Soluna Reports Revenue Growth of 80.5% to $38 Million for 2024
Soluna Holdings (NASDAQ: SLNH) reported significant growth in 2024, with revenue increasing 80.5% to $38.0 million compared to $21.1 million in 2023. The company's core operations include Bitcoin hosting, mining, and demand response services.
Key financial highlights include: Project Dorothy 1A and 1B generated $13.7 million and $17.0 million in Bitcoin hosting and mining revenue respectively. Demand Response Services contributed $2.1 million. The company maintained $10.5 million in current & restricted cash, with unrestricted cash growing 23.2% to $7.8 million.
Notable developments include breaking ground on Project Dorothy 2, which will increase Bitcoin Hosting capacity to 123 MW when completed in Q4 2025. The company also terminated its HPE GPU-as-a-Service contract, resulting in a $28.6 million loss, to focus on Bitcoin and AI data center development. Capital raised exceeded $31.5 million through various initiatives.
Soluna Holdings (NASDAQ: SLNH) ha riportato una crescita significativa nel 2024, con un aumento del fatturato dell'80,5% a 38,0 milioni di dollari rispetto ai 21,1 milioni di dollari del 2023. Le operazioni principali dell'azienda includono hosting di Bitcoin, mining e servizi di risposta alla domanda.
I principali risultati finanziari includono: il Progetto Dorothy 1A e 1B hanno generato rispettivamente 13,7 milioni di dollari e 17,0 milioni di dollari in entrate da hosting e mining di Bitcoin. I Servizi di Risposta alla Domanda hanno contribuito con 2,1 milioni di dollari. L'azienda ha mantenuto 10,5 milioni di dollari in contante disponibile e vincolato, con un aumento del contante non vincolato del 23,2% a 7,8 milioni di dollari.
Sviluppi notevoli includono l'inizio dei lavori sul Progetto Dorothy 2, che aumenterà la capacità di hosting di Bitcoin a 123 MW al termine nel quarto trimestre del 2025. L'azienda ha anche terminato il contratto HPE GPU-as-a-Service, con una perdita di 28,6 milioni di dollari, per concentrarsi sullo sviluppo di data center per Bitcoin e AI. Il capitale raccolto ha superato i 31,5 milioni di dollari attraverso varie iniziative.
Soluna Holdings (NASDAQ: SLNH) reportó un crecimiento significativo en 2024, con un aumento de ingresos del 80.5% a $38.0 millones en comparación con $21.1 millones en 2023. Las operaciones centrales de la compañía incluyen hosting de Bitcoin, minería y servicios de respuesta a la demanda.
Los aspectos financieros clave incluyen: el Proyecto Dorothy 1A y 1B generaron $13.7 millones y $17.0 millones en ingresos por hosting y minería de Bitcoin respectivamente. Los Servicios de Respuesta a la Demanda contribuyeron con $2.1 millones. La empresa mantuvo $10.5 millones en efectivo disponible y restringido, con un aumento del 23.2% en el efectivo no restringido a $7.8 millones.
Desarrollos notables incluyen el inicio de obras en el Proyecto Dorothy 2, que aumentará la capacidad de hosting de Bitcoin a 123 MW cuando se complete en el cuarto trimestre de 2025. La empresa también terminó su contrato HPE GPU-as-a-Service, resultando en una pérdida de $28.6 millones, para enfocarse en el desarrollo de centros de datos para Bitcoin y AI. El capital recaudado superó los $31.5 millones a través de varias iniciativas.
솔루나 홀딩스 (NASDAQ: SLNH)는 2024년에 80.5%의 매출 증가로 3,800만 달러를 기록했다고 보고했습니다. 이는 2023년의 2,110만 달러와 비교됩니다. 회사의 주요 운영에는 비트코인 호스팅, 채굴 및 수요 응답 서비스가 포함됩니다.
주요 재무 하이라이트에는 프로젝트 도로시 1A와 1B가 각각 비트코인 호스팅 및 채굴 수익으로 1,370만 달러와 1,700만 달러를 생성한 것이 포함됩니다. 수요 응답 서비스는 210만 달러에 기여했습니다. 회사는 1,050만 달러의 현재 및 제한된 현금을 유지했으며, 제한되지 않은 현금은 23.2% 증가하여 780만 달러에 달했습니다.
주목할 만한 발전으로는 프로젝트 도로시 2의 착공이 포함되며, 이는 2025년 4분기 완료 시 비트코인 호스팅 용량을 123 MW로 증가시킬 것입니다. 회사는 비트코인 및 AI 데이터 센터 개발에 집중하기 위해 HPE GPU-as-a-Service 계약을 종료했으며, 이로 인해 2,860만 달러의 손실이 발생했습니다. 다양한 이니셔티브를 통해 조달된 자본은 3,150만 달러를 초과했습니다.
Soluna Holdings (NASDAQ: SLNH) a rapporté une croissance significative en 2024, avec des revenus augmentant de 80,5 % pour atteindre 38,0 millions de dollars par rapport à 21,1 millions de dollars en 2023. Les principales activités de l'entreprise incluent l'hébergement de Bitcoin, le minage et les services de réponse à la demande.
