Business
Soluna Holdings Reports Q1 Results
Ramps Project Dorothy and Kicks Off New Business Plan ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"\nRamps Project Dorothy and Kicks Off New Business Plan\n\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, reported financial results for the first quarter ended March 31, 2023.\n\n\nJohn Belizaire, CEO of Soluna Holdings, said, “Soluna has been busy the last few months. In the first quarter, we began our transition to a new business model, focused on monetizing our sites through hosting and joint ventures. We continue to reduce G&A costs to put us on a trajectory to reach positive cash flows from operations. We expect the first two quarters of this year to be transition quarters as we ramp up Project Dorothy and Project Sophie’s new hosting customers. In the coming weeks I will provide a more fulsome Earnings Power Illustration for our shareholders.”\n\n\nOperating Highlights:\n\n\nRevenue:\n\n\n\nCompleted Project Dorothy interconnection work and received ERCOT approval to energize.\n\n\n\nProject Dorothy 1A: 25 MW of hosting contracts executed with strategic customers. Thousands of machines are being delivered the week of May 15th as the facility ramps up.\n\n\n\nProject Dorothy 1B: Secured Navitas Global as investment partner for $14 million proprietary mining partnership. Construction is currently being completed and we expect it to energize in June 2023.\n\n\n\nProject Sophie: Secured 25 MW hosting agreement with Sustainability-focus Bitcoin Miner.\n\n\n\nExpenses:\n\n\n\nContinued G&A expense reductions.\n\n\n\nCapital Structure:\n\n\n\nObtained a 14-month Extension from October Noteholders, to July 25, 2024.\n\n\n\nReturned approximately $3 million of collateral to NYDIG.\n\n\n\nDecommissioned Project Marie facility in Kentucky.\n\n\n\nFinancial Summary:\n\n\nKey financial results for the first quarter include:\n\n\n\nTotal revenue in the first quarter of 2023 decreased by 67% to $3.1 million compared to $9.3 million in the first quarter of 2022. The decrease is primarily attributable to decommissioning of Project Marie impacting both proprietary mining and hosting. In addition, the average Bitcoin pricing decreased by 45% in the first quarter of 2023 versus the first quarter of 2022.\n\n\n\nNet loss improved from $8.9 million in the ...