Business
Soluna Holdings Announces Third Quarter 2021 Financial Results and October Site Level Financials
Exceeds Hashrate Target with October up 153% over September Annualized Cash Contribution Run Rate Exceeds $17.3 million ALBANY, NY, Nov. 11, 2021 (GLOBE
About this update from Soluna Holdings, Inc.
[{"type":"text","content":" Exceeds Hashrate Target with October up 153% over September Annualized Cash Contribution Run Rate Exceeds $17.3 million ALBANY, NY, Nov. 11, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Soluna Holdings, Inc. (formerly Mechanical Technology), (NASDAQ:SLNH), a cryptocurrency mining business powered by renewable energy, andthe parent company of MTI Instruments, Inc. (\"MTI Instruments\"), a test and measurement instruments and systems business, announced today its third quarter 2021 financial results and October site level financials. Michael Toporek, CEO of Soluna, stated, \"We continue to rapidly scale our facilities as we energize our data centers to hit our 50MW target by year end and drive to over 1 Exahash in the next several months. We are proud of our team’s solid execution and with the Soluna acquisition complete, we expect our momentum to increase. Watch us scale.” Soluna's Chief Financial Officer, Jessica Thomas, commented, \"The strong third quarter results clearly reflect the continued positive trends we are seeing in the overall growth of the business. Our revenue and cash contribution continues to grow nicely each quarter. Revenuegrew by 53.6% sequentially from the second quarter, and annualized cash contribution from our computing segment was about $17.3 million. With our strengthened balance sheet we are strongly positioned for continued growth.\" Third Quarter 2021 Financial Highlights: For the third quarter ended September 30, 2021, revenues were $5.1 million, a 54% increase of $1.8M compared to $3.3 million in the prior year quarter. The increase in revenue was driven by the continued ramp of cryptocurrency line of business. Cryptocurrency revenue was $3.1 million, for the three months ended September 30, 2021, an increase of $1.4 million from the prior year quarter, and an82% increase compared to the second quarter of 2021 of $1.7. As of September 30, 2021, the Company reported cash of $15.8 million compared to $12 million at June 30, 2021. During the quarter, the Company raised approximately$18 million in gross proceeds from its preferred offering and an additional $2.16 million from the partial exercise of the underwriters’ over-allotment option. In October, the Company raised an additional $16.3 million in a convertible note financing further strengthening the company’s balance sheet. EcoChain, Inc. (Re-nam...