Soluna Holdings’ CEO John Belizaire Shares Roadmap to Profitability in Shareholder Letter

Releases 2024 Earnings Power Illustration

Soluna Holdings, Inc. (“Soluna” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications including Bitcoin mining and AI, announced an open letter to shareholders from Soluna Holdings CEO, John Beliziare.

A longer version of the letter as well as the 2024 earnings power presentation can be found on Soluna’s website. 


Open Letter to Shareholders from John Belizaire, CEO of Soluna Holdings, Inc.

Dear Shareholders,

As we close another year at Soluna, I am pleased to reflect on our significant progress and set forth our vision for 2024. Our mission to make renewable energy the primary power source, using computing as a catalyst, remains unchanged. With the drastic rise in the need for AI computing, it is more attainable now than ever before. 

What Happened Last Year

In 2023, we diligently executed our four-pronged strategy, focusing on energizing our projects, optimizing cash flow, expanding our flagship operations, and growing our project pipeline. Here are the key milestones we achieved:

Energize Project Dorothy: We transitioned Project Dorothy from construction to full operations, energizing 50 MW across Project Dorothy 1A and 1B. Our partnership with Navitas to establish a proprietary Bitcoin mining operation proved fruitful, and we successfully sold an 85% membership interest in Project Dorothy 1A to Spring Lane Capital (SLC). This venture has raised capital and filled Project Dorothy 1A with 25 MW of strategic hosting partners.

Cash Flow and Process Optimization: Shifting our focus from proprietary Bitcoin mining to hosting, we secured 50 MW of hosting contracts across Project Dorothy and Project Sophie. We replaced underperforming deals with more profitable contracts and implemented a new ERP system to enhance efficiency and scalability. Our operating cash position grew from $1.2 million to $6.4 million by year-end.

Expand Flagship: We are moving forward with the development of the next 48 MW of our Project Dorothy data center, Project Dorothy 2, which cleared the ERCOT modeling process early in the first quarter of 2024. This makes the project shovel-ready.

Grow Pipeline: We signed a term sheet for a new 166 MW data center, Project Kati, integrated with a 300 MW wind farm. We advanced the project in the ERCOT planning process, setting a solid foundation for future growth.


Our reputation as a leading curtailment solutions provider continues to grow, with our brand now synonymous with innovative renewable computing solutions. Our unique behind-the-meter structure not only draws power directly from power plants or grids but also offers demand response services, optimizing costs for Bitcoin mining and future applications in AI and other high-performance computing (HPC) areas.

We are fundamentally an infrastructure company, owning and operating state-of-the-art data centers. Our facilities, powered by our MaestroOS™, efficiently manage various operational parameters to maximize profitability and sustainability.

We deliver a strong return on invested capital. Our behind-the-meter projects are structured to use capital efficiently,  generate strong cash flows and return all invested capital in 2-years or less.  


Renewable energy power producers, grid operators and computing partners choose Soluna because of our four pillars of expertise:  Project Development, Energy Markets, Computing Technology, and Project Finance.

Looking Ahead to 2024

Our goals for the coming year are both ambitious and strategic:

Grow: We aim to double our assets under management to 150 MW by the end of 2024, focusing on constructing and energizing 48 MW of Project Dorothy 2 and breaking ground on Project Kati.

Finance: We plan to continue raising funds to support our growth initiatives, particularly in our AI business, which is a perfect fit for Soluna’s renewable computing data center model.

Optimize: Our objective is to optimize operational excellence and EBITDA across all data centers while maintaining high customer satisfaction.

Launch AI: We have 2 MW of our Project Dorothy 2 site slated for our Helix Pilot, focused on next-generation data centers for AI. We will partner with industry leaders to bring this online and create a repeatable blueprint for our new AI business. 

As we step into 2024, our commitment to innovation and sustainability remains stronger than ever. We look forward to harnessing our strategic advantages to drive growth, maximize shareholder value, and contribute to a cleaner, more efficient energy future, leading the wave in renewable computing.

Thank you for your continued support and belief in Soluna.

Warm regards,

John Belizaire

CEO, Soluna Holdings, Inc. 


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.


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  Follow us on X (formerly Twitter) at @SolunaHoldings. 


Contact Information

Sam Sova

Partner and CEO




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