Soluna Holdings Announces August Site Level Financials
September 23 2022 - 8:30AM
Business Wire
Despite Continued Low BTC Price Environment and
Energy Market Volatility, Soluna Continues to Deliver Healthy
Results and Remains Focused on Energizing Dorothy
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 August site level
financials.
Michael Toporek, CEO of Soluna Holdings, stated, “Soluna
continues to deliver healthy hashrate and margins despite low BTC
prices and energy market volatility. Near term, we are focused on
energizing the first 50MW of our next generation Dorothy Facility
as it gets Soluna to scale. Our development pipeline continues to
grow as renewable power producers continue to see computing power
as their preferred curtailment solution.”
Key Summary Highlights:
- BTC Production Increases Despite Volatile Market
- BTC Equivalent Mined increased by 6% while BTC prices increased
about 4% from July to August
- Peak hashrate remained above 1EH/s
- Cash Contribution Margins Remain Healthy
- 20% Consolidated cash contribution margins despite low BTC
environment and high energy costs
- 26% cash contribution prop mining margins slightly
offset by weaker hosting margins
- 10MW Hosting Agreement at Marie renewed with key new terms
- Contract has been restructured to be more responsive to energy
fluctuations
- Anticipated hosting margins with new contract expected to
increase
Revenue & Contribution Margin
Summary:
*all numbers below exclude legacy hosting **August & July Adj.
Cash Contribution Margins Normalized to June FCA costs - See pg. 21
of presentation for details **Excluding FCA cost adjustment July
Cash Contribution Margin was $413
($ in 000s, Unaudited)
(Estimate)
(Estimate)
FY 21
Q1 2022
April 2022
May 2022
June 2022
Q2 2022
July 2022
August 2022
Revenue
$13,010
$9,264
$3,392
$3,004
$2,280
$8,676
$2,254
$2,447
Cash Contribution Margin
$8,888
$5,206
$2,605
$1,600
$800
$5,005
$433
$413
Cash Contribution Margin (Normalized Power Costs)
$8,888
$5,206
$2,605
$1,600
$800
$5,005
$756
$877
Annualized Revenue
$13,010
$37,056
$40,705
$36,044
$27,362
$34,704
$27,043
$29,361
Annualized Contribution Margin
$8,888
$20,824
$31,262
$19,196
$9,599
$20,019
$9,076
$10,525
Note: Represents non-GAAP financial
metrics.
A presentation and corresponding video is available on the
Company’s website at:
https://www.solunacomputing.com/investors/updates/august2022flash/
About Soluna Holdings, Inc (SLNH)
Soluna Holdings, 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. Soluna uses
technology and intentional design to solve complex, real-world
challenges. 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
www.solunacomputing.com or follow us on LinkedIn at
linkedin.com/solunaholdings and Twitter @SolunaHoldings.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220923005251/en/
Philip F. Patman, Jr. Chief Financial Officer Soluna Holdings,
Inc. ppatman@soluna.io +713 906 5705
MZ Contact Brian M. Prenoveau, CFA MZ Group – MZ North
America SLNH@mzgroup.us +561 489 5315
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