Improved Power Costs and Increased Cash Contribution Margin from Summer Lows; Improved Liquidity to Support Dorothy Energization
Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for cryptocurrency mining and other intensive computing, today announced the release of its September site level financials.
Michael Toporek, CEO of Soluna Holdings, stated, “Soluna continues to deliver healthy hashrate and margins despite low BTC prices and energy market volatility. We have taken important steps to improve our near term liquidity as we focus on energizing Project Dorothy, which we expect to double our existing operating footprint.”
Key Summary Highlights:
A presentation and corresponding video are available on the Company’s website here. In connection with the table below, see reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures in the appendix to the presentation available on the Company’s website.
Revenue & Contribution Margin Summary:
*all numbers below exclude legacy hosting | |||||||
| **New hosting contract as of September 2022 passes 100% of power costs on to hosted customer. The effect of this change is to reduce revenues but also to reduce expenses. It lowers risk to Soluna since the risk of increased costs is mitigated. In September 2022, if power expenses had been included in revenues, they would have been $276,000 higher. | |||||||
| ($ in 000s, Unaudited) |
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| (Estimate) | (Estimate) | (Estimate) | (Estimate) |
FY 21 | Q1 2022 | Q2 2022 | July 2022 | August 2022 | September 2022 | Q2 2022 | |
| Revenue | $13,010 | $9,264 | $8,676 | $2,251 | $2,388 | $1,734 | $6,372 |
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| Cash Contribution Margin | $8,888 | $5,206 | $5,005 | $319 | $361 | $514 | $1,194 |
| Annualized Revenue | $13,010 | $37,056 | $34,704 | $27,010 | $28,651 | $20,809 | $25,490 |
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| Annualized Contribution Margin | $8,888 | $20,824 | $20,019 | $3,828 | $4,327 | $6,168 | $4,774 |
Note: Represents non-GAAP financial metrics. | |||||||
About Soluna Holdings, Inc (SLNH)
Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as cryptocurrency mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’
For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.
| Last Trade: | US$3.45 |
| Daily Change: | -0.06 -1.71 |
| Daily Volume: | 153,067 |
| Market Cap: | US$19.870M |
November 15, 2024 November 07, 2024 October 09, 2024 | |
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