Les points forts financiers incluent : le Projet Dorothy 1A et 1B ont généré respectivement 13,7 millions de dollars et 17,0 millions de dollars en revenus d'hébergement et de minage de Bitcoin. Les Services de Réponse à la Demande ont contribué à hauteur de 2,1 millions de dollars. L'entreprise a maintenu 10,5 millions de dollars en liquidités disponibles et restreintes, avec une augmentation de 23,2 % des liquidités non restreintes à 7,8 millions de dollars.
Les développements notables incluent le lancement des travaux sur le Projet Dorothy 2, qui augmentera la capacité d'hébergement de Bitcoin à 123 MW une fois achevé au quatrième trimestre 2025. L'entreprise a également résilié son contrat HPE GPU-as-a-Service, entraînant une perte de 28,6 millions de dollars, afin de se concentrer sur le développement de centres de données pour Bitcoin et l'IA. Le capital levé a dépassé 31,5 millions de dollars grâce à diverses initiatives.
Soluna Holdings (NASDAQ: SLNH) berichtete 2024 von einem signifikanten Wachstum, mit einem Umsatzanstieg von 80,5% auf 38,0 Millionen Dollar im Vergleich zu 21,1 Millionen Dollar im Jahr 2023. Die Hauptgeschäftsbereiche des Unternehmens umfassen Bitcoin-Hosting, Mining und Demand-Response-Services.
Wichtige finanzielle Höhepunkte sind: Projekt Dorothy 1A und 1B generierten jeweils 13,7 Millionen Dollar und 17,0 Millionen Dollar an Einnahmen aus Bitcoin-Hosting und Mining. Die Demand-Response-Services trugen mit 2,1 Millionen Dollar bei. Das Unternehmen hielt 10,5 Millionen Dollar an verfügbaren und eingeschränkten Mitteln, wobei die nicht eingeschränkten Mittel um 23,2% auf 7,8 Millionen Dollar wuchsen.
Bemerkenswerte Entwicklungen umfassen den Baubeginn des Projekts Dorothy 2, das die Bitcoin-Hosting-Kapazität bis zum Abschluss im vierten Quartal 2025 auf 123 MW erhöhen wird. Das Unternehmen beendete auch seinen HPE GPU-as-a-Service-Vertrag, was zu einem Verlust von 28,6 Millionen Dollar führte, um sich auf die Entwicklung von Bitcoin- und KI-Datenzentren zu konzentrieren. Das aufgebrachte Kapital überstieg 31,5 Millionen Dollar durch verschiedene Initiativen.
- Revenue growth of 80.5% to $38.0 million in 2024
- Unrestricted cash grew 23.2% to $7.8 million
- Strong gross profit of $15.1 million in core business (excluding Project Ada/Cloud)
- Successful capital raise of $31.5 million
- Project Dorothy 2 expansion to increase hosting capacity by 64%
- $28.6 million loss from HPE contract termination
- $5.7 million loss related to Project Ada/Cloud business
- Increased SG&A expenses by $3.3 million
- $0.8 million increase in bad debt expenses
Insights
Soluna's 2024 results demonstrate solid financial momentum with
Most encouraging is the company's turnaround in Adjusted EBITDA, which improved to
The decision to terminate the HPE GPU-as-a-Service contract, while resulting in a substantial
Soluna's capital structure improvements—reducing Convertible Loan Notes to zero and restructuring Series B Preferred Stock—position the company more favorably for raising growth capital. The
The gross profit metrics reveal a tale of two businesses: the core Bitcoin operations delivered
Soluna's integrated energy strategy is gaining traction with substantial capacity expansion underway. Project Dorothy 2 will increase Bitcoin hosting capacity by
The company's diversified revenue streams show promising development. While Bitcoin hosting and mining form the core business, the addition of Demand Response Services (DRS) generated
Soluna's project pipeline expansion is particularly noteworthy. Project Kati has successfully exited the ERCOT planning phase, potentially unlocking 166 MW of capacity for Bitcoin hosting and AI applications. Similarly, Project Rosa's power term sheets and land agreement could add another 187 MW of capacity. This combined 353 MW pipeline represents nearly triple the company's current capacity.
The strategic pivot away from small-cluster GPU-as-a-Service is sensible given market conditions. By refocusing on large-scale Bitcoin infrastructure and AI data centers built at their renewable energy projects, Soluna is playing to its strengths in power-intensive computing applications where energy efficiency and sustainable sourcing create competitive advantages.
The company raised over
Project pipeline growth, cash growth, and capital structure simplification highlight the focus and execution in core business.

Soluna Holdings, Inc., Cumulative Revenue by Quarter (2024)
“Our 2024 results reflect continued momentum and strong execution across our core businesses of Bitcoin hosting, mining, and demand response services,” said John Belizaire, CEO of Soluna Holdings.
“We broke ground on Project Dorothy 2, which will increase our Bitcoin Hosting capacity to 123 MW when fully ramped. We significantly expanded our project pipeline and launched our AI/HPC business to meet the growing demand for sustainable AI compute. These milestones mark a pivotal phase of growth and validate our long-term strategy to lead the next wave of clean, efficient infrastructure for Bitcoin Hosting and AI,” continued John Belizaire.
