Welcome to our dedicated page for Soluna Holdings news (Ticker: SLNH), a resource for investors and traders seeking the latest updates and insights on Soluna Holdings stock.
Soluna Holdings, Inc. (symbol: SLNH) is a leading U.S.-based company at the forefront of renewable energy-powered data centers. Primarily engaged in cryptocurrency mining, Soluna leverages surplus energy to power its data centers, ensuring an eco-friendly and sustainable approach. The company operates through its subsidiary, focusing on batch-oriented, computing-intensive processes, which include not only cryptocurrency mining but also machine learning applications.
Soluna's innovative model mitigates energy waste by consuming every excess megawatt, making it a low-risk, low-friction solution adaptable for various computational needs. The company's recent achievements include expanding their data centers to support larger computational loads and forming strategic partnerships to enhance their energy efficiency and mining capabilities.
Soluna Holdings' commitment to renewable energy and sustainable operations positions it uniquely in the market, catering to the growing demand for environmentally conscious and technologically advanced solutions. With a robust financial footing and continuous advancements in their technology, Soluna is poised to make significant contributions to the cryptocurrency mining and machine learning industries.
Soluna Holdings, Inc. (NASDAQ: SLNH) has announced that its subsidiary, Soluna Cloud, has secured an additional $1.25 million in funding, bringing the total credit facility for its AI business to $13.75 million. This enhanced financing aims to accelerate the growth of scalable, sustainable enterprise computing solutions, particularly in the areas of Bitcoin mining and AI.
The company, advised by BitOoda Technologies and Imperial Capital, plans to use this funding to advance its growth initiatives and meet the increasing demand for renewable-energy-powered, high-performance computing solutions. Soluna Cloud's focus on combining AI with renewable energy positions it at the forefront of addressing wasted energy problems while delivering advanced AI solutions.
Soluna Holdings, developer of green data centers, has announced the immediate availability of its AI cloud services via its subsidiary, Soluna Cloud. Enterprise customers and Generative AI Labs now have access to at least 512 NVIDIA H100 SXM GPUs to support generative AI workloads.
The company expects this initiative to generate $38 million to $80 million in revenue over the next three years. CEO John Belizaire emphasized Soluna's commitment to innovation and sustainability, highlighting this deployment as a milestone in providing high-performance, renewable computing solutions.
Customers on the waitlist will receive priority access and tailored onboarding. Interested parties can find more ordering details at SolunaCloud.com.
Soluna Holdings, a developer of green data centers, has provided updates for June regarding its operations and project developments. The company highlighted a Generative AI agreement, securing NVIDIA GPUs for $80M revenue over the next three years. Additionally, Soluna closed a $12.5M credit facility to fund this initiative. Convertible Loan Note balances have been reduced from $7.7M to $4.5M through conversions to common shares, increasing outstanding shares to 5,381,104 as of July 8th. Key projects like Dorothy 1A and 1B, Sophie, and Kati are undergoing infrastructure optimizations and fleet upgrades to enhance efficiency and protection against summer heat. Project Dorothy 2's construction is set to begin by late July, with a phased commissioning schedule. The company also responded to investor questions in its latest AMA.
Soluna Holdings announced the successful raising of a $12.5 million credit facility for its new subsidiary, Soluna Cloud.
This financing will back the acquisition of NVIDIA H100 GPUs under a 3-year managed-services agreement at a hydro-powered data center. Soluna anticipates annual revenue of $16 million to $26 million during full deployment, targeting a total revenue of $38 million to $80 million across the contract's duration.
Soluna Cloud's services, set to launch in July 2024, will be powered entirely by renewable energy and will support substantial AI workloads. Customers can sign up at SolunaCloud.com.
Soluna Holdings (NASDAQ: SLNH) issued a monthly business update highlighting key developments and metrics for May 2024. The company reported strong Q1 2024 results, including record adjusted EBITDA growth and increased cash reserves. A 166 MW power purchase agreement (PPA) was secured for Project Kati in Texas, enhancing hosting potential. Financing for Project Dorothy 2 was secured with a $30 million commitment from Spring Lane Capital. Additionally, Soluna launched Soluna Cloud, a new AI-focused subsidiary. Key projects, including Project Dorothy 1A, 1B, 2, Sophie, and Kati, continue to progress, with various milestones expected throughout 2024.
Soluna Holdings (NASDAQ: SLNH) will participate in the Water Tower Research Fireside Chat Series on June 4, 2024, at 1:00 PM EDT. CEO John Belizaire will discuss the company's plans, including the financing and construction strategy for the 48 MW Project Dorothy 2 expansion and a new PPA with EDF Renewables for a 166 MW at Project Kati. He will also cover Soluna's 'Roadmap to Profitability' and its AI Cloud service in collaboration with a GPU-Server OEM. The event is open to all investors.
Replays of the webcast will be available post-event, and interested parties can register online.
Soluna Holdings CEO John Belizaire shared a roadmap to profitability in a letter to shareholders. Highlights from 2023 include the full operation of Project Dorothy, securing 50 MW of hosting contracts, and growing their cash position to $6.4M. Key milestones for 2024 involve doubling assets to 150 MW, focusing on AI-driven data centers, and optimizing operational excellence. Project Dorothy 2 and a new 166 MW Project Kati are pivotal to their growth plan. Soluna aims to lead in renewable computing solutions, leveraging their proprietary MaestroOS™ for cost efficiency and sustainability.
The full letter and 2024 earnings presentation are available on Soluna's website.
Soluna Holdings (NASDAQ: SLNH) has signed a Power Purchase Agreement (PPA) for its Project Kati with EDF Renewables and Masdar. This project is the company's second Renewable Computing data center in Texas, to be co-located at a wind facility. Project Kati will be executed in two phases, each delivering 83 MW of renewable energy, totaling 166 MW upon completion. The project aims to power high-performance computing applications, such as AI. The agreement strengthens Soluna’s market position and underlines its commitment to sustainable energy solutions and innovation.
Soluna Holdings has secured up to $30 million from Spring Lane Capital to expand its Texas-based data center, Project Dorothy, by 48 MW. The new facility, Dorothy 2, will begin construction in Q2 2024 and will host approximately 13,700 Bitcoin mining rigs. The expansion is fully funded and includes $1 million for long-term equipment purchases. Dorothy 2 has all necessary ERCOT approvals and aims to double the site's energy consumption. Soluna plans to allocate the remaining 2 MW of wind power to its Helix AI data center. This partnership underscores Soluna's commitment to sustainable energy and high-performance computing.
Soluna Holdings (NASDAQ: SLNH), a developer of green data centers, reported a significant financial turnaround in Q1 2024. Revenue surged 307% year-over-year to $12.6 million, with a marked 24% increase from Q4 2023. Adjusted EBITDA improved by $8.0 million, reaching $5.1 million. Cryptocurrency mining revenue grew by $3.6 million, driven by a 134% rise in Bitcoin prices. Data Hosting Revenue increased by $5.0 million due to new projects. Operating Income turned positive at $0.407M, accompanied by a 32% increase in cash reserves to $8.4 million. The company also announced new AI Cloud services and CFO appointment. These results underscore the effectiveness of Soluna's diversification and optimization strategies.
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