Soluna Holdings, Inc. - SLNH STOCK NEWS

Soluna Holdings, Inc. (NASDAQ: SLNH) announced a 5 MW hosting contract with Compass Mining at its Project Dorothy data center in Texas. This two-year partnership allows Soluna to provide Bitcoin mining services, leveraging energy from a co-located wind farm, thus monetizing excess wind energy curtailment. In addition to hosting, Soluna will deliver operations and maintenance services for Compass. The partnership highlights Soluna's commitment to sustainable energy solutions in the Bitcoin mining sector. CEO John Belizaire expressed enthusiasm for collaborating with Compass, which is recognized as a leader in the Bitcoin mining industry. The commissioning of hardware for Compass will commence shortly, enhancing the operational capabilities of the Project Dorothy facility.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced an agreement to extend the maturity of its convertible notes to May 25, 2023. The company is currently negotiating terms for a longer-term extension. CEO Michael Toporek expressed gratitude towards the note holders for their cooperation, emphasizing the importance of this extension for the company’s continued success. The press release indicates that final terms are still being discussed, and further announcements will follow once an agreement is reached. Soluna specializes in developing green data centers, converting excess renewable energy into computing resources for applications like Bitcoin mining, AI, and machine learning.

Soluna Holdings, Inc. (NASDAQ: SLNH) announced that CEO John Belizaire will participate in the Water Tower Research Fireside Chat Series on April 27, 2023, at 1:00 PM ET. This event is open to all investors and will cover key topics such as:

• Updates on Project Dorothy
• The shift from proprietary mining to hosting contracts influenced by recent market trends
• The company's future outlook following the energization of Project Dorothy

Interested investors can register for the event and access a replay afterward. Soluna focuses on developing green data centers that utilize excess renewable energy for various computing applications, including Bitcoin mining.

Soluna Holdings, Inc. (NASDAQ: SLNH) has received final approval from ERCOT to energize Project Dorothy, its 50 MW Bitcoin mining data center in Texas. This marks a significant regulatory step for the company, allowing it to utilize curtailed power from a connected 150 MW wind farm. The project will launch in phases, starting with 25 MW before expanding to a total of 50 MW. CEO Michael Toporek stated that this facility will demonstrate the financial results achievable with low-cost, curtailed power and set the stage for future growth. Project Dorothy aims to become one of the lowest-cost Bitcoin mining facilities in North America, capitalizing on wasted energy and supporting the grid's transition to renewable energy. Soluna is poised for economic expansion with a growing pipeline of green data center projects across the United States.

Soluna Holdings, Inc. (SLNH) announced the resignation of Chief Financial Officer Philip Patman Jr. effective April 21, 2023, as he moves to a similar role in Houston, Texas. CEO Michael Toporek expressed gratitude for Patman's contributions and leadership. David Michaels, a board director and Audit Committee Chairman, will serve as interim CFO. Michaels brings over 30 years of finance experience, previously holding CFO positions and serving at Albany International Corp. The resignation is stated to be without dispute or disagreement with the company. Soluna specializes in developing green data centers to convert excess renewable energy into computing resources, focusing on applications like Bitcoin mining and AI.

Soluna Holdings, Inc. (NASDAQ: SLNH) announced a 25 MW hosting contract with a leading Bitcoin miner at Project Sophie in Kentucky. This shift in business model will transition from proprietary mining to hosting Bitcoin miners for clients. The company plans to sell its existing Bitcoin miners at the site and redeploy the capital. CEO John Belizaire emphasized the importance of building a larger hosting business and partnering with like-minded industry leaders to promote a low-carbon future. The site will begin integrating customer hardware in the coming weeks.

This announcement reflects Soluna's strategic pivot in response to market changes aimed at enhancing its growth and operational efficiency.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced the final completion of interconnection construction for its Project Dorothy in Texas. The project site has received approval for a 100 MW load from its transmission service provider, paving the way for the energization of the first 25 MW. This milestone enables Soluna to scale operations as construction for future phases continues. CEO Michael Toporek emphasized the significance of this achievement for the company's growth trajectory. Soluna plans to announce the energization of the project once approved by ERCOT, the Texas grid operator.

Soluna Holdings, Inc. (NASDAQ: SLNH) reported FY 2022 results, showcasing a 99% revenue increase to $28.5 million from $14.3 million in 2021, driven by enhanced mining operations at Project Sophie. Notably, cryptocurrency mining revenue reached $24.4 million, while data hosting generated $4.1 million. However, Adjusted EBITDA was -$4.6 million, down from $1.5 million profit in 2021. Cost of revenue as a percentage rose to 62% due to declining Bitcoin prices and rising energy costs. Additionally, operational expenses surged 115% to $15.3 million, primarily from personnel costs and legal fees associated with Project Dorothy.