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Soluna Announces Monthly Business Update

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Soluna Holdings (NASDAQ: SLNH) has released its October business update, highlighting progress across multiple projects. The company is advancing on its $25 million Standby Equity Purchase Agreement and has completed several corporate initiatives, including webinars and AMAs. Key operational updates include: Project Dorothy 1A/1B (50MW total) maintaining high performance, Project Dorothy 2 (48MW) completing initial site preparation, and Project Grace (2MW) nearing completion of its Helix data center design. The company's AI initiatives show progress with Project Ada having 10 proof-of-concept projects and a waitlist of 128 nodes with 1,024 GPUs.

Soluna Holdings (NASDAQ: SLNH) ha pubblicato il suo aggiornamento commerciale di ottobre, evidenziando i progressi su diversi progetti. L'azienda sta avanzando con il suo Accordo di Acquisto di Capitale Standby da 25 milioni di dollari e ha completato diverse iniziative aziendali, tra cui webinar e sessioni AMA. Gli aggiornamenti operativi chiave includono: Progetto Dorothy 1A/1B (50MW totali) che mantiene alte prestazioni, Progetto Dorothy 2 (48MW) che ha completato la preparazione iniziale del sito, e Progetto Grace (2MW) che sta per concludere il design del suo centro dati Helix. Le iniziative di intelligenza artificiale dell'azienda mostrano progressi, con Progetto Ada che ha 10 progetti di prova di concetto e una lista d'attesa di 128 nodi con 1.024 GPU.

Soluna Holdings (NASDAQ: SLNH) ha publicado su actualización comercial de octubre, destacando los avances en múltiples proyectos. La compañía está avanzando con su Acuerdo de Compra de Capital en Espera de 25 millones de dólares y ha completado varias iniciativas corporativas, incluyendo seminarios web y sesiones AMA. Las actualizaciones operativas clave incluyen: Proyecto Dorothy 1A/1B (50MW en total) manteniendo un alto rendimiento, Proyecto Dorothy 2 (48MW) completando la preparación inicial del sitio, y Proyecto Grace (2MW) cerca de finalizar el diseño de su centro de datos Helix. Las iniciativas de IA de la compañía muestran progresos con Proyecto Ada que cuenta con 10 proyectos de prueba de concepto y una lista de espera de 128 nodos con 1,024 GPUs.

Soluna Holdings (NASDAQ: SLNH)는 10월 비즈니스 업데이트를 발표하며 여러 프로젝트에서의 진행 상황을 강조했습니다. 이 회사는 2500만 달러 규모의 대기 자본 구매 계약을 진행 중이며, 웹 세미나 및 AMA를 포함한 여러 기업 이니셔티브를 완료했습니다. 주요 운영 업데이트에는 프로젝트 도로시 1A/1B (총 50MW)가 높은 성능을 유지하고, 프로젝트 도로시 2 (48MW)가 초기 부지 준비를 완료하며, 프로젝트 그레이스 (2MW)가 헬릭스 데이터 센터 디자인 완료에 가까워지고 있습니다. 회사의 AI 이니셔티브는 프로젝트 아다가 10개의 개념 검증 프로젝트와 1,024개의 GPU를 가진 128개의 노드 대기자 명단을 보유하고 있는 등 진행되고 있습니다.

Soluna Holdings (NASDAQ: SLNH) a publié sa mise à jour commerciale d'octobre, soulignant les progrès réalisés dans plusieurs projets. L'entreprise avance sur son Accord d'Achat de Capitaux de Secours de 25 millions de dollars et a complété plusieurs initiatives d'entreprise, y compris des webinaires et des AMA. Les mises à jour opérationnelles clés comprennent : Projet Dorothy 1A/1B (50MW au total) maintenant des performances élevées, Projet Dorothy 2 (48MW) finalisant la préparation initiale du site, et Projet Grace (2MW) approchant de l'achèvement de la conception de son centre de données Helix. Les initiatives d'IA de l'entreprise montrent des progrès avec Projet Ada ayant 10 projets de preuve de concept et une liste d'attente de 128 nœuds avec 1 024 GPU.

Soluna Holdings (NASDAQ: SLNH) hat sein Geschäftsupdate für Oktober veröffentlicht, das Fortschritte bei mehreren Projekten hervorhebt. Das Unternehmen arbeitet an seinem 25 Millionen Dollar Standby-Eigenkapitalkaufvertrag und hat mehrere Unternehmensinitiativen abgeschlossen, darunter Webinare und AMAs. Wichtige betriebliche Updates umfassen: Projekt Dorothy 1A/1B (insgesamt 50 MW) hält eine hohe Leistungsfähigkeit aufrecht, Projekt Dorothy 2 (48 MW) hat die anfängliche Standortvorbereitung abgeschlossen, und Projekt Grace (2 MW) steht kurz vor dem Abschluss seines Helix-Rechenzentrumsdesigns. Die KI-Initiativen des Unternehmens zeigen Fortschritte mit Projekt Ada, das 10 Machbarkeitsprojekte hat und eine Warteliste von 128 Knoten mit 1.024 GPUs aufweisen kann.

