Improved Power Costs and Increased Cash Contribution Margin from Summer Lows; Improved Liquidity to Support Dorothy Energization

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 September 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. We have taken important steps to improve our near term liquidity as we focus on energizing Project Dorothy, which we expect to double our existing operating footprint.”

Key Summary Highlights:

  • Flat BTC Production Despite Volatile Market
    • BTC equivalent mined per day decreased 3% despite average 7-day network hashrate increasing ~15% from the beginning of August to the end of September
    • Peak hashrate remained above 1EH/s
  • Cash Contribution Margins Improved from July and August Lows
    • Margins in September improved despite ~11% decline in average BTC price
    • ~30% consolidated cash contribution margins despite low BTC environment and energy costs that remain above historical averages
      • 35% cash contribution prop mining margins slightly offset by weaker hosting margins
  • 10MW Hosting Agreement at Marie More Profitable
    • Contract was restructured to be more responsive to energy fluctuations
    • Hosting margins in September were 35% compared to (15%) in August

A presentation and corresponding video are available on the Company’s website here. In connection with the table below, see reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures in the appendix to the presentation available on the Company’s website.

Revenue & Contribution Margin Summary:

*all numbers below exclude legacy hosting

**New hosting contract as of September 2022 passes 100% of power costs on to hosted customer. The effect of this change is to reduce revenues but also to reduce expenses. It lowers risk to Soluna since the risk of increased costs is mitigated. In September 2022, if power expenses had been included in revenues, they would have been $276,000 higher.   ($ in 000s, Unaudited)








FY 21

Q1 2022

Q2 2022

July 2022

August 2022

September 2022

Q2 2022
















Cash Contribution Margin








Annualized Revenue















Annualized Contribution Margin









Note: Represents non-GAAP financial metrics.

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 or follow us on LinkedIn at and Twitter @SolunaHoldings.

Philip F. Patman, Jr. Chief Financial Officer Soluna Holdings, Inc. 713 906 5705

MZ Contact Brian M. Prenoveau, CFA MZ Group – MZ North America 561 489 5315

Historical Stock Chart
From Nov 2023 to Dec 2023 Click Here for more Soluna Charts.
Historical Stock Chart
From Dec 2022 to Dec 2023 Click Here for more Soluna Charts.