$SLNH #SLNH--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 f...
Autore: Business Wire
Quarterly Adjusted EBITDA jumps by $8.1 million year-over-year, Cash grows by 32%
ALBANY, N.Y.: $SLNH #SLNH--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 financial results for the first quarter ended March 31, 2024.
John Belizaire, CEO of Soluna, said, “This year’s first quarter is the first time Projects Sophie, Dorothy 1A, and Dorothy 1B were fully operational and scaled up as can be seen in our strong financial performance. Revenue grew 307% while Cost of Revenue grew only 78% and General and Administrative Expenses shrank by 5%, yielding a positive Operating Income of $0.407M compared to last year this time.”
Belizaire went further on to say, “Our strategic diversification to Data Hosting is paying off and has us focused on several important and exciting new projects that we look forward to announcing in the coming months. We have positioned ourselves well for Post-Halving and are driving hard to launch the recently announced Soluna Cloud business and confirm Dorothy 2 financing and timing.”
Finance and Operational Highlights:
Financial Summary:
Key financial results for the first quarter include:
Revenue & Cost of Revenue by Project Site First Quarter 2024 | ||||||||||||||||||
(dollars in Thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Sophie | Project Marie | Other | Total | ||||||||||||
Cryptocurrency mining revenue | $ | 6,396 | $ | - | $ | $ | - | $ | - | $ | 6,396 | |||||||
Data hosting revenue | - | 3,542 | 1,736 | 5,278 | ||||||||||||||
Demand response services | - | - | 875 | 875 | ||||||||||||||
Total revenue | $ | 6,396 | $ | 3,542 | $ | 1,736 | $ | - | $ | 875 | $ | 12,549 | ||||||
Cost of cryptocurrency mining, exclusive of depreciation | $ | 1,841 | $ | - | $ | $ | - | $ | - | 1,841 | ||||||||
Cost of data hosting revenue, exclusive of depreciation | - | 1,737 | 514 | - | - | 2,251 | ||||||||||||
Cost of revenue- depreciation | 1,084 | 284 | 150 | - | 2 | 1,523 | ||||||||||||
Total cost of revenue | $ | 2,925 | $ | 2,021 | $ | 664 | $ | - | $ | 2 | $ | 5,615 |
Revenue & Cost of Revenue by Project Site First Quarter 2023 | ||||||||||||||||||
(Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Sophie | Project Marie | Other | Total | ||||||||||||
Cryptocurrency mining revenue | $ | - | $ | - | $ | 2,027 | $ | 769 | $ | - | $ | 2,796 | ||||||
Data hosting revenue | - | - | - | 276 | 10 | 286 | ||||||||||||
Demand response services | - | - | - | - | - | - | ||||||||||||
Total revenue | $ | - | $ | - | $ | 2,027 | $ | 1,045 | $ | 10 | $ | 3,082 | ||||||
Cost of cryptocurrency mining, exclusive of depreciation | $ | 61 | $ | - | 1,389 | 801 | - | 2,251 | ||||||||||
Cost of data hosting revenue, exclusive of depreciation | - | 58 | - | 214 | - | 272 | ||||||||||||
Cost of revenue- depreciation | - | - | 503 | 122 | - | 625 | ||||||||||||
Total cost of revenue | $ | 61 | $ | 58 | $ | 1,892 | $ | 1,137 | $ | - | $ | 3,148 |
The unaudited financial statements are available online, here. A presentation of this First Quarter Update can also be found online, here.
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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.
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.
Fonte: Business Wire