Business
Soluna Holdings Announces June Site Level Financials
Despite Continued BTC Price Decreases in June, Soluna Continues to Grow Hashrate and Intends to Invest through the Cycle ALBANY, NY, July 20, 2022 (GLOBE
About this update from Soluna Holdings, Inc.
[{"type":"text","content":" Despite Continued BTC Price Decreases in June, Soluna Continues to Grow Hashrate and Intends to Invest through the Cycle ALBANY, NY, July 20, 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 June site level financials. Michael Toporek, CEO of Soluna Holdings, stated, “Soluna continues to prove its business model despite a decline in BTC price. The company’s strong operating base of ultra-low energy cost assets have continued to perform well as they were designed to do in challenging macro environments.” Key Summary Highlights: Seasonal factors affect revenue in June, but increased capacity softens impact BTC Equivalent Mined per day increased by 2% despite average BTC prices decreasing by 38%. Average Hashrate deployed was flat Month-over-Month with peak hashrate remaining above 1 EH/s.* The flat hashrate was due largely to seasonal factors including TVA curtailments and weather related hash rate reductions. Drivers to margin growth 43% prop mining cash contribution margins despite low BTC environment. Sophie maintained its 84% uptime for power costs of 2.5-2.7 ¢ per kWh. Ability to run Marie at lower uptime and cheaper power cost if BTC prices fall further. Focus on investing through the cycle Long-term pipeline of opportunities near 2GW. Computing equipment prices down ~70-80% since January, Continued focus on robust ROIC. *Excludes pro-forma impact of forced shutdown at Marie in April Revenue & Contribution Margin Summary: ($ in 000s, Unaudited)Q1 2021Q2 2021Q3 2021Q4 2021FY 21Q1 2022June Est.Revenue$995 $1,657 $2,368 $7,990 $13,010 $9,264 $2,280Cash Contribution Margin$744 $1,261 $1,703 $5,179 $8,888 $5,206 $835Annualized Revenue$3,980 $6,628 $9,472 $31,960 $13,010 $37,056 $27,360Annualized Contribution Margin$2,976 $5,044 $6,812 $20,716 $8,888 $20,824 $10,020 A presentation and corresponding video is available on the Company’s website at:https://www.solunacomputing.com/investors/updates/june2022flash/ Video and transcript will be uploaded separately prior to 12pm. About Soluna Holdings, Inc (SLNH)Soluna Holdings, Inc. is the leading developer of green data centers that convert excess ren...