Soluna Announces Monthly Business Update

Rhea-AI Summary

Soluna Holdings (NASDAQ: SLNH), a developer of green data centers for Bitcoin mining and AI, announced its November updates. The company highlighted a $18.8 million increase in year-to-date revenue for Q3-2024, achieving a record $29.7 million. Key project updates include:

• Project Dorothy 1A & 1B: Two new customer deployments totaling 20 MW of upgraded equipment.
• Project Dorothy 2: Completion of the substation interconnection civil scope with electrical tie-in scheduled for mid-January.
• Project Grace: Microgrid and cooling designs for behind-the-meter integration are underway.
• Project Ada: Signed a deal with SFCompute for on-demand GPUs, live as of December 1st.
• Project Sophie: Continued high-level operation with cooler temperatures.
• Project Kati: Phase 1 of substation interconnection civil scope is underway.

CEO John Belizaire appeared on the Humans in AI Podcast, and CFO John Tunison participated in a Fireside Chat with Water Tower Research.

Positive

• $18.8 million increase in year-to-date revenue for Q3-2024.
• Record revenue year-to-date of $29.7 million.
• Two new customer deployments for Project Dorothy 1A & 1B totaling 20 MW of upgraded equipment.
• Signed a deal with SFCompute for on-demand GPUs, live as of December 1st.

Negative

• None.

Insights

Financial Analyst

The latest business update reveals significant operational progress and financial growth. The year-to-date revenue increased by $18.8 million compared to last year, reaching a record $29.7 million. The company is executing well on its diversification strategy, expanding beyond Bitcoin mining into AI computing services.

Project portfolio developments show strong momentum, particularly in the AI segment with Project Grace and Project Ada. The new partnership with SFCompute for GPU marketplace integration and a pipeline exceeding 512 GPUs indicates promising revenue potential in the high-margin AI computing sector. The completion of infrastructure work across multiple projects suggests accelerating capacity deployment in early 2024.

However, investors should note that with a market cap of only $26.3 million, the company remains relatively small and potentially volatile. The successful execution of multiple ongoing projects will be important for maintaining growth momentum and achieving profitability.

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 November 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:

• Q3-2024 Results: $18.8 Million Increase in Year-to-Date Revenue Year-Over-Year and Record Revenue Year-to-Date of $29.7 Million. Read the full update here.
• CEO John Belizaire on the Humans in AI Podcast to discuss how Soluna is solving the wasted energy issue by co-locating data centers with renewable energy plants. Listen here.
• CFO John Tunison’s Fireside Chat with Water Tower Research is available to watch now. Sign up here to view.
• New Blog: We’re exploring renewable-powered AI and what it might take to build an integrated energy ecosystem. Read more here.

Key Project Updates:

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

• Two new customer deployments are underway totaling 20 MW of upgraded equipment

Project Dorothy 2 (48 MW, Bitcoin Hosting):

• The substation interconnection civil scope of work has been completed and the electrical tie-in is scheduled for mid-January
• Completion of phase 1 continues to progress with continued progress on the erection of Modular Data Center buildings as well as the office

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

• Microgrid and Cooling designs for behind-the-meter integration concept design is underway. This is critical to achieving the unique requirements necessary for behind-the-meter projects.

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

• We signed a deal with SFCompute to deliver on-demand GPUs in their online marketplace and it went live on December 1st.
• The sales pipeline exceeds 512 GPUs.

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

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

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

• Phase 1 of the substation interconnection focused on the civil scope of work is underway.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241209376378/en/

Sam Sova

Partner and CEO

SOVA

Sam@letsgosova.com

Source: Soluna Holdings, Inc.

FAQ

What is the recent revenue increase for Soluna Holdings (SLNH)?

Soluna Holdings reported an $18.8 million increase in year-to-date revenue for Q3-2024.

What is the year-to-date revenue for Soluna Holdings (SLNH)?

Soluna Holdings achieved a record year-to-date revenue of $29.7 million.

What are the recent developments in Project Dorothy for Soluna Holdings (SLNH)?

Project Dorothy 1A & 1B saw two new customer deployments totaling 20 MW of upgraded equipment, while Project Dorothy 2 completed the substation interconnection civil scope.

What is the status of Project Ada for Soluna Holdings (SLNH)?

Soluna Holdings signed a deal with SFCompute for on-demand GPUs, which went live on December 1st.

What projects are currently underway at Soluna Holdings (SLNH)?

Projects include Dorothy 1A & 1B, Dorothy 2, Grace, Ada, Sophie, and Kati, focusing on Bitcoin hosting and AI cloud/hosting.