Business
Soluna Holdings, Inc. Announces October Site Level Financials
Actively working with Regulators to bring Dorothy Online. Continue Delivering Increased Hashrate and Healthy Margins ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"\nActively working with Regulators to bring Dorothy Online. Continue Delivering Increased Hashrate and Healthy Margins\n\n ALBANY, N.Y.--(BUSINESS WIRE)--\nSoluna Holdings, Inc. (“SHI” or the “Company”) (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing, today announced the release of its October site level financials.\n\nMichael Toporek, CEO of Soluna Holdings, stated, “Soluna is actively working with regulators to bring Project Dorothy online and thereby scale the company’s operations. During this period we have taken important steps to improve our near term liquidity and increase hashrate.”\n\nKey Summary Highlights:\n\n\nAverage BTC mined declined by 1% versus September\n\n\nOperating efficiencies drive average hashrate to a new monthly record of 919.7 PH/s, previous high of 896.62 achieved in May 2022\n\n\nAverage hashrate increased 3% from September\n\n\n\n\nCash Contribution margins remained healthy but declined from September as a result of increased power prices in October\n\n\nPower Costs Declined in November and expected to continue to decline in December\n\n\nA presentation and corresponding video are available on the Company’s website here. In connection with the table below, see reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures in the appendix to the presentation available on the Company’s website.\n\nRevenue & Contribution Margin Summary:\n\n\n\n* all numbers below exclude legacy hosting\n\n\n\n\n\n** New Hosting contract as of September 2022 passes 100% of power costs on to hosted customer. For the purpose of comparison to prior periods, $276 and $338 thousand in power costs were charged to the hosted customer in September and October, respectively.\n\n\n\n\n\n\n\n\n\n \n\n\n($ in 000s, Unaudited)\n\n\n\n\n(Estimate)\n\n\n\n\nFY 21\n\n\n\nQ1 2022\n\n\n\nQ2 2022\n\n\n\nQ3 2022\n\n\n\nOctober 2022\n\n\n\n\nRevenue\n\n$13,010\n\n\n\n$9,316\n\n\n\n$8,676\n\n\n\n$6,372\n\n\n\n$1,640\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\nCash Contribution Margin\n\n$8,888\n\n\n\n$5,206\n\n\n\n$5,007\n\n\n\n$1,194\n\n\n\n$365\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\nAnnualized Revenue\n\n$13,010\n\n\n\n$37,264\n\n\n\n$34,704\n\n\n\n$25,490\n\n\n\n$19,680\n\n...