Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — FY2023 Earnings Presentation
47 slides from Soluna's earnings presentation, Apr 4, 2024
Slide 1: FY23 Results & Business Update
HOLDINGS = FY23 Results & Business Update April 2024 . , l
Slide 2: Preamble
Preamble The following content is completely qualified by the legal disclosures on the slide following this one. Our goal is to share with you some of our strategic thinking and financial analysis we are using to guide the growth of our business. We operate in a hyper dynamic economic environment. T
Slide 3: Legal Disclosure & Disclaimer
Legal Disclosure & Disclaimer Tis presentation neues forward-eatng statements within te mean of the Private Seurtes Ligstlon Reform At tht reer our curent views with espect ta, among athe things, ur cperaters, business sate, ntrpetaon of er development aces, ur eroducts and series, poteral market oz
Slide 4: Company Overview
Slide 5: Soluna develops data centers co-located with renewable power plants
D Soluna develops data centers co-located with renewable.power:plants, turning their wasted energy into sustainable computingrésources.
Slide 6: Why Soluna
Why Soluna Power producers and computing partners choose Soluna because of our four pillars of expertise Project Energy Computing Project Development Markets Technology Finance
Slide 7: How We Source Power for Our Data Centers
How We Source Power for Our Data Centers Energy that would have gone to grid without the load. We purchase energy at Project Settlement Point Price (SPP). * Soluna Modular Data Center Economic/Technical curtailment from CURTAILED negative LMP. ENERGY We purchase energy ata fixed price. Energy that i
Slide 8: How We're Solving the Wasted Energy Problem
How We’re Solving the Wasted Energy Problem We build data centers that consume curtailed renewable energy 150 MW Wind Farm + 50 MW Data Center +150 MW Data Center THE 394 sof t9% SH 8% Bi 3%) fo 7 a id i Bo 35%Bh 40%) 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 20
Slide 9: Our Data Centers Are More Productive
Our Data Centers Purpose-built to efficiently convert curtailed renewable Are More Productive energy into high performance Batteries computing. Power Input: Configurable, Nominal 416/240 VAC 3-phase Emergency Shutdown Time: Diagnostics and Boot Time: Maintenance: che Power Load Physical Dimensions:
Slide 10: MaestroOS Is Our Force Multiplier
MaestroOS Is Our Force Multiplier Control Enhancing equipment lifespan and reducing failures through multiple redundancies. Complete automation of fans, miners, PDUs, power infrastructure, and network. Implementing robust and redundant computing systems at both the MDC and site levels to eliminate s
Slide 11: Our data centers are 18% greener than typical data centers
Our data centers are 18% greener than typical data centers Emissions (MT) /Year Net Carbon Emissions April 2022 — March 2023 180,000 160,000 fase Tt | ° 18% 140,000 120,000 |_| 100,000 LJ ; ATC Hub West —_ Project Dorothy {typical dota center) __(Soluna date center)
Slide 12: How Soluna Makes Money
How Soluna Makes Money e@ Current revenue sources e@ Future revenue sources Prop Bitcoin Mining + Soluna or JV owned Bitcoin mining machines * Bitcoin sold daily + Soluna provides Managed infrastructure Services Hosting for Bitcoin Miners + Third-party machines hosted at Soluna Data Centers + Soluna
Slide 13: The Soluna Way
The Soluna Way We tackle wasted energy through digital infrastructure. As we optimize the grid and serve our customers, we fuel our growth, funding further expansion to make renewable energy a superpower. Source low-cost curtailed power from IPPs Grow Build, own, Pipeline operate MDCs with 2-yr ROIC
Slide 14: Renewable Computing: Sustainable. Scalable. AI.
14 Renewable Computing Sustainable. Scalable. Al. There is a growing demand for computing power that will account for 20% of global energy consumption by 2030. Generative | Machine | Natural language Al learning | processing Renewable Energy has a wasted energy problem Scientific computing Al needs
Slide 15: AI is the fastest growing technology today
Al is the fastest growing technology today Netflix 1999 Kickstarter* 2009 Airbnb** 2008 Twitter 2006 Foursquare*** | 2009 13 months Facebook 2004 10 months Dropbox 2008 7 months Spotify 2008 ienas Instagram*** | 2010 2.5 months ChatGPT 2022 + one million backers: ** one million nights booked. *** on
Slide 16: AI's hidden challenges
a Al’s hidden challenges Alvis hungry Albis thirsty Al is dirty Al computing’s energy density and space needs exceed current hyperscale. data center capabilities. Energy demand for Akis projected to exceed the entire current data center levels. Some estimates put. it at 20-30GW. Traditional data cen
Slide 17: biggest change that can be made. It
biggest change that can be made. It can make emissions vary by a factor of 40, between a fully renewable grid and a full coal grid.” - Alexandra Luccioni, Hugging Face
Slide 18: The Lifecycle of AI
The Lifecycle of Al Gen Al is batchable: Parts of the Generative Al lifecycle are perfect computing applications for co-location with renewable power plants, because they are inherently batchable. Training a lel be Anew madel is created from scratch by learning from a large corpus of text. The A pre
Slide 19: Purpose-built to efficiently convert curtailed renewable energy into batchable computing
Purpose-built to efficiently convert curtailed renewable energy into batchable computing Direct Liquid Cooling Green Power Plug & Play Scalable Zero Water
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Slide 21: Slide 21
Slide 22: Key Operating Metrics
Key Operating Metrics* NASDAQ SLNH / SLNHP MW MANAGED. 75 MW > 291 MW? INSTALLED HASHRATE 2.5 EH/s* AVERAGE POWER COST* <$29 / MWh? CURTAILED ENERGY MONETIZED 43,203 MWh* BITCOIN MINERS DEPLOYED ~24,00018 AVERAGE J / TH/s ~30 J / THis POWER USAGE EFFECTIVENESS (PUE) 1.01
Slide 23: Project Dorothy 1A
23 Project Dorothy 1A CAPACITY MODEL 25 MW Hosting INSTALLED HASHRATE ENERGIZATION 949 PH/s Operational POWER USAGE EFFECTIVENESS AVERAGE 3-MONTH ANNUAL LCOE* 1.01 ~$28 / MWh? POWER SOURCE PARTNER Wind Spring Lane Capital CURTAILED ENERGY CONSUMED 19,601 MWh?
Slide 24: Project Dorothy 1B
2 Project Dorothy 1B CAPACITY MODEL 25 MW Prop Mining INSTALLED HASHRATE ENERGIZATION 817 PH/s Operational POWER USAGE EFFECTIVENESS AVERAGE 3-MONTH ANNUAL LCOE* 1.01 ~$28 / MWh? POWER SOURCE PARTNER Wind Navitas Global CURTAILED ENERGY CONSUMED 11,301 MWh?
Slide 25: Project Sophie
CAPACITY 25 MW INSTALLED HASHRATE 778 PH/s POWER USAGE EFFECTIVENESS 1.02 POWER SOURCE Hydro/Grid Project Sophie MODEL Hosting ENERGIZATION Operational AVERAGE 3-MONTH ANNUAL LCOE* ~$29 / MWh? PARTNER None
Slide 26: Project Pipeline
Slide 27: Project Dorothy 2
7 Project Dorothy 2 CAPACITY MODEL 50 MW Hosting & Al POWER SOURCE ENERGIZATION Wind Design & Planning PARTNER: AVERAGE ANNUAL LCOE TBD ~$27 / MWh
Slide 28: Project Kati
28 («| Project Kati ad CAPACITY 166 MW POWER SOURCE Wind PARTNER TBD MODEL Hosting ENERGIZATION Development AVERAGE ANNUAL LCOE ~$30 /MWh
Slide 29: We have a growing pipeline of projects
We have a growing pipeline of projects Data 2MW Pp 100MwW Pp 166MW 2GW+ long-term Birctine Sophie Dorothy Kati pipeline with Operating 50MW Design & large IPPs and Operating Development* infrastructure funds in the US Powered by ill XK pd and beyond i) i) ERCOT LFL started “Design - design and devel
Slide 30: Financial Results
Slide 31: 2023 Corporate Focus Achieved
2023 Corporate Focus Achieved —Y—— Energize Dorothy Shift flagship site from construction to operations. Energize SOMW (1A and 1B). Sign JV Partnership with Navitas Global for Prop Mining, Sell down portion of 1A to Spring Lane Capital. Fill 1A with 25 MW of strategic hosting partners. ——2— Cash Flo
Slide 32: New & Improved List of improvements for the 10K
~New & Improved List of improvements for the 10K e Business overview streamlined & e Expanded on key areas Added key tables
Slide 33: Revenue Quarterly Trend FY 2023
Revenue Quarterly . Trend FY 2023 (in 000’s) Includes Revenue % Change ie Quarter over Quarter t 2B Q123 9223 9323 9423 Hi Data Hosting Revenue 286 4,183 4011 4745 |H Cryptocurrency Mining Revenue 2,796 915 1,786 5,105 Ancillary Services Revenue = = = 288 Grand Total 3,082 2088 5797 i0,118
Slide 34: Gross Profit Quarterly Trend FY 2023
Gross Profit Quarterly Trend FY 2023 $10,000 (in 000’s) $8,000 I Total Revenue Il Total Cost of Revenue $6,000 Gross Profit 4,284 $4,000 - x E.! $0 — 89) al Qi23 9223 9323 9423 ($2,000)
Slide 35: General & Administrative FY 2023 Highlights
General & Administrative FY 2023 Highlights (in 000's) Total G&A vs FY $25.0 2022 | ($3.8M) -20% $20.0 _— = a6 $150 . —_ 6 7 _ $15.4M $10.0 $5.0 $0.0 FY 2022 Salaries Legal Fees ConsultProf investor ‘Other Fv2023, Fees Relations
Slide 36: Adjusted EBITDA & Revenue FY 2023 by Quarter
Adjusted EBITDA & Revenue 412,000 FY 2023 by $10,000 $10,118 Quarter $8,000 . O (in 000’s) s61600 $5707 i Adjusted EBITDA $4,000 Bihoene $3,082 $2,000 $2,068 $1,041, $405 ($2,000) (eusse) ($2,910) ($4,000) Qi2s 223 9323 9423
Slide 37: Adjusted EBITDA FY 2023
Adjusted EBITDA FY 2023 ortmcinonss = = ‘Net lss from continuing Yearended December 31, 202 operations s 7432) $9257) S$ ao7016 Interest expense, net 1374 486 8373 Tacome t% (benefit) expense for continuing operations on Gy a6} Depreciation and amortization 3,002 2918 25.214 EBITDA [] TiO ie) Adjust
Slide 38: Condensed Consolidated Balance Sheet Highlights
Condensed Consolidated Balance Sheet Highlights Cash ft $5.2M 461% Current Assets t $10.3M 210% AP $1.5 fav to PY, exited 2022 with 3-6 months of payables (ciPrioe period results have been acute to reflect the Reverse Stock Splt of the Common Stock ata ratio of for 25 that become effective October 1
Slide 39: Connect With Us
Connect With Us ¥9 tH DA Twitter LinkedIn Newsletter @SolunaHoldings Soluna Holdings bit.ly/solunasubscribe
Slide 40: Welcome to Renewable Computing
SOLUNA WELCOME TO ‘DEAIENAL, ‘COMPUTING Learn more at solunacomputing.com
Slide 41: Appendix
D Appendix