“We terminated our HPE GPU-as-a-Service contract to mitigate losses seen in the second half of 2024 and enable us to focus on the growth of our substantial pipeline of projects into AI/HPC data centers during 2025, beginning with Project Kati,” said John Tunison, CFO of Soluna Holdings.
“Additionally, we have made substantial progress towards simplifying our capital structure, including reducing our Convertible Loan Notes to zero and securing modifications to the terms of our Series B Preferred Stock, which we believe strengthens our ability to raise the growth capital needed to execute on our strategic plan and has resulted in positive cash flow from our core business for the first time,” continued John Tunison.
2024 Operational and Corporate Highlights:
-
Record revenue grew by
80.5% , reaching , compared to$38.0 million in 2023.$21.1 million - Our sites operated at a high operational efficiency and produced strong financial results despite the “halving” of Bitcoin in April 2024.
-
Project Dorothy 1A and 1B were online for the full year of 2024, generating
and$13.7 million in Bitcoin hosting and mining revenue, respectively.$17.0 million -
Demand Response Services (“DRS”) commenced in December 2023 and generated
in revenue in 2024, following substantial development and preparation over the prior year.$2.1 million -
Total revenue grew by
9.9% to in Q4 2024 compared to Q3 2024, driven by higher hash price and change in customers with higher profitability.$8.3 million -
Capital raised at Soluna Holdings and at the Data Center Projects exceeded
-$31.5 million in warrant exercises and$2.3 million between Soluna AL CloudCo, LLC (“CloudCo” or “Project Ada”), a wholly owned subsidiary of Soluna Cloud, Inc. (“Cloud”), and Project Dorothy 2 in the form of debt and equity, respectively.$29.2 million -
Soluna Digital achieved a quarterly gross profit of
, or$2.6 million 31.0% , in Q4 2024 compared to , or$1.5 million 19.9% , in Q3 2024. -
Current & Restricted Cash maintained at
at the end of 2024, while unrestricted cash grew by$10.5 million 23.2% to from the end of 2023.$7.8 million - We simplified our capital structure by fully converting Convertible Loan Notes and significantly restructuring the Preferred B equity.
-
Construction of Project Dorothy 2 started in the third quarter of 2024, and the initial phase of powering up is underway, which aims to increase our Bitcoin hosting capacity by
64.0% , reaching a total of 123 MW, which is expected to be fully completed by Q4 2025. - Project Kati successfully exited the ERCOT planning phase, which is expected to unlock up to 166 MW of new Bitcoin hosting and AI joint venture opportunities for the Company.
- Term Sheets for Power for Project Rosa in 2024 and a land agreement were subsequently secured in early 2025, which is expected to unlock up to 187 MW of new Bitcoin hosting and AI joint venture opportunities for Soluna Holdings.
“I am honored to lead this team,” John Belizaire continued. “Their dedication and grit have been the driving force behind our continued momentum and success.”
-
Growth Capital Secured by entering into the Standby Equity Purchase Agreement (SEPA) - In Q4 2024, the Company filed a registration statement for the resale of the shares of common stock in connection with the
SEPA entered into with Yorkville Advisors Global L.P. in August 2024. In early 2025, the registration statement was declared effective by the SEC, enabling us to raise capital to pay debt, invest in data center projects, and for working capital and general corporate purposes.$25 million -
CloudCo completed a strategic termination of the Hewlett Packard Enterprise Company (“HPE”) contract - Recognizing the 2024 downtrend in market pricing and softening demand for GPU-as-a-Service in small clusters, in March 2025, the Company’s indirect subsidiary, CloudCo terminated the HPE contract to access Nvidia GPUs and recorded a loss on contract of
which is the sum of future payments due under the contract and the full write down of the prepaid asset. The strategic termination of the contract enables us to refocus on Bitcoin and the future development of AI data centers at our Projects. Following CloudCo’s termination, HPE terminated the contract for cause, effective immediately.$28.6 million
Fourth Quarter 2024 Financial Results :
-
Steady Revenue Growth – Revenue grew to
compared to Q3 2024 revenue of$8.3 million , a$7.5 million 9.9% increase due to higher hash price and change of customers with higher profitability. -
Strong Cash Balance Continues – Current Cash & Restricted Cash as of December 31, 2024, was
, while unrestricted cash grew by$10.5 million 23.2% to from the end of 2023.$7.8 million -
Continuous Growth of Gross Profit – excluding Project Ada / Cloud, gross profit improved over Q3 2024 by
, driven by higher hash price and lower electricity costs.$1.1 million - Selling, General & Administrative Expenses – was relatively flat quarter over quarter in 2024 and fourth quarter year over year, excluding a quarterly bonus true up.
