Soluna Holdings, Inc. Reports 362% Increase in Revenue Year-over-Year

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 second quarter ended June 30, 2024.

Soluna Holdings, Inc. (NASDAQ: SLNH) (“SHI” or the “Company”), a developer of green data centers for intensive computing applications including Bitcoin mining and AI, announced financial results for the second quarter ended June 30, 2024.

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:

Financial Summary:

Key financial results for the second quarter include:

Revenue & Cost of Revenue by Project Site

Second Quarter 2024

4,484

–

–

–

–

4,484

–

3,567

1,331

–

–

4,898

–

–

–

–

293

293

4,484

3,567

1,331

–

293

9,675

1,883

–

–

–

–

1,883

–

1,758

418

–

–

2,176

1,073

282

151

–

–

1,506

2,956

2,040

569

–

–

5,565

The unaudited financial statements are available online, here. A presentation of this Second 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.