Business
Soluna Holdings Announces April Site Level Financials
On Track to Achieve 1.26 EH/s by June 30th; Reiterates 3EH/s Ramp into the Fourth Quarter ALBANY, NY, May 17, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire –
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"On Track to Achieve 1.26 EH/s by June 30th; Reiterates 3EH/s Ramp into the Fourth Quarter ALBANY, NY, May 17, 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 April site level financials. Michael Toporek, CEO of Soluna Holdings stated, “We had a strong month in April and, despite Bitcoin’s average price dropping by almost 25%, are set for a solid May. Our proprietary hash rate in May relative to April will grow by over 60%. Our margins will be solid as our costs are amongst the best in the industry.” Toporek added, “I am especially proud of this month’s announcement that Spring Lane is investing in our projects. They are deeply experienced green infrastructure investors and believe our projects are one of the few “real green” projects in the sector. Moreover, they deeply diligenced and benchmarked our Dorothy project and believe the economics are amongst the best in the industry. Our team and investors should be proud of their company.” Key Summary Highlights: April was the best month in Soluna’s history Compared to March, April Cash Contribution dollars increased by 38%*Proprietary mining revenue grew sequentially by 10%, hashrate by 15%, and BTC equivalent generated by 11% Drivers to margin growth were Sophie and Marie facilities continue to scale, driving better absorption of fixed costsSophie moved to its 83% uptime for power costs of 2.5-2.7 ¢ per kWh Revenue growth continues as hashrate grows 61%** growth in proprietary hashrate expected from April to May By the end of Q2 2022, tracking to achieve 1.26 EH As of May 8, 983 PH*** plugged in with 147 PH on the ground for a total of 1.13 EHBy the end of Q2 2022, should have about 1 EH proprietary and 260-280 PH hosted *Excludes the impact of tornado and forced shutdowns. **Includes 147 PH/s on the ground. ***Peak hash rate. Revenue & Contribution Margin Summary: *all numbers below exclude legacy hosting ($ in 000s, Unaudited) Actual Q12021 Q22021 Q32021 Q42021 FY 21 Q12022 Apr 2022 Revenue$995 $1,657 $2,368 $7,990 $13,010 $9,264 $3,392 Cash Contribution Margin$744 $1,261 $1,703 $5,179 $8,888 $5,206 $2,596 Annualized Revenue$3,980 $6,628 $9,...