SLNH Q2 2026 - Preliminary Earnings Alert
Verdict
- Revenue missed: $15.060m against $15.700m consensus, -4.1% — headline growth of 145% year on year, but 73% excluding an accounting presentation change.
- EPS missed: GAAP basic and diluted loss of $(0.18) against $(0.11) consensus, -$0.07. No adjusted EPS is disclosed.
- No guidance given. The release provides no revenue, EBITDA or capacity targets for any future period.
- The one thing that matters: the loss per share improved to $(0.18) from $(0.93) while the net loss tripled to $(22.6)m from $(7.8)m. That is entirely share count — 131.0m weighted average shares against 11.1m a year ago, with 244.6m outstanding at the filing date. Growth is being bought with equity faster than it is being earned.
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue (total revenue) | $15.060m | $15.700m | Miss -$0.640m | -4.1% |
| EPS (GAAP basic and diluted) | $(0.18) | $(0.11) | Miss -$0.07 | -63.6% |
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Total revenue | $15.060m | $6.158m | +145% |
| Gross profit | $0.766m | $1.188m | -36% |
| Operating loss | $(16.943)m | $(6.624)m | -156% |
| Net loss | $(22.624)m | $(7.780)m | -191% |
| Diluted EPS | $(0.18) | $(0.93) | +$0.75 |
| Weighted average shares | 130.98m | 11.15m | +1,075% |
Data hosting revenue of $12.653m against $3.136m carried the quarter; cryptocurrency mining revenue fell to $1.720m from $2.861m.
Guidance changes
No financial guidance change disclosed.
Quality of earnings
- Nearly half the revenue growth is a presentation change. Effective Q2 the company grosses up pass-through electricity costs, adding $4.4m to revenue and $4.4m to cost of revenue with no effect on gross profit or net loss. Growth is 73% on a comparable basis, not 145% — and the same reclassification supplies $1.5m of the $2.3m of Kati 1 site revenue behind the cited "938% sequential" growth.
- Adjusted EBITDA is doing very heavy lifting. The $(1.6)m adjusted EBITDA loss sits against a $(22.6)m net loss; the $21.1m bridge is $9.5m of stock-based compensation, $5.7m of D&A, a $4.2m loss on debt extinguishment and $3.2m of interest. Stock compensation alone is 63% of revenue.
- Scale is not yet producing margin. Gross profit fell to $766k from $1.9m in Q1 despite 60% sequential revenue growth, on $1.5m of Briscoe maintenance, Kati 1 ramp costs, and depreciation landing ahead of revenue.
Gotchas & watch items
- The 6.3 GW pipeline is mostly aspiration: roughly 192 MW was energised as of August 1, with 14 MW under construction, ~1.6 GW in planning and ~4.5 GW merely "in assessment with power partners".
- Dilution continues after quarter-end: 225.8m shares outstanding at June 30 became ~244.6m by the filing date on a further $23.6m ATM raise, following $113.5m of ATM sales in the half.
- A $19.3m contract termination liability sits unchanged on the balance sheet from December 31 and is the second-largest current liability after debt.
- Cash of $113.4m against $33.1m of debt is a financing outcome, not an operating one — $11.6m was used in operations and $65.1m in investing during the half.
Event: https://web.quartr.com/companies/16135/events/673304/overview Retrieved: 2026-08-13T20:28:00Z Comparison mode: maximal · Scorecard contract: v1 The 21:00 UTC business update call had not been held when this was written.