Business
Soluna Holdings Reports Q2 Results
Company Boosts Balance Sheet, Optimizes Operations ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"\nCompany Boosts Balance Sheet, Optimizes Operations\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 applications, reported financial results for the second quarter ended June 30, 2023.\n\n\nJohn Belizaire, CEO of Soluna Holdings, said, “Our progress executing the 3-step plan I shared in my letter to shareholders in the first half of the year has resulted in a stronger balance sheet and improved cash flows. This sets us up for continued growth in the second half of 2023 as we complete our transition focused on monetizing our sites through hosting and joint ventures. I am proud of our operating teams and thankful for our investors' continued support.”\n\n\nFinance and Operational Highlights:\n\n\nThe cash balance as of June 30, 2023, was $7.5 million compared to $1.1 million as of December 31, 2022. This is driven by new project-level investments, operational execution, and expense management measures implemented in the first half of the year.\n\n\nThe Company is still on track to deploy a record 2 EH/s across all sites by the end of the summer. Project Dorothy 1A and Project Sophie are now fully deployed with three hosting customers.\n\n\nAs of August 14, 2023, Project Dorothy 1B is completing construction and the Company has energized more than 11 MW of the buildings dedicated to the Proprietary Mining Joint Venture with Navitas Global.\n\n\nThe Company completed its tender of equipment purchase, with 8,378 machines purchased for a total of 868 PH/s of hashrate with an average efficiency of 29.9 J/TH, and at a cost of $11.25 $/TH inclusive of all fees, import, and taxes, $10.59 $/TH excluding taxes. Machine deployment at Project Dorothy 1B continues with more than 5,760 deployed to date.\n\n\nMore than 19,500 machines have been deployed across all three data centers as of August 14, 2023.\n\n\nThe Company averaged $30/MWh for energy costs even during the recent heat waves in Texas and Kentucky. The average efficiency across all the machines at the sites is less than 30 J/TH.\n\n\nAs described in the Company’s Earnings Power Illustration on June 21, 2023, the combined revenue potential for Project Dorothy 1A, Project Dorothy 1B, and Project...