Company Continues its Focus on Earnings Power and Achieving Cash Flow Positive Financial Goals
Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ:SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing applications, announced today it has made significant progress on its commercialization plan for Project Dorothy and Project Sophie, deploying more than 30 MW of equipment at Project Dorothy and bringing Project Sophie fully operational. Based on this progress, the Company is on track to achieve a significant company milestone of 2 EH/s under management. These operational milestones and improvements have resulted in a stronger cash position for the Company year over year.
John Belizaire, CEO of Soluna Holdings, commented, “We continue to execute on the plan laid out in my letter to shareholders. In June we gave an operational update that focused on achieving cash flow positive from operations during the second half of 2023. As one can see by these updates, we continue to get more miners online, and are now on track to exceed 2 EH/s under management.”
Project Sophie (Hosting):
- On April 6, 2023 Soluna announced a 25 MW hosting contract with a sustainability focused hosting customer.
- Since then, Soluna has deployed miners to the entire site and has been running at full capacity.
- In June, the site achieved one of the highest utilization in its operating history.
- The site holds great revenue potential, estimated at $3.21 million on an annualized basis. (As of Earnings Power Illustration June 21, 2023.)1
Project Dorothy 1A (Hosting):
- On May 10, 2023 Soluna announced it had signed a contract to fill its 25 MW capacity at Project Dorothy 1A with two strategic hosting partners, including Compass Mining.
- Soluna completed deployment of Project Dorothy 1A’s hosting customers with 100% of the site deployed.
- The revenue potential for this site, operating at 25 MW, is projected to reach $16.47 million on an annualized basis. (As of Earnings Power Illustration June 21, 2023.)
Project Dorothy 1B (Prop-Mining):
- In May, the Company announced its $14 million Prop-Mining Joint Venture with Navitas Global.
- The Company completed its tender of equipment purchase, with more than 8,250 machines purchased for a total of 860 PH/s of hashrate with an average efficiency of 29.9 J/TH, and at a cost of $11.25 $/TH inclusive of all fees, import, and taxes.
- Machines continue to ramp with 3,600 deployed to-date. The remaining are expected to be complete by the end of August.
- The revenue potential for this site, operating at 25 MW, is projected to reach $17.78 million. (As of Earnings Power Illustration June 21, 2023.)
