Company Continues its Focus on Earnings Power and Achieving Cash Flow Positive Financial Goals
ALBANY, NY, July 25, 2023 – 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):
Project Dorothy 1A (Hosting):
Project Dorothy 1B (Prop-Mining):
Additional Company Updates:
1 Under GAAP accounting rules, the new Project Sophie hosting contract revenue does not include power cost as it is a passthrough cost. Project Sophie’s earning power appears in the Earnings Power Illustration dated June 21, 2023.
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 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, batchableapplications such as Bitcoin 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.’
Founder and CEO