Soluna Holdings Reports Strong Adjusted EBITDA and Q2’24 Results
Soluna Holdings (NASDAQ: SLNH) reported a 362% year-over-year increase in revenue for Q2 2024, reaching $9.7 million compared to $2.1 million in Q2 2023.
Operating loss improved to $3.7 million, a 48% reduction from the $7.1 million loss in Q2 2023. Adjusted EBITDA rose to $1.8 million from a loss of $2.0 million in the prior year, driven by strong revenue growth and cost discipline.
Unrestricted cash increased by 50% from the end of 2023 to $9.6 million. Key projects include the ongoing construction of Dorothy 2, the development of Project Kati, and a 2 GW pipeline.
Partnership with Hewlett Packard Enterprise launched Soluna Cloud, allowing for scalable AI workloads using renewable energy.
Project Kati signed a Definitive Power Purchase Agreement with EDF Renewables and Masdar. Convertible debt decreased from $7.7 million to $5.3 million due to strong share price momentum and trading volume.
Soluna Holdings (NASDAQ: SLNH) ha riportato un aumento del 362% delle entrate rispetto allo stesso trimestre dell'anno precedente per il Q2 2024, raggiungendo i 9,7 milioni di dollari rispetto ai 2,1 milioni di dollari del Q2 2023.
La perdita operativa è migliorata a 3,7 milioni di dollari, con una riduzione del 48% rispetto alla perdita di 7,1 milioni di dollari del Q2 2023. L'EBITDA rettificato è aumentato a 1,8 milioni di dollari rispetto a una perdita di 2,0 milioni di dollari dell'anno precedente, grazie a una forte crescita dei ricavi e a una disciplina sui costi.
Il denaro contante non vincolato è aumentato del 50% dalla fine del 2023, raggiungendo i 9,6 milioni di dollari. I progetti chiave includono la costruzione in corso di Dorothy 2, lo sviluppo del Progetto Kati e un pipeline da 2 GW.
La partnership con Hewlett Packard Enterprise ha lanciato Soluna Cloud, consentendo carichi di lavoro AI scalabili utilizzando energie rinnovabili.
Il Progetto Kati ha firmato un Accordo Definitivo di Acquisto di Energia con EDF Renewables e Masdar. Il debito convertibile è diminuito da 7,7 milioni di dollari a 5,3 milioni di dollari grazie a una forte spinta del prezzo delle azioni e del volume di scambi.
Soluna Holdings (NASDAQ: SLNH) reportó un aumento del 362% en los ingresos interanuales en el Q2 de 2024, alcanzando los 9.7 millones de dólares en comparación con los 2.1 millones de dólares del Q2 de 2023.
La pérdida operativa mejoró a 3.7 millones de dólares, una reducción del 48% respecto a la pérdida de 7.1 millones de dólares en el Q2 de 2023. El EBITDA ajustado aumentó a 1.8 millones de dólares desde una pérdida de 2.0 millones de dólares en el año anterior, impulsado por un fuerte crecimiento de los ingresos y disciplina en los costos.
El efectivo no restringido aumentó un 50% desde finales de 2023, alcanzando los 9.6 millones de dólares. Los proyectos clave incluyen la construcción en curso de Dorothy 2, el desarrollo del Proyecto Kati y un pipeline de 2 GW.
La Asociación con Hewlett Packard Enterprise lanzó Soluna Cloud, permitiendo cargas de trabajo de IA escalables utilizando energía renovable.
El Proyecto Kati firmó un Acuerdo Definitivo de Compra de Energía con EDF Renewables y Masdar. La deuda convertible disminuyó de 7.7 millones de dólares a 5.3 millones de dólares debido a una fuerte dinámica del precio de las acciones y el volumen de negociación.
Soluna Holdings (NASDAQ: SLNH)가 2024년 2분기 연간 수익이 362% 증가하여 210만 달러에서 970만 달러에 도달했다고 보고했습니다.
운영 손실은 370만 달러로 개선되어 2023년 2분기 710만 달러 손실에 비해 48% 줄어들었습니다. 조정된 EBITDA는 전년의 200만 달러 손실에서 180만 달러로 증가하여 강력한 수익 성장과 비용 절감에 힘입었습니다.
제한 없는 현금은 2023년 말 대비 50% 증가하여 960만 달러에 도달했습니다. 주요 프로젝트로는 Dorothy 2의 지속적인 건설, Project Kati 개발 및 2GW 파이프라인이 있습니다.
Hewlett Packard Enterprise와 협력하여 Soluna Cloud가 출시되어 재생 에너지를 사용하는 확장 가능한 AI 작업 부하를 가능하게 했습니다.
Project Kati는 EDF Renewables 및 Masdar와 최종 전력 구매 계약을 체결했습니다. 강력한 주가 흐름과 거래량 덕분에 전환사채는 770만 달러에서 530만 달러로 감소했습니다.
Soluna Holdings (NASDAQ: SLNH) a rapporté une augmentation de 362% de son chiffre d'affaires d'une année sur l'autre pour le deuxième trimestre 2024, atteignant 9,7 millions de dollars contre 2,1 millions de dollars au deuxième trimestre 2023.
La perte opérationnelle s'est améliorée à 3,7 millions de dollars, avec une réduction de 48% par rapport à la perte de 7,1 millions de dollars du deuxième trimestre 2023. L'EBITDA ajusté a augmenté à 1,8 million de dollars, passant d'une perte de 2,0 millions de dollars l'année précédente, grâce à une forte croissance des revenus et à une discipline des coûts.
Le cash disponible a augmenté de 50% depuis fin 2023 pour atteindre 9,6 millions de dollars. Les projets clés comprennent la construction en cours de Dorothy 2, le développement du projet Kati et une pipeline de 2 GW.
Partenariat avec Hewlett Packard Enterprise a lancé Soluna Cloud, permettant des charges de travail d'IA scalables en utilisant de l'énergie renouvelable.
Le projet Kati a signé un accord définitif d'achat d'électricité avec EDF Renewables et Masdar. La dette convertible a diminué de 7,7 millions de dollars à 5,3 millions de dollars en raison d'une forte dynamique des prix des actions et des volumes de négociation.
Soluna Holdings (NASDAQ: SLNH) berichtete von einem Umsatzanstieg von 362% im Jahresvergleich für das 2. Quartal 2024, mit Einnahmen von 9,7 Millionen Dollar im Vergleich zu 2,1 Millionen Dollar im 2. Quartal 2023.
Der operative Verlust verbesserte sich auf 3,7 Millionen Dollar, was einem Rückgang von 48% im Vergleich zu einem Verlust von 7,1 Millionen Dollar im 2. Quartal 2023 entspricht. Das bereinigte EBITDA stieg auf 1,8 Millionen Dollar von einem Verlust von 2,0 Millionen Dollar im Vorjahr, angetrieben durch starkes Umsatzwachstum und Kostenkontrolle.
Die nicht gebundenen liquiden Mittel stiegen um 50% von Ende 2023 auf 9,6 Millionen Dollar. Zu den Schlüsselprojekten gehören der laufende Bau von Dorothy 2, die Entwicklung von Projekt Kati und eine Pipeline von 2 GW.
Die Partnerschaft mit Hewlett Packard Enterprise startete Soluna Cloud, das skalierbare KI-Workloads unter Nutzung erneuerbarer Energien ermöglicht.
Projekt Kati unterzeichnete einen endgültigen Stromabnahmevertrag mit EDF Renewables und Masdar. Die wandelbare Anleihe sank von 7,7 Millionen Dollar auf 5,3 Millionen Dollar aufgrund der starken Aktienkursentwicklung und des Handelsvolumens.
- Revenue increased by 362% year-over-year to $9.7 million.
- Operating loss reduced by 48% to $3.7 million.
- Adjusted EBITDA increased to $1.8 million from a loss of $2.0 million.
- Unrestricted cash grew by 50% to $9.6 million.
- Convertible debt reduced from $7.7 million to $5.3 million.
- General and administrative expenses increased by 32% to $5.4 million.
Insights
Soluna Holdings' Q2 2024 results show significant improvement, with revenue increasing 362% year-over-year to
However, investors should note that revenue decreased
The partnership with HP Enterprise and the power purchase agreement with EDF Renewables for Project Kati indicate potential for future growth. The reduction in convertible debt from
Soluna's strategic pivot towards AI and high-performance computing is a smart move in the evolving tech landscape. The partnership with Hewlett Packard Enterprise to launch Soluna Cloud positions the company to capitalize on the growing demand for AI infrastructure. By offering a platform that combines renewable energy, direct liquid cooling and waste-heat recovery, Soluna is addressing both performance and sustainability concerns in the AI industry.
The development of Project Kati, with its planned 166 MW capacity for Bitcoin hosting and AI applications, demonstrates Soluna's commitment to scaling its operations. This project, along with the existing 2 GW pipeline, suggests significant potential for future expansion in the high-performance computing space.
However, investors should be aware that the AI market is highly competitive, with established players like NVIDIA and AMD dominating the hardware space. Soluna will need to differentiate itself through its renewable energy focus and potentially lower operating costs to carve out a significant market share.
(Graphic: Business Wire)
John Belizaire, CEO of Soluna, said, “I am honored to lead such a resilient team. This year's quarterly results show a markedly different company with many opportunities ahead. We have now successfully implemented all of our revenue diversification strategies and I am proud that the results are beginning to show and that we have achieved significant project milestones this quarter.”
Belizaire said, “Our venture into AI, the construction phase of Dorothy 2, the development of Project Kati, and the continued development of our 2 GW pipeline represents the next frontier of growth for our enterprise.”
Finance and Operational Highlights:
-
Strong Revenue – Revenue increased by
362% to$9.7 million $2.1 million -
Operating loss – Operating loss significantly improved to
$3.7 million 48% reduction from the$7.1 million -
Strong Adjusted EBITDA – Adjusted EBITDA (non-GAAP) ramped to
$1.8 million $2.0 million $3.8 million -
Strong Cash Growth – Unrestricted cash increased
50% from the end of 2023, reaching$9.6 million - HP Enterprise Partnership – Soluna has partnered with Hewlett Packard Enterprise to launch Soluna Cloud. By utilizing Soluna Cloud, enterprise customers can rapidly deploy AI workloads on a more sustainable and scalable platform, made possible by renewable energy, direct liquid cooling (DLC), and waste-heat recovery.
-
Signed Definitive Power Purchase Agreement with EDF Renewables – Project Kati is Soluna’s second Renewable Computing data center project in
Texas . It will be co-located at a wind facility owned by EDF Renewables and Masdar. Project Kati will be executed in two phases, with each phase delivering 83 MW of renewable energy capacity to power high-performance computing applications, including Bitcoin Hosting and AI. -
Completed Spring Demand Response Period and Began Summer Period – As part of its Demand Response Plan, Soluna has earned
$1.2 million -
Reduced Convertible Debt – Driven by strong share price momentum and trading volume, Convertible Note Holders reduced their principal balance through conversions from
$7.7 million $5.3 million
Financial Summary:
Key financial results for the second quarter include:
-
The strong second-quarter revenue of
$9.7 million 22% revenue decrease compared to the first quarter of 2024, despite the challenges posed by the Bitcoin halving in April, which drove the lower Adjusted EBITDA, as expected. The second quarter resulted in a revenue increase of362% compared to the second quarter of 2023. -
Cryptocurrency Mining Revenue increased by
$3.6 million -
Data Hosting Revenue increased by approximately
$3.7 million -
Adjusted EBITDA of
$1.8 million $2.0 million $1.8 million $3.8 million
Revenue & Cost of Revenue by Project Site |
||||||||||||||||||
Second Quarter 2024 |
||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| Project Dorothy 1B | Project Dorothy 1A | Project Sophie | Project Marie | Other | Total | |||||||||||||
| Cryptocurrency mining revenue | $ | 4,484 |
$ | - |
$ | - |
$ | - |
$ | - |
$ | 4,484 |
||||||
| Data hosting revenue | - |
3,567 |
1,331 |
- |
- |
4,898 |
||||||||||||
| Demand response services | - |
- |
- |
- |
293 |
293 |
||||||||||||
| Total revenue | $ | 4,484 |
$ | 3,567 |
$ | 1,331 |
$ | - |
$ | 293 |
$ | 9,675 |
||||||
| Cost of cryptocurrency mining, exclusive of depreciation | $ | 1,883 |
$ | - |
- |
- |
- |
1,883 |
||||||||||
| Cost of data hosting revenue, exclusive of depreciation | - |
1,758 |
418 |
- |
- |
2,176 |
||||||||||||
| Cost of revenue- depreciation | 1,073 |
282 |
151 |
- |
- |
1,506 |
||||||||||||
| Total cost of revenue | $ | 2,956 |
$ | 2,040 |
$ | 569 |
$ | - |
$ | - |
$ | 5,565 |
||||||
Revenue & Cost of Revenue by Project Site |
||||||||||||||||||
Second Quarter 2023 |
||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||
| Project Dorothy 1B | Project Dorothy 1A | Project Sophie | Project Marie | Other | Total | |||||||||||||
| Cryptocurrency mining revenue | $ | - |
$ | - |
$ | 915 |
$ | - |
$ | - |
$ | 915 |
||||||
| Data hosting revenue | - |
456 |
692 |
- |
5 |
1,153 |
||||||||||||
| Demand response services | - |
- |
- |
- |
- |
- |
||||||||||||
| Total revenue | $ | - |
$ | 456 |
$ | 1,607 |
$ | - |
$ | 5 |
$ | 2,068 |
||||||
| Cost of cryptocurrency mining, exclusive of depreciation | $ | 224 |
$ | - |
936 |
- |
- |
1,160 |
||||||||||
| Cost of data hosting revenue, exclusive of depreciation | - |
508 |
251 |
- |
- |
759 |
||||||||||||
| Cost of revenue- depreciation | 14 |
185 |
332 |
8 |
- |
539 |
||||||||||||
| Total cost of revenue | $ | 238 |
$ | 693 |
$ | 1,519 |
$ | 8 |
$ | - |
$ | 2,458 |
||||||
-
Gross Profit improved by
$4.5 million $390 thousand $4.1 million
-
Gross profit for the second quarter of 2024 compared to the first quarter of 2024 decreased by
$2.8 million $2.9 million
-
General and administrative expenses, excluding depreciation and amortization for the second quarter of 2024 increased by approximately
$1.3 million 32% over the second quarter of 2023 - to$5.4 million $4.1 million
The unaudited financial statements are available online, here. A presentation of this Second Quarter Update can also be found online, here.
___
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
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. 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.
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/20240815547957/en/
John Tunison
Chief Financial Officer
Soluna Holdings, Inc.
jtunison@soluna.io
Source: Soluna Holdings, Inc.
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