Positive
  • High operational performance at Dorothy 1A/1B facilities
  • Progress toward accessing $25M growth capital line
  • Strong AI demand with 1,024 GPU waitlist for Project Ada
  • Completion of 8.8MW fleet upgrade and 3.3MW expansion at Project Sophie
Negative
  • None.

Insights

The monthly business update reveals significant operational progress but lacks concrete financial metrics. Key developments include: Project Dorothy 2's construction advancement, Project Sophie's completed 12.1 MW expansion and progress on the $25M SEPA facility. The company's AI initiatives are gaining traction with 10 POC projects and a substantial GPU waitlist of 1,024 units.

While infrastructure development is promising, particularly in high-demand AI computing, the update doesn't provide revenue figures or profitability metrics. The expansion of computing capacity and diverse project portfolio across Bitcoin mining and AI hosting suggests potential revenue growth, but investors should monitor actual financial performance in upcoming earnings reports.

 

ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications including Bitcoin mining and AI, announced its October project site-level operations, developments, and updates.

The Company has provided the following Corporate and Site Updates.

Key Company Metrics:

The monthly metrics are now available here.

Corporate Highlights:

  • $25M Growth Capital Line - Soluna reached important milestones toward access to the previously announced $25 million Standby Equity Purchase Agreement (SEPA).
  • AMA – In the latest Ask Me Anything (AMA) installment, CEO John Belizaire and CFO John Tunison answer investors’ frequently asked questions about Soluna’s recent $25M financing announcements.
  • Webinar with HPE – CEO John Belizaire participated in a webinar with HPE on sustainable AI for the future of business. Watch here.
  • Fireside Chat – CFO John Tunison participates in the Water Tower Research Fireside Chat Series. Watch here.
  • New Blog – Read “Computational Power Redefined: AI in the Age of Renewable Energy” here.

Key Project Updates:

Project Dorothy 1A (25 MW, Bitcoin Hosting) / Project Dorothy 1B (25 MW, Bitcoin Prop-Mining):

  • The site has continued to operate at a high level as cooler temperatures persist into the fall season with minimal curtailments.

Project Dorothy 2 (48 MW, Bitcoin Hosting):

  • Initial site grading and preparation have been completed.
  • Foundations for the first 30 MW have been poured and MDC fabrication and framing are underway.
  • The initial scope of work for the substation interconnection has been scheduled to be completed in November with a tie-in expected in early January.

New Project Grace (2 MW at Dorothy 2, AI Cloud/Hosting):

  • The concept Design of the Helix data center, focused on behind-the-meter architecture is nearing completion.

New Project Ada (1 MW, AI Cloud with HPE):

  • 10 proof-of-concept (POC) projects underway or successfully completed.
  • To further strengthen our expertise and enhance customer success, we’ve welcomed a specialized AI Solutions Architect to the team.
  • The waitlist is 128 nodes, 1,024 GPUs for first-phase projects.
  • We are evaluating two new software platform partners, which will broaden our reach and functionality, and enable data scientists to spin up AI models quickly.
  • A new AI marketplace partner is in the final stages of signing on with us.

Project Sophie (25 MW, Bitcoin Hosting with Profit Share, AI Hosting):

  • 8.8 MW fleet upgrade and 3.3 MW expansions have been completed at the site with steady-state operations resuming at new peak levels.

Project Kati (166 MW, Bitcoin Hosting and AI):

  • The initial scope of work for the substation interconnection is scheduled to be completed in December.
  • Meter design submitted to ERCOT and AEP.

View Soluna’s recent AMA here.

View Soluna 2024 Earnings Power Presentation here.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Measures

In addition to figures prepared in accordance with GAAP, Soluna from time to time presents alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow, both on a company basis and on a project-level basis. Project-level measures may not take into account a full allocation of corporate expenses. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principle. Other companies may define these terms in different ways. See our annual report on Form 10-K for the year ended December 31, 2023, for an explanation of how management uses these measures in evaluating its operations.

About Soluna Holdings, Inc (SLNH)

Soluna is on a mission to make renewable energy a global superpower using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions, and superior returns. To learn more visit solunacomputing.com. Follow us on X (formerly Twitter) at @SolunaHoldings.

Sam Sova

Partner and CEO

SOVA

Sam@letsgosova.com

Source: Soluna Holdings, Inc.

FAQ

What is the status of Soluna's (SLNH) Project Dorothy 2 development in October 2023?

Project Dorothy 2 (48MW) has completed initial site grading and preparation, with foundations poured for the first 30MW. MDC fabrication is underway, and substation interconnection is scheduled for November completion with January tie-in.

How many GPUs are on the waitlist for Soluna's (SLNH) Project Ada?

Project Ada has a waitlist of 128 nodes, equivalent to 1,024 GPUs for first-phase projects.

What is the current status of Soluna's (SLNH) $25M financing agreement?

Soluna has reached important milestones toward accessing the previously announced $25 million Standby Equity Purchase Agreement (SEPA).

Soluna Holdings, Inc.

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