$SLNH The Kati 2 / Metrobloks podcast had a few underrated points that I think many people missed. To me, the most important part was how clearly Metrobloks explained why Kati 2 can stand out in a market full of noise. First, AI/ML is much more location agnostic than traditional cloud. Traditional cloud data centers were built around regions, availability zones and latency requirements. AI training and large AI/ML workloads are different. They can increasingly be built where power is available. “Instead of looking at sites, you’re now chasing power.” Second, Kati 2 may have a faster development cycle than a normal data center project. Metrobloks said typical physical data center development can take 36–48 months. But in Kati 2’s case, that timeline could be meaningfully shorter because of the pre-work Soluna has already done. They bring site control, power entitlements, ERCOT access, wind energy, electrical equipment and energy development work. In a market where AI customers need capacity in 12–24 months, that pre-work can become very valuable. Third, Kati 2 has a geographic angle that people are not talking about enough. A lot of Texas data center capacity is concentrated in West and Central Texas. Metrobloks pointed out that Kati 2’s Southeast / East Texas location can offer a different strategic profile. For serious AI/HPC customers, location is not just about cheap land. It is about power availability, grid exposure, disaster recovery, fiber routes, regional diversification and avoiding too much concentration in the same “fate zone.” They also mentioned proximity to the U.S. / Mexico corridor and connectivity tissue between the two markets. That makes Kati 2 more interesting than just another powered land story. Fourth, Kati 2 has “plenty of land and plenty of power.” That matters because AI infrastructure is changing fast. Traditional racks were often 30–40 kW. New AI racks are already around 150 kW. Future systems like GB300 and beyond can push 250 kW+ per rack, and potentially much higher over time. If you are trying to retrofit an old data center, that is a nightmare. Metrobloks basically said retrofitting sounds good in theory, but is extremely hard in practice. Kati 2 can be designed AI-ready from the beginning. Fifth, the capital discussion was important. Metrobloks said tenant quality is what makes the infrastructure attractive. In other words, the first Kati 2 lease is the unlock. Customer interest → bankable lease → investor interest → capital formation. That is why the dilution discussion is often too simplistic. Soluna does not need to fund the whole vision upfront. The real path is phased development, tenant-backed financing, project-level capital and infrastructure investors once the customer structure is in place. This is why Kati 2 matters so much. It is not only a 100MW+ AI/HPC campus. It is the first real proof point. If Soluna and Metrobloks convert Kati 2 into a bankable AI/HPC lease, it validates the bigger power-to-compute model. Then Dorothy 3 and the 4.3GW pipeline start to matter in a completely different way. We are still early.

$SLNH One thing investors may be underestimating: @SolunaHoldings Q2 2026 is expected to look very strong both YoY and QoQ. From the @McnallieM interview, CFO Michael Peachey highlighted why Q2 should be a much better comparable quarter. In Q2 2026, Soluna will have: • Fully energized Dorothy 2 • Energized Kati 1 • Revenue contribution from the Briscoe Wind Farm • Hosting revenue already much larger as part of the total mix • Continued transition away from proprietary mining toward more stable hosting He said Q2 2026 vs Q2 2025 should be “really favorable.” That matters because Q1 already showed 58% YoY revenue growth, while hosting revenue increased from 40% to 71% of total revenue. So Q2 is not just about hype. It should reflect more operating assets, better revenue mix, and the first contribution from vertical integration through Briscoe. And this is before the biggest AI/HPC catalyst: a potential Kati 2 lease. @jbelizaireCEO also made it clear that by the end of this year, Soluna should be a materially different company than it was last year. Strong operating momentum + vertical integration + AI/HPC optionality. That is why the setup into Q2 and the rest of 2026 looks very interesting.