Business
Soluna Reports Fourth Quarter and Full Year 2023 Results
Quarterly Adjusted EBITDA tops $1.0 million, marking a second straight quarter of gains Successful business model diversification Quarterly Gross Profit Best
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"\n Quarterly Adjusted EBITDA tops $1.0 million, marking a second straight quarter of gains\n\n\nSuccessful business model diversification\n\n\nQuarterly Gross Profit Best in 4 years at $4.3 million\n\n\n ALBANY, N.Y.--(BUSINESS WIRE)--\nSoluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications including Bitcoin mining and AI, announced financial results for the full year ended December 31, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240402401707/en/FY 2023 Adjusted EBITDA by Quarter (Photo: Business Wire)\n\"We are delighted to announce fourth quarter 2023 results, which were the culmination of 18 months of incredible execution by our operating team. We delivered record revenue and project-level profit, a direct result of the ramping up of our flagship Project Dorothy data center, and the new architecture of our business model aimed at revenue diversification,\" said John Belizaire, CEO of Soluna Holdings.\n\n\nFourth Quarter Finance and Operations Highlights:\n\n\n\nRecord Revenue – Revenue ramped to $10.1 million compared to third quarter 2023 revenue of $5.8 million, a 75% increase due to the ramp of Project Dorothy. It was the highest quarter in the past 16 quarters.\n\n\n\n\nRecord Gross Profit – Gross profit grew to $4.3 million, the highest profit quarter since the inception of the crypto segment in Q2 of 2020.\n\n\n\n\n2nd Consecutive Positive EBITDA Quarter – Fourth quarter 2023 Adjusted EBITDA topped $1.0 million, up from $405 thousand in the third quarter of 2023.\n\n\n\n\nStronger Balance Sheet – Current Cash & Restricted Cash as of December 31, 2023 was $9.4 million.\n\n\n\n\nSubstantial Ramp of Flagship in Second Half – During this period, Project Dorothy 1A and 1B generated $13.7 million of revenue, which made up 65% of the Company’s total full year revenue.\n\n\n\n\nSuccess in Diversification of Model – the Company completed a series of architectural changes to the business to diversify the business across four key areas, now including hosting, mining, ancillary services, and artificial intelligence. This greatly decreases the company’s direct exposure to the volatility of Bitcoin Mining.\n\n\n\nBelizaire continued, \"2023 involved steering our ship through turbule...