Fiscal Year 2024 Financial Results:
-
Strong Revenue Increase – Driven by the first full year with Project Dorothy 1A/1B online, FY 2024 revenue reached
, compared to$38.0 million FY 2023, a$21.1 million or$16.9 million 80.5% increase. Additionally, in 2024, DRS delivered of revenue.$2.1 million -
Gross Profit Resilience in Core Business – Excluding the loss of
related to the costs of the Project Ada / Cloud business, annual gross profit grew by$5.7 million from$9.9 million in FY 2023 to$5.2 million in FY 2024, driven by the full year with Project Dorothy 1A/1B online and DRS.$15.1 million -
Consistent Gross Margin – For 2024, the business demonstrated its core strength as gross margin growth from Bitcoin Mining and Hosting, and Demand Response Services essentially offset losses related to Project Ada / Cloud, resulting in a flat year-over-year consolidated gross margin of
25.0% . -
Resilient Adjusted EBITDA – 2024 Adjusted EBITDA is
, compared to the 2023 loss of$0.9 million ; an increase of$3.5 million driven by continued revenue growth despite downward market pressure on price and volume from the scheduled Bitcoin halving and early phase, pre-revenue, Project Ada / Cloud losses.$4.4 million -
Unrestricted Cash Growth – Unrestricted cash increased
23.2% from the end of FY 2023, reaching .$7.8 million
FY 2024 Revenue & Cost of Revenue by Project Site |
|||||||||||||||||||||
Digital | Cloud | Total | |||||||||||||||||||
(Dollars in thousands) | Project Dorothy 1B |
Project Dorothy 1A |
Project Sophie |
Other | Digital Subtotal |
Project Ada |
|||||||||||||||
Cryptocurrency mining revenue | $ | 17,027 |
$ | - |
$ | - |
$ | - |
$ | 17,027 |
$ | - |
$ | 17,027 |
|||||||
Data hosting revenue | - |
13,742 |
5,096 |
- |
18,838 |
- |
18,838 |
||||||||||||||
High-performance computing service revenue | - |
- |
- |
- |
- |
16 |
16 |
||||||||||||||
Demand response services | - |
- |
- |
2,140 |
2,140 |
- |
2,140 |
||||||||||||||
Total revenue | 17,027 |
13,742 |
5,096 |
2,140 |
38,005 |
16 |
38,021 |
||||||||||||||
Cost of cryptocurrency mining, exclusive of depreciation | $ | 7,499 |
$ | - |
$ | - |
$ | - |
$ | 7,499 |
$ | - |
$ | 7,499 |
|||||||
Cost of data hosting revenue, exclusive of depreciation | - |
7,252 |
2,059 |
66 |
9,377 |
- |
9,377 |
||||||||||||||
Cost of high-performance computing services | - |
- |
- |
- |
- |
5,724 |
5,724 |
||||||||||||||
Cost of revenue- depreciation | 4,292 |
1,162 |
573 |
- |
6,027 |
- |
6,027 |
||||||||||||||
Total cost of revenue | $ | 11,791 |
$ | 8,414 |
$ | 2,632 |
$ | 66 |
$ | 22,903 |
$ | 5,724 |
$ | 28,627 |
|||||||
Gross Profit | $ | 5,236 |
$ | 5,328 |
$ | 2,464 |
$ | 2,074 |
$ | 15,102 |
$ | (5,708) |
$ | 9,394 |
FY 2023 Revenue & Cost of Revenue by Project Site |
||||||||||||||||||
Digital | Digital Total |
|||||||||||||||||
(Dollars in thousands) | Project Dorothy 1B |
Project Dorothy 1A |
Project Sophie |
Project Marie |
Other | |||||||||||||
Cryptocurrency mining revenue | $ | 6,849 |
$ | - |
$ | 2,984 |
$ | 769 |
$ | - |
$ | 10,602 |
||||||
Data hosting revenue | - |
6,876 |
3,021 |
276 |
23 |
10,196 |
||||||||||||
Demand response services | - |
- |
- |
- |
268 |
268 |
||||||||||||
Total revenue | 6,849 |
6,876 |
6,005 |
1,045 |
291 |
21,066 |
||||||||||||
Cost of cryptocurrency mining, exclusive of depreciation | $ | 3,358 |
$ | - |
$ | 2,206 |
$ | 801 |
$ | - |
$ | 6,365 |
||||||
Cost of data hosting revenue, exclusive of depreciation | - |
4,366 |
1,030 |
205 |
- |
5,601 |
||||||||||||
Cost of revenue- depreciation | 1,816 |
755 |
1,154 |
136 |
2 |
3,863 |
||||||||||||
Total cost of revenue | $ | 5,174 |
$ | 5,121 |
$ | 4,390 |
$ | 1,142 |
$ | 2 |
$ | 15,829 |
||||||
Gross Profit | $ | 1,675 |
$ | 1,755 |
$ | 1,615 |
$ | (97) |
$ | 289 |
$ | 5,237 |
-
Selling, General & administrative expenses grew by
for the year ended December 31, 2024, as expected, through expanded hiring of key talent, consulting, and compliance costs - driven by company growth and progressing the company's strategy.$3.3 million -
Salary and wages increased by approximately
during the year ended December 31, 2024 due to an increase in resources and salaries.$0.6 million -
Stock Compensation Expense increased by
during the year ended December 31, 2024. We issued grants in April, June, September, and December of 2024, in which some of the grants provided for immediate vesting, therefore further increasing the expense compared to prior comparable periods. In addition, some of the expenses were due to the cancellation and replacement of certain options.$1.4 million -
Credit provisioning of bad debt expenses increased by
during the year ended December 31, 2024, which was attributable to the termination of a customer hosting contract, which included the settlement expense and a reserve for a note receivable following the sale of Soluna Computing, Inc was recorded.$0.8 million
For more detail on the HPE contract termination, see 8-K filing dated March 28, 2025. The audited financial statements and 10K are available online.
