Soluna Announces Monthly Business Update

Rhea-AI Summary

Soluna Holdings, Inc. provided updates on its April project site-level operations, developments, and corporate highlights. Key metrics and company updates were shared, including optimizations for post-halving, AI power demand management, new CFO appointment, and involvement in sustainability discussions. Key project updates for various sites were also highlighted.

Positive

• Strong month of steady operations with minimal curtailment leading to 98.5% uptime overall.

• Optimal weather conditions allowed for a very strong month of steady operations.

• Optimization strategies at each site to ensure maximum profit.

Negative

• PPA negotiations for Project Kati still in final stages.

• Negotiations with landowners for site lease ongoing.

ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for Bitcoin mining and other intensive computing applications, announced its April 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:

• Post-Halving Optimizations – The Company continued its post-halving optimization plan to boost hashrate for its hosting clients and its proprietary mining operations. The Company’s optimizations include MaestroOS upgrades to increase granular control of miners, sites with industry-leading PUE and electrical design, software-based tuning to improve J/TH, and preventative maintenance using predictive systems.
• Transition-AI: Can the Grid Handle AI’s Power Demand? – CEO John Belizaire will speak at Latitude Media’s virtual conference on May 8th, covering creative solutions for utilities and data center operators to manage the AI energy boom. Register here.
• New CFO – John Tunison was appointed as CFO, replacing David Michaels who will be returning to his role as an independent Board member.
• WTR Sustainable Investing Podcast - CEO John Belizaire discusses the increasing power demands of AI and the future of renewable energy development. Listen here.
• WTR AI and Technology Conference – CEO John Belizaire presented a talk on Convergence and the Power of AI. View here. (Enter email to watch.)
• AMA - The Company published responses to investor questions in its monthly AMA for April. View the responses here.

“Our power price of $30/MWh gives us a meaningful cost advantage that could be important relative to many other miners post-halving. For our proprietary mining at Project Dorothy 1B, our average power efficiency is 28 J/TH (across our fleet it’s approximately 25.7 J/TH),” said CEO John Belizaire, in the monthly AMA for April.

“Project Dorothy 1A and Project Sophie have similar efficiency levels. Our hosting customers are some of the industry’s leading miners. We’re implementing a number of optimization strategies at each site to ensure maximum profit.”

Key Project Updates:

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

• Optimal weather conditions allowed for a very strong month of steady operations with minimal curtailment leading to 98.5% uptime overall.
• Expanded the deployments of hosting customers at 1A to consume excess available power and improve hashrate.
• Infrastructure upgrades in preparation for the summer heat are underway to optimize operations.

Project Dorothy 2 (50 MW):

• Construction bids have been awarded. In the process of finalizing contracting and mobilizing construction in Q2.
• Power partner’s approval process is nearing completion.
• Financing syndicate advances and negotiations near completion.

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

• Optimal weather conditions allowed for a very strong month of steady operations leading to 95% uptime excluding scheduled curtailment periods.
• Expanded the deployment of a hosting customer to consume excess available power as a part of ongoing optimization efforts.

Project Kati (166 MW):

• PPA negotiations advanced to the final stages.
• ERCOT planning continues to progress with final comments received on one key study. Responses were sent back to ERCOT.
• Negotiations continue with the landowners for the site lease.
• Discussion and planning continue with critical equipment providers.

View Soluna’s recent AMA 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240506455556/en/

Sam Sova

Partner and CEO

SOVA

Sam@letsgosova.com

Source: Soluna Holdings, Inc.

FAQ

What is Soluna Holdings, Inc.'s stock symbol?

Soluna Holdings, Inc.'s stock symbol is NASDAQ: SLNH.

Who was appointed as the new CFO of Soluna Holdings, Inc.?

John Tunison was appointed as the new CFO, replacing David Michaels.

What did CEO John Belizaire discuss on the WTR Sustainable Investing Podcast?

CEO John Belizaire discussed the increasing power demands of AI and the future of renewable energy development on the WTR Sustainable Investing Podcast.

What are the key project updates for Soluna Holdings, Inc.'s Project Dorothy 1A and 1B?

Optimal weather conditions allowed for strong month of steady operations with minimal curtailment, leading to 98.5% uptime overall. Infrastructure upgrades in preparation for the summer heat are underway.

What event will CEO John Belizaire speak at on May 8th?

CEO John Belizaire will speak at Latitude Media's virtual conference on May 8th, covering creative solutions for utilities and data center operators to manage the AI energy boom.

What is Soluna Holdings, Inc.'s average power efficiency for proprietary mining?

Soluna Holdings, Inc.'s average power efficiency for proprietary mining is 28 J/TH, with approximately 25.7 J/TH across the fleet.

What is Soluna Holdings, Inc.'s power price?

Soluna Holdings, Inc.'s power price is $30/MWh.