$18.8 Million Increase in Year-to-Date Revenue Year-Over-Year and Record Revenue Year-to-Date of $29.7 Million

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 third quarter ended September 30, 2024.

John Belizaire, CEO of Soluna, said, “Soluna continues to move at a fast pace and has achieved several important milestones this quarter including, launching our Soluna Cloud AI business and strategic partnership with Hewlett Packard Enterprises (HPE), securing financing for our Project Dorothy expansion and breaking ground and securing $25 million of growth capital. Project Kati has reached several important milestones and Project Rosa is accelerating with the signing of Term Sheets for power and land this quarter. Our financial results continue to build strongly with the company achieving its highest third quarter year-to-date revenue, $29.7 million.”

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 scalable computing resources. Soluna’s data centers are strategically co-located with wind, solar, and hydroelectric power plants to support high-performance computing applications, including Bitcoin mining, generative AI, and other compute-intensive tasks.

Soluna ensures seamless integration with renewable energy power plants, providing cost-effective and sustainable computing solutions while providing the flexible load required for a greener grid. The Company now operates through three core subsidiary businesses:

• Soluna Digital (“Digital”) – Bitcoin Hosting and Proprietary mining business that builds, owns, and operates its modular, behind-the-meter, data centers delivering managed infrastructure to hyperscale miners. Digital develops data centers co-located with renewable energy projects.
• Soluna Cloud (“Cloud”) – Soluna’s GPU cloud business provides services for generative AI and colocation services for HPC and enterprise AI workloads. Soluna’s Cloud develops behind-the-meter data centers co-located with renewable energy projects.
• Soluna Energy (“Energy”) – Signs power purchase agreements and leases or acquires land in partnership with renewable energy power producers. It has more than 2.6 GW of a long-term pipeline and delivers grid ancillary services in collaboration with Soluna Digital.

This integrated approach positions Soluna to leverage renewable energy as a global superpower, transforming surplus energy into valuable computing resources across AI, digital assets, and grid services.

Belizaire continued, “Another tangible sign of Soluna’s growth trajectory is the significant expansion of our development pipeline, which is now more than 2.6 GW with 1.2 GW currently in active Term Sheet negotiations. This demonstrates a core competence of the company - our ability to find, evaluate, and secure access to renewable power that is suited to development into data centers for High-Performance Computing/AI and Bitcoin computing with industry-leading costs.”

Corporate Highlights

• Enterprise AI Services with HPE - Soluna Cloud partnered with HPE to make 512 H100 SXM GPUs available, boosting support for generative AI workloads.
• $30 million Expansion and Groundbreaking of Project Dorothy 2 – $30 million funding secured from Spring Lane Capital for a 48 MW expansion of Project Dorothy, Soluna’s flagship behind-the-meter data center. The groundbreaking ceremony for Project Dorothy 2 was held on August 28, 2024, in Texas.
• $25 million Growth Capital Line – Soluna reached important milestones toward access to the previously announced $25 million Standby Equity Purchase Agreement (SEPA).
• $13.75 million Funding for Soluna Cloud – Soluna Cloud reached $13.75 million in total funding after an additional $1.25M raise to enhance its AI offerings.
• 187 MW Pipeline Expansion – Soluna signed term sheets for power and land for Project Rosa, a new 187 MW Data Center indicating an important step forward in the Company’s expansion efforts.
• Leading the Conversation in Renewable Computing – CEO John Belizaire hosted a webinar with HPE on Sustainable AI Practices and attended the 2024 Ai4 Conference to speak on AI’s transformative impact and renewable-powered data centers.

Consolidated Finance and Operational Highlights:

• Strong Third Quarter Revenue Growth - Revenue increased by 30% to $7.5 million in the third quarter of 2024 compared to $5.8 million in the third quarter of 2023.
• Best YTD Revenue to Date - 2024 Year to Date (“YTD”) revenue reached a high of $29.7 million, compared to the 2023 YTD of $10.9 million, a $18.8 million increase or 172%.
• Resilient Adjusted EBITDA - 2024 YTD adjusted EBITDA is $3.5 million, compared to the 2023 YTD loss of ($4.5 million), an increase of $8.0 million driven by continued revenue growth despite Bitcoin halving and early phase, pre-revenue, Soluna Cloud expenses.
• Strong 2024 YTD Cash Growth - Unrestricted cash increased 38% from the end of 2023, reaching $8.8 million.

Subsidiary Financial and Operational Highlights:

Soluna Digital:

• Revenue for the third quarter of 2024 was $7.5 million, currently representing 100% of the company's consolidated revenue. This is an increase of $1.7 million over the third quarter of 2023.
• Total Cost of Revenue for the third quarter of 2024 was $6.0 million, compared to $4.4 million in the third quarter of 2023.

Revenue & Cost of Revenue by Project Site
Third Quarter 2023
		Digital																	Digital Total
(Dollars in thousands)		Project Dorothy 1B				Project Dorothy 1A			Project Sophie			Project Marie				Other
Cryptocurrency mining revenue		$	1,739			$	-		$	47		$	-			$	-		$	1,786
Data hosting revenue			-				3,016			991			-				4			4,011
Demand response services			-				-			-			-				-			-
Total revenue			1,739				3,016			1,038			-				4			5,797
Cost of cryptocurrency mining, exclusive of depreciation			1,023				-			17			-				-			1,040
Cost of data hosting revenue, exclusive of depreciation			-				1,766			384			-				-			2,150
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