2 should boost hash‑rate output and improve mining yields, reinforcing the segment’s near‑term upside.

Actionable trading implications

• Short‑to‑medium‑term: The stock has likely priced in the recent EBITDA beat, but the forward‑looking guidance on AI customer onboarding and mining capacity expansion is still under‑absorbed. A moderate‑risk long position on any pull‑back (10‑12% below the recent high) could capture upside as the market digests the dual‑segment growth narrative.
• Risk management: Keep a close watch on BTC price trends (a sustained dip below $28k could pressure the mining side) and on macro‑AI spend cycles (any slowdown in cloud‑provider capex could temper AI‑contract inflows). A breach below the 20‑day moving average with rising volume would be a warning sign to trim exposure.