Business
Soluna Announces November Site Level Financials
Financial Results Accelerating; Remains On Track to Deliver Over 1EH/s by End of Q1’22 NEW YORK, NY, Dec. 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire –
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"Financial Results Accelerating; Remains On Track to Deliver Over 1EH/s by End of Q1’22 NEW YORK, NY, Dec. 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire – Soluna Holdings, Inc. (Nasdaq: SLNH), a developer of green data centers for cryptocurrency mining and other intensive computing, announced today the release of its November site level financials, business update and outlook. Michael Toporek, CEO of MTI, stated, \"Our team delivered another solid month of strong performance. We expect financial results to accelerate over the next several months as we remain on track to deliver over 1EH/s by the end of Q1 next year. That should drive a yearly revenue run-rate exceeding $61 million and cash contribution margin over $40 million. It is extremely gratifying to see our team executing at this level.” Key Summary Highlights for November 2021 Strong financial results continuing to scale and will accelerate over the next several months Current yearly cash contribution margin run-rate at $23.3 million Currently at 623 PH/s (December 9th), expect to hit 722 PH/s in +/- 30 days due to supply chain issuesTargeted 912 PH/s by end of Q1 2022 and expect to exceed that with over 1 EH/sExpect to have Sophie (Anaconda) scaled up to 25 MW and fully energized by December 31st Continue to carefully ramp and test infrastructure *all numbers below exclude legacy hosting ($ in 000s; Unaudited)*Q1 2021Q2 2021Q3 2021 Oct 2021Nov 2021 Revenue$995$1,657$2,368$2,142$2,632 Contribution Margin$744$1,261$1,703$1,444$1,943 Annualized Revenue$3,980$6,628$9,472$25,704$31,583 Annualized Contribution Margin$2,976$5,044$6,812$17,328$23,311 A presentation and corresponding video is available on the Company’s website at solunacomputing.com/investors/updates/monthlyflashnovember2021 About Soluna Holdings, Inc. Soluna Holdings, Inc. (Nasdaq: SLNH) 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's MTI Instruments division manufactures precision tools and testing equipment for electronics, aviation, automotive, power and other industries. Both Soluna and MTI Instrumen...