A narrative overview of our 2024 Highlights can be found on our website.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
Non GAAP Measures
In addition to figures prepared in accordance with GAAP, Soluna Holdings from time to time presents alternative non-GAAP performance measures, e.g., EBITDA and Adjusted EBITDA. EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for stock-based compensation costs, loss on sale of fixed assets, loss on debt extinguishment and revaluation, placement agent release expense, loss on contract, provision for credit losses, convertible note inducement expense and impairment on fixed assets. EBITDA and Adjusted EBITDA are provided in addition to and should not be considered to be substitutes for, or superior to net income, the comparable measure calculated in accordance with GAAP. Further, EBITDA and Adjusted EBITDA should not be considered as alternatives to revenue growth, net income, or any other performance measure calculated in accordance with GAAP, or as alternatives to cash flow from operating activities as a measure of our liquidity. 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, 2024 for an explanation of how management uses these measures in evaluating its operations. Investors should review the non-GAAP reconciliations provided below and not rely on any single financial measure to evaluate the Company’s business.
About Soluna Holdings, Inc (Nasdaq: SLNH)
Soluna Holdings 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 Holdings’ 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 Holdings’ 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 and follow us on:
LinkedIn: https://www.linkedin.com/company/solunaholdings/
X (formerly Twitter): x.com/solunaholdings
YouTube: youtube.com/c/solunacomputing
Newsletter: bit.ly/solunasubscribe
Resource Center: solunacomputing.com/resources
Soluna Holdings, Inc. and Subsidiaries |
||||||||
Consolidated Balance Sheets |
||||||||
As of December 31, 2024 and December 31, 2023 |
||||||||
(Dollars in thousands, except per share) |
|
December 31,
|
|
|
December 31,
|
|
||
Assets |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
7,843 |
|
|
$ |
6,368 |
|
Restricted cash |
|
|
1,150 |
|
|
|
2,999 |
|
Accounts receivable, net (allowance for expected credit losses |
|
|
2,693 |
|
|
|
2,948 |
|
Notes receivable |
|
|
13 |
|
|
|
446 |
|
Prepaid expenses and other current assets |
|
|
1,768 |
|
|
|
1,416 |
|
Equipment held for sale |
|
|
28 |
|
|
|
107 |
|
Total Current Assets |
|
|
13,495 |
|
|
|
14,284 |
|
Restricted cash, noncurrent |
|
|
1,460 |
|
|
|
1,000 |
|
Other assets |
|
|
2,724 |
|
|
|
2,954 |
|
Deposits and credits on equipment |
|
|
5,145 |
|
|
|
1,028 |
|
Property, plant and equipment, net |
|
|
47,283 |
|
|
|
44,572 |
|
Intangible assets, net |
|
|
17,620 |
|
|
|
27,007 |
|
Operating lease right-of-use assets |
|
|
313 |
|
|
|
431 |
|
Total Assets |
|
$ |
88,040 |
|
|
$ |
91,276 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,840 |
|
|
$ |
2,099 |
|
Accrued liabilities |
|
|
29,075 |
|
|
|
4,906 |
|
Convertible notes payable |
|
|
- |
|
|
|
8,474 |
|
Current portion of debt |
|
|
14,444 |
|
|
|
10,864 |
|
Income tax payable |
|
|
37 |
|
|
|
24 |
|
Customer deposits-current |
|
|
1,416 |
|
|
|
1,588 |
|
Operating lease liability |
|
|
61 |
|
|
|
220 |
|
Total Current Liabilities |
|
|
47,873 |
|
|
|
28,175 |
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
235 |
|
|
|
499 |
|
Customer deposits- long-term |
|
|
- |
|
|
|
1,248 |
|
Long-term debt |
|
|
7,061 |
|
|
|
- |
|
Operating lease liability |
|
|
252 |
|
|
|
216 |
|
Deferred tax liability, net |
|
|
5,257 |
|
|
|
7,779 |
|
Total Liabilities |
|
|
60,678 |
|
|
|
37,917 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 13) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
3 |
|
Series B Preferred Stock, par value |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Common stock, par value |
|
|
11 |
|
|
|
3 |
|
Additional paid-in capital |
|
|
315,607 |
|
|
|
291,276 |
|
Accumulated deficit |
|
|
(314,304 |
) |
|
|
(250,970 |
) |
Common stock in treasury, at cost, 40,741 shares at December 31, 2024 and December 31, 2023 |
|
|
(13,798 |
) |
|
|
(13,798 |
) |
Total Soluna Holdings, Inc. Stockholders’ (Deficit) Equity |
|
|
(12,479 |
) |
|
|
26,514 |
