Soluna Holdings Announces April Site Level Financials
May 17 2022 - 8:00AM
via NewMediaWire – Soluna Holdings, Inc. (“SHI” or the
“Company”), (NASDAQ: SLNH), the parent company of Soluna Computing,
Inc. ("SCI"), a developer of green data centers for cryptocurrency
mining and other intensive computing, today announced the release
of its April site level financials.
Michael Toporek, CEO of Soluna Holdings stated, “We had a strong
month in April and, despite Bitcoin’s average price dropping by
almost 25%, are set for a solid May. Our proprietary hash rate in
May relative to April will grow by over 60%. Our margins will be
solid as our costs are amongst the best in the industry.”
Toporek added, “I am especially proud of this month’s
announcement that Spring Lane is investing in our projects. They
are deeply experienced green infrastructure investors and believe
our projects are one of the few “real green” projects in the
sector. Moreover, they deeply diligenced and benchmarked our
Dorothy project and believe the economics are amongst the best in
the industry. Our team and investors should be proud of their
company.”
Key Summary Highlights:
- April was the best month in
Soluna’s history
- Compared to March, April Cash
Contribution dollars increased by 38%*
- Proprietary mining revenue grew
sequentially by 10%, hashrate by 15%, and BTC equivalent generated
by 11%
- Drivers to margin growth were
- Sophie and Marie facilities
continue to scale, driving better absorption of fixed costs
- Sophie moved to its 83% uptime
for power costs of 2.5-2.7 ¢ per kWh
- Revenue growth continues as
hashrate grows
- 61%** growth in proprietary
hashrate expected from April to May
- By the end of Q2 2022, tracking
to achieve 1.26 EH
- As of May 8, 983 PH*** plugged in
with 147 PH on the ground for a total of 1.13 EH
- By the end of Q2 2022, should
have about 1 EH proprietary and 260-280 PH hosted
*Excludes the impact of tornado and
forced shutdowns.
**Includes 147 PH/s on the ground.
***Peak hash rate.
Revenue & Contribution Margin
Summary:
*all numbers below exclude
legacy hosting |
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($ in 000s, Unaudited) |
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Actual |
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Q12021 |
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Q22021 |
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Q32021 |
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Q42021 |
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FY 21 |
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Q12022 |
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Apr 2022 |
Revenue |
$995 |
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$1,657 |
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$2,368 |
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$7,990 |
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$13,010 |
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$9,264 |
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$3,392 |
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Cash Contribution Margin |
$744 |
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$1,261 |
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$1,703 |
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$5,179 |
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$8,888 |
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$5,206 |
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$2,596 |
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Annualized Revenue |
$3,980 |
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$6,628 |
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$9,472 |
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$31,960 |
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$13,010 |
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$37,056 |
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$40,704 |
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Annualized Contribution Margin |
$2,976 |
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$5,044 |
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$6,812 |
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$20,716 |
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$8,888 |
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$20,824 |
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$31,152 |
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A presentation and corresponding video is available on the
Company’s website
at: http://www.solunacomputing.com/investors/updates/april2022flash/
About Soluna Holdings, Inc.
Soluna Holdings, Inc. (Nasdaq: SLNH),
which operates through its subsidiary, Soluna Computing, Inc. is
the leading developer of green data centers that convert excess
renewable energy into global computing resources. Soluna builds
modular, scalable data centers for computing-intensive, batchable
applications such as cryptocurrency mining, AI and machine
learning. Soluna provides a cost-effective alternative to battery
storage or transmission lines. Up to 30% of the power of renewable
energy projects can go to waste. Soluna’s data centers enable clean
electricity asset owners to ‘Sell. Every. Megawatt.’
For more information about Soluna,
please visit solunacomputing.com or follow us on LinkedIn and
Twitter.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements reflect management's current
expectations, as of the date of this communication, and involve
certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the successful execution of the
Company's business strategy. The Company's actual results could
differ materially from those anticipated in these forward-looking
statements as a result of various factors. Such risks and
uncertainties include, among other things, our ability to establish
and maintain the proprietary nature of our technology through the
patent process, as well as our ability to possibly license from
others patents and patent applications necessary to develop
products; the availability of financing; the Company's ability to
implement its long range business plan for various applications of
its technology; the Company's ability to enter into agreements with
any necessary partners; the impact of competition, the obtaining
and maintenance of any necessary regulatory clearances applicable
to applications of the Company's technology; and management of
growth and other risks and uncertainties that may be detailed from
time to time in the Company's reports filed with the Securities and
Exchange Commission.
Investor Relations:
Kirin Smith, President PCG Advisory,
Inc.646.823.8656Ksmith@pcgadvisory.com
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