Business
Soluna Reports $24.4 million in Cryptocurrency Revenue in Full Year 2022, a 123% increase – Provides Operational Update
Hosting revenue of $4.1 million, BTC Equivalent Mined 883 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":"\nHosting revenue of $4.1 million, BTC Equivalent Mined 883\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, announced financial results for the full year ended December 31, 2022.\n\n\nMichael Toporek, CEO of Soluna Holdings, stated, “The last 18 months have proven to be challenging for the entire sector. Our team has risen to the occasion and repositioned the Company for future success and to not only have innovative low-cost facilities, but to drive to achieve the scale necessary to have meaningful corporate level Adjusted EBITDA once Project Dorothy is scaled.”\n\n\nToporek further added, “These accomplishments have come as we have reduced headcount and operating costs while focusing our resources to achieve maximum return on investment.”\n\n\nFiscal Year 2022 Financial and Recent Operational Highlights\n\n\n\nProject Dorothy regulatory approval for 100MW, Energization expected in April.\n\n\n\nEffectuated significant cost reductions through headcount reductions, efficiencies, and focusing resources.\n\n\n\nDeveloped project pipeline to help more renewable energy power plants benefit from monetizing curtailed energy.\n\n\n\nFully ramped project Sophie by March of last year with an operational capacity of 25 MW.\n\n\n\nProprietary-mining produced 883 equivalent in Bitcoin for 2022.\n\n\n\nCryptocurrency mining revenue of $24.4 million for 2022.\n\n\n\nData hosting revenue of $4.1 million for 2022.\n\n\n\nFiscal Year 2022 Financial Results\n\n\nTotal revenue in 2022 increased by 99% to $28.5 million compared to $14.3 million in 2021. The increase is attributable to the significant increase in mining operations at the Project Sophie facility following the March 2022 full energization. Adjusted EBITDA was -$4.6 million for 2022 compared to $1.5 million in 2021.\n\n\nThe total cost of revenue excluding depreciation as a percentage of revenue increased to 62% in 2022 compared to 41% in 2021 primarily driven by a decline in Bitcoin pricing and increases in energy costs.\n\n\nGeneral and administrative expenses, exclusive of depreciation and amortization and stock-based compensation, for the year ending on December 31, 2022, increased by $8.2 mi...