|
Non-Controlling Interest |
|
|
39,841 |
|
|
|
26,845 |
|
Total Stockholders’ Equity |
|
|
27,362 |
|
|
|
53,359 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
88,040 |
|
|
$ |
91,276 |
|
Soluna Holdings, Inc. and Subsidiaries |
||||||||
Consolidated Statements of Operations |
||||||||
For the Years Ended December 31, 2024 and 2023 |
||||||||
(Dollars in thousands, except per share) |
||||||||
|
|
|
|
|
|
|||
|
|
Year Ended |
|
|||||
|
|
December 31, |
|
|||||
(Dollars in thousands, except per share) |
|
2024 |
|
|
2023 |
|
||
|
|
|
|
|
|
|
||
Cryptocurrency mining revenue |
|
$ |
17,027 |
|
|
$ |
10,602 |
|
Data hosting revenue |
|
|
18,838 |
|
|
|
10,196 |
|
High-performance computing service revenue |
|
|
16 |
|
|
|
- |
|
Demand response service revenue |
|
|
2,140 |
|
|
|
268 |
|
Total revenue |
|
|
38,021 |
|
|
|
21,066 |
|
Operating costs: |
|
|
|
|
|
|
|
|
Cost of cryptocurrency mining revenue, exclusive of depreciation |
|
|
7,499 |
|
|
|
6,365 |
|
Cost of data hosting revenue, exclusive of depreciation |
|
|
9,377 |
|
|
|
5,601 |
|
Cost of high-performance computing services |
|
|
5,724 |
|
|
|
- |
|
Cost of cryptocurrency mining revenue- depreciation |
|
|
4,292 |
|
|
|
2,696 |
|
Cost of data hosting revenue- depreciation |
|
|
1,735 |
|
|
|
1,167 |
|
|
|
|
|
|
|
|
|
|
Total cost of revenue |
|
|
28,627 |
|
|
|
15,829 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
General and administrative expenses, exclusive of depreciation and amortization |
|
|
18,581 |
|
|
|
15,390 |
|
Depreciation and amortization associated with general and administrative expenses |
|
|
9,613 |
|
|
|
9,513 |
|
Total general and administrative expenses |
|
|
28,194 |
|
|
|
24,903 |
|
Loss on contract |
|
|
28,593 |
|
|
|
- |
|
Impairment on fixed assets |
|
|
130 |
|
|
|
575 |
|
Operating loss |
|
|
(47,523 |
) |
|
|
(20,241 |
) |
Interest expense |
|
|
(2,527 |
) |
|
|
(2,748 |
) |
Loss on debt extinguishment and revaluation, net |
|
|
(7,349 |
) |
|
|
(3,904 |
) |
Loss on sale of fixed assets |
|
|
(31 |
) |
|
|
(398 |
) |
Other expense, net |
|
|
(3,357 |
) |
|
|
(1,479 |
) |
Loss before income taxes |
|
|
(60,787 |
) |
|
|
(28,770 |
) |
Income tax benefit, net |
|
|
2,487 |
|
|
|
1,067 |
|
Net loss |
|
|
(58,300 |
) |
|
|
(27,703 |
) |
(Less) Net income attributable to non-controlling interest, net |
|
|
(5,034 |
) |
|
|
(1,498 |
) |
Net loss attributable to Soluna Holdings, Inc. |
|
$ |
(63,334 |
) |
|
$ |
(29,201 |
) |
|
|
|
|
|
|
|
|
|
Basic and Diluted loss per common share: |
|
|
|
|
|
|
|
|
Basic & Diluted loss per share |
|
$ |
(12.15 |
) |
|
$ |
(27.79 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (Basic and Diluted) |
|
|
6,280,915 |
|
|
|
1,313,718 |
|
Soluna Holdings, Inc. and Subsidiaries |
||||||||
Consolidated Statements of Cash Flows |
||||||||
For the Year Ended December 31, 2024 and 2023 |
||||||||
(Dollars in thousands) |
||||||||
|
|
|
|
|
|
|
||
|
|
Year Ended December 31, |
|
|||||
(Dollars in thousands) |
|
2024 |
|
|
2023 |
|
||
Operating Activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(58,300 |
) |
|
$ |
(27,703 |
) |
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Depreciation expense |
|
|
6,152 |
|
|
|
3,894 |
|
Amortization expense |
|
|
9,488 |
|
|
|
9,483 |
|
Stock-based compensation |
|
|
5,311 |
|
|
|
4,312 |
|
Deferred income taxes |
|
|
(2,522 |
) |
|
|
(1,107 |
) |
Impairment on fixed assets |
|
|
130 |
|
|
|
575 |
|
Provision for credit losses |
|
|
760 |
|
|
|
- |
|
Amortization of operating lease asset |
|
|
133 |
|
|
|
238 |
|
Debt issuance costs |
|
|
2,011 |
|
|
|
- |
|
Loss on debt extinguishment and revaluation, net |
|
|
7,349 |
|
|
|
3,904 |
|
Loss on contract |
|
|
28,593 |
|
|
|
- |
|
Amortization on deferred financing costs and discount on notes |
|
|
351 |
|
|
|
753 |
|
Loss on sale of fixed assets |
|
|
31 |
|
|
|
398 |
|
Conversion inducement expense |
|
|
388 |
|
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(505 |
) |
|
|
(2,620 |
) |
Prepaid expenses and other current assets |
|
|
(3,296 |
) |
|
|
(306 |
) |
Other long-term assets |
|
|
(4,842 |
) |
|
|
(304 |
) |
Accounts payable |
|
|
741 |
|
|
|
(862 |
) |
Deferred revenue |
|
|
- |
|
|
|
(453 |
) |
Operating lease liabilities |
|
|
(138 |
) |
|
|
(234 |
) |
Other liabilities and customer deposits |
|
|
(1,671 |
) |
|
|
3,156 |
|
Accrued liabilities |
|
|
4,767 |
|
|
|
3,889 |
|
Net cash used in operating activities |
|
|
(5,069 |
) |
|
|
(2,987 |
) |
Investing Activities |
|
|
|
|
|
|
|
|
Purchases of property, plant, and equipment |
|
|
(9,160 |
) |
|
|
(12,705 |
) |
Purchases of intangible assets |
|
|
(101 |
) |
|
|
(58 |
) |
Proceeds from disposal on property, plant, and equipment |
|
|
215 |
|
|
|
2,286 |
|
Deposits of equipment, net |
|
|
(4,117 |
) |
|
|
147 |
|
Net cash used in investing activities |
|
|
(13,163 |
) |
|
|
(10,330 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
Proceeds from common stock warrant exercises |
|
|
2,332 |
|
|
|
- |
|
Proceeds from common stock securities purchase agreement offering |
|
|
- |
|
|
|
817 |
|
Proceeds from notes and debt issuance |
|
|
14,470 |
|
|
|
3,100 |
|
Payments on debt principal |
|
|
(2,675 |
) |
|
|
(1,057 |
) |
Payments on debt issuance costs |
|
|
(899 |
) |
|
|
- |
|
Payments on other financing costs |
|
|
(1,375 |
) |
|
|
- |
|
Costs of common stock securities purchase agreement offering |
|
|
- |
|
|
|
(10 |
) |
Payments on NYDIG loans and line of credit |
|
|
- |
|
|
|
(350 |
) |
Contributions from non-controlling interest |
|
|
14,735 |
|
|
|
20,365 |
|
Distributions to non-controlling interest |
|
|
(8,270 |
) |
|
|
(1,002 |
) |
Net cash provided by financing activities |
|
|
18,318 |
|
|
|
21,863 |
|
|
|
|
|
|
|
|
|
|
Increase in cash & restricted cash |
|
|
86 |
|
|
|
8,546 |
|
Cash & restricted cash – beginning of period |
|
|
10,367 |
|
|
|
1,821 |
|
Cash & restricted cash – end of period |
|
$ |
10,453 |
|
|
$ |
10,367 |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest paid on NYDIG loans and line of credit |
|
|
115 |
|
|
|
6 |
|
Interest paid on Navitas loan and June and July SPA notes |
|
|
412 |
|
|
|
204 |
|
Interest paid on convertible noteholder default |
|
|
- |
|
|
|
617 |
|
Non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Warrant consideration in relation to convertible notes, Cloud notes, and revaluation of warrant liability |
|
|
6,362 |
|
|
|
1,673 |
|
Notes converted to common stock |
|
|
9,001 |
|
|
|
6,013 |
|
Noncash membership distribution accrual |
|
|
1,179 |
|
|
|
517 |
|
SEPA commitment payment |
|
|
275 |
|
|
|
- |
|
Placement agent release payment |
|
|
1,000 |
|
|
|
- |
|
Equipment loan converted to equity |
|
|
2,160 |
|
|
|
- |
|
Noncash disposal of NYDIG collateralized equipment |
|
|
- |
|
|
|
3,137 |
|
Promissory note and interest conversion to common shares |
|
|
- |
|
|
|
845 |
|
Interest and penalty settled through repossession of collateralized equipment |
|
|
- |
|
|
|
1,773 |
|
Noncash non-controlling interest contributions |
|
|
- |
|
|
|
2,095 |
|
Noncash activity right-of-use assets obtained in exchange for lease obligations |
|
|
146 |
|
|
|
403 |
|
Series B preferred dividend in accrued expense |
|
|
- |
|
|
|
656 |
|
Noncash note receivable from sale of equipment |
|
|
- |
|
|
|
240 |
|
Reconciliations of EBITDA and Adjusted EBITDA to net loss, the most comparable GAAP financial metric, for historical periods are presented in the table below:
(Dollars in thousands) |
|
Years Ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
|
|
|
|
|
|
|
||
Net loss from continuing operations |
|
$ |
(58,300 |
) |
|
$ |
(27,703 |
) |
Interest expense |
|
|
2,527 |
|
|
|
2,748 |
|
Income tax (benefit) expense |
|
|
(2,487 |
) |
|
|
(1,067 |
) |
Depreciation and amortization |
|
|
15,640 |
|
|
|
13,376 |
|
EBITDA |
|
|
(42,620 |
) |
|
|
(12,646 |
) |
|
|
|
|
|
|
|
|
|
Adjustments: Non-cash items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation costs |
|
|
5,311 |
|
|
|
4,312 |
|
Loss on sale of fixed assets |
|
|
31 |
|
|
|
398 |
|
Loss on debt extinguishment and revaluation, net |
|
|
7,349 |
|
|
|
3,904 |
|
Placement agent release expense |
|
|
1,000 |
|
|
|
- |
|
Loss on contract |
|
|
28,593 |
|
|
|
- |
|
Provision for credit losses |
|
|
760 |
|
|
|
- |
|
Convertible note inducement expense |
|
|
388 |
|
|
|
- |
|
Impairment on fixed assets |
|
|
130 |
|
|
|
575 |
|
Adjusted EBITDA |
|
$ |
942 |
|
|
$ |
(3,457 |
) |
The following table represents the EBITDA and Adjusted EBITDA activity between each three-month period from January 1, 2024 through December 31, 2024.
(Dollars in thousands) |
|
Three months ended March 31, 2024 |
|
|
Three months ended June 30, 2024 |
|
|
Three months ended September 30, 2024 |
|
|
Three months ended December 31, 2024 |
|
|
Year ended December 31, 2024 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net loss from continuing operations |
|
$ |
(2,544 |
) |
|
$ |
(9,145 |
) |
|
$ |
(8,093 |
) |
|
$ |
(38,518 |
) |
|
$ |
(58,300 |
) |
Interest expense, net |
|
|
424 |
|
|
|
449 |
|
|
|
821 |
|
|
|
833 |
|
|
|
2,527 |
|
Income tax (benefit) expense from continuing operations |
|
|
(548 |
) |
|
|
(649 |
) |
|
|
(547 |
) |
|
|
(743 |
) |
|
|
(2,487 |
) |
Depreciation and amortization |
|
|
3,926 |
|
|
|
3,909 |
|
|
|
3,916 |
|
|
|
3,889 |
|
|
|
15,640 |
|
EBITDA |
|
|
1,258 |
|
|
|
(5,436 |
) |
|
|
(3,903 |
) |
|
|
(34,539 |
) |
|
|
(42,620 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: Non-cash items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation costs |
|
|
661 |
|
|
|
1,368 |
|
|
|
1,257 |
|
|
|
2,025 |
|
|
|
5,311 |
|
Loss on sale of fixed assets |
|
|
1 |
|
|
|
21 |
|
|
|
- |
|
|
|
9 |
|
|
|
31 |
|
Provision for credit losses |
|
|
- |
|
|
|
244 |
|
|
|
367 |
|
|
|
149 |
|
|
|
760 |
|
Convertible note inducement expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
388 |
|
|
|
388 |
|
Placement agent release expense |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,000 |
|
|
|
1,000 |
|
Loss on contract |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
28,593 |
|
|
|
28,593 |
|
Impairment on fixed assets |
|
|
130 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
130 |
|
Loss on debt extinguishment and revaluation, net |
|
|
3,097 |
|
|
|
5,600 |
|
|
|
(1,203 |
) |
|
|
(145 |
) |
|
|
7,349 |
|
Adjusted EBITDA |
|
$ |
5,147 |
|
|
$ |
1,797 |
|
|
$ |
(3,482 |
) |
|
$ |
(2,520 |
) |
|
$ |
942 |
|
The following table represents the EBITDA and Adjusted EBITDA activity between each three-month period from January 1, 2023 through December 31, 2023.
(Dollars in thousands) |
|
Three months ended March 31, 2023 |
|
|
Three months ended June 30, 2023 |
|
|
Three months ended September 30, 2023 |
|
|
Three months ended December 31, 2023 |
|
|
Year ended December 31, 2023 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net loss from continuing operations |
|
$ |
(7,432 |
) |
|
$ |
(9,257 |
) |
|
$ |
(6,016 |
) |
|
$ |
(4,998 |
) |
|
$ |
(27,703 |
) |
Interest expense, net |
|
|
1,374 |
|
|
|
486 |
|
|
|
495 |
|
|
|
393 |
|
|
|
2,748 |
|
Income tax (benefit) expense from continuing operations |
|
|
(547 |
) |
|
|
(547 |
) |
|
|
569 |
|
|
|
(542 |
) |
|
|
(1,067 |
) |
Depreciation and amortization |
|
|
3,002 |
|
|
|
2,918 |
|
|
|
3,579 |
|
|
|
3,877 |
|
|
|
13,376 |
|
EBITDA |
|
|
(3,603 |
) |
|
|
(6,400 |
) |
|
|
(1,373 |
) |
|
|
(1,270 |
) |
|
|
(12,646 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments: Non-cash items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation costs |
|
|
879 |
|
|
|
2,232 |
|
|
|
595 |
|
|
|
606 |
|
|
|
4,312 |
|
Loss (gain) on sale of fixed assets |
|
|
78 |
|
|
|
(48 |
) |
|
|
373 |
|
|
|
(5 |
) |
|
|
398 |
|
Impairment on fixed assets |
|
|
209 |
|
|
|
169 |
|
|
|
41 |
|
|
|
156 |
|
|
|
575 |
|
Loss on debt extinguishment and revaluation, net |
|
|
(473 |
) |
|
|
2,054 |
|
|
|
769 |
|
|
|
1,554 |
|
|
|
3,904 |
|
Adjusted EBITDA |
|
$ |
(2,910 |
) |
|
$ |
(1,993 |
) |
|
$ |
405 |
|
|
$ |
1,041 |
|
|
$ |
(3,457 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250401381509/en/
John Tunison
Chief Financial Officer
Soluna Holdings, Inc.
jtunison@soluna.io
Source: Soluna Holdings, Inc.