Soluna Holdings, Inc. - SLNH STOCK NEWS

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.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced the commencement of the final phase of its substation interconnection work, set for completion by the end of March 2023. Following this, testing on the power infrastructure will begin, with the aim to energize the Dorothy 1A facility by the first week of April, pending ERCOT approval. The project is financed through funding from Spring Lane Capital and is expected to be one of the lowest-cost facilities in North America, enhancing the company’s capacity for Bitcoin mining and other intensive computing.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced the promotion of John Belizaire to CEO, effective no later than April 30, 2023, succeeding Michael Toporek, who will become Executive Chairman. Belizaire, a co-founder of Soluna Computing, Inc., aims to enhance operational alignment for improved efficiency as the company prepares to energize its Texas project following a strategic funding from Spring Lane Capital. This leadership transition reflects a pivotal moment for Soluna as it focuses on profitability in its renewable energy-driven data center operations.

Soluna Holdings, Inc. (SLNH) has announced that its Convertible Noteholders waived defaults related to outstanding notes issued in 2021 and amended through 2022. This waiver is part of a $7.5 million financing arrangement for Project Dorothy, completed on March 10, 2023. CEO Michael Toporek expressed optimism about the cooperative relationship with noteholders, which supports the company's growth plans. The announcement includes a Safe Harbor Statement indicating forward-looking statements concerning future expectations and plans for the company.

Soluna Holdings, Inc. (NASDAQ: SLNH) announced the completion of a $7.5 million funding round for Project Dorothy, aimed at enhancing its green data center capabilities for Bitcoin mining and intensive computing. This funding comes from partnerships with Spring Lane Capital, increasing its stake in the initial 25 MW phase of the project from 32% to 85%. The total estimated value of Project Dorothy is approximately $30 million, with plans to use the funds for substation interconnection and operations. The investment is expected to facilitate further investments and attract top-tier Bitcoin miners.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced milestone agreements for its Texas-based Project Dorothy, aimed at addressing energy waste from wind farms. These agreements facilitate the project's substation interconnect by March 24th, with final testing to begin soon after. Assuming ERCOT approval, Project Dorothy 1A is set to be energized in early April. The agreements include a power purchase agreement to mitigate curtailment issues and allow Soluna's data centers to support the grid during peak demand. CEO Michael Toporek emphasized the significance of these agreements for future projects.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced its exit from Project Marie in Kentucky to focus resources on Project Dorothy in Texas and Project Sophie, also in Kentucky. Project Marie was a 20 MW first-generation facility aimed at testing design and economic viability. The exit is expected to concentrate the company’s capital and personnel on projects that are closer to energization and operational efficiency. CEO Michael Toporek believes this strategic shift will maximize profits and return on assets, enhancing the company’s position in developing green data centers for intensive computing, such as Bitcoin mining.

Soluna Holdings, Inc. (NASDAQ: SLNH) has drawn down $1.186 million for Project Dorothy, a 50 MW data center in Texas, without selling equity. This funding aims to finalize construction and interconnect the project to the grid, aiming to achieve 2.2 EH/s Bitcoin mining capacity and generate $28 million annually. Project Dorothy is expected to become one of North America's lowest-cost facilities. CEO Michael Toporek highlighted the project's rapid progress toward energization.

Soluna Holdings, Inc. (NASDAQ: SLNH) announced its flagship Project Dorothy, a 50 MW green data center at a Texas wind farm, featured in a Black History Month segment by KLBK News. Named after pioneering mathematician Dorothy Vaughan, the project embodies innovation in renewable energy. The company specializes in creating data centers that convert excess renewable energy into computing resources for Bitcoin mining and AI applications. CEO Michael Toporek highlighted Vaughan's legacy as an inspiration for a clean energy future.