Business
Soluna Holdings Announces 2021 Financial Results
Full Year 2021 Crypto Mining Revenue of $10.9 million Reflects Execution on Operating Plan On Track to Achieve 1.261 EH/s by June 30th, 2022 Dorothy Site
About this update from Soluna Holdings, Inc.
[{"type":"text","content":" Full Year 2021 Crypto Mining Revenue of $10.9 million Reflects Execution on Operating Plan On Track to Achieve 1.261 EH/s by June 30th, 2022 Dorothy Site Preparation Underway ALBANY, NY, April 01, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- 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 full year 2021 financial results. Michael Toporek, CEO of Soluna Holdings, stated, “2021 was an important year for Soluna. We successfully launched and executed on an ambitious plan to establish our foothold in this industry, grow our mining revenues, and strategically position our company.” Toporek added, “We continue to rapidly scale our business with 2021 mining revenue of $10.9 million compared to less the $1 million in 2020. Our momentum continues according to plan and for the first quarter of 2022 we expect that our mining revenue will be 80% to 90% of what the full year’s revenue was for 2021. Our operations team continues to execute beautifully as we further scale up our business with a clear focus on return on invested capital.” Toporek continued, “We expect to increase proprietary hash rate from the first quarter to the second quarter by 36%. Additionally, by the end of the second quarter, total hashrate will be 1.261 Exahash. As our Dorothy site comes online, we expect to scale to 3 Exahash by the end of the year. We continue to build our project pipeline as the preferred curtailment solutions provider to the renewable energy business and we expect 2022 will be another big year for Soluna.” The Company looks forward to releasing its next flash report on April 14, 2022. Key Highlights: Achieved Crypto mining Revenue of $10.9 million in 2021Cash as of December 31st, 2021, was $10.3 million, an increase of $7.6 million compared to December 31st, 2020Raised over $60 million of capital in gross proceeds in 2021, in a variety of structures designed to achieve an optimal capital structureRecord 815 PH/s installed as of March 12th, 2022, with over an additional 185 PH/s on the groundOn track to achieve 1.261 EH/s by the end of June 30th, 2022 About Soluna Holdings, Inc. Soluna Holdings, Inc. (Nasdaq: SLNH) is the leading developer of green data c...