John Belizaire, CEO of Soluna Holdings, breaks down Q2 earnings and shares strategic insights on the company's evolving business model in both Bitcoin mining infrastructure and AI data centers. Belizaire outlines their transition toward profit-sharing hosting arrangements while maintaining steady gross margins despite post-halving challenges.

• Q2 revenue of $6.2 million with 19% gross margins despite Bitcoin halving impacts
• Completed phases one and two of Dorothy 2 project with construction beginning on phase three
• Secured major 48-megawatt partnership with Galaxy Digital for the Kadi 1 project
• Developing strategic approach to HPC/AI data centers focusing on infrastructure rather than GPU ownership
• Path to profitability involves increasing ownership stakes in projects to 25% or more
• Current pipeline includes 773 megawatts of projects in various stages with expected revenue of $80M by 2026
• Enterprise sales cycles for major mining clients typically span 6+ months with rigorous due diligence
• Company exploring non-dilutive financing approaches to fuel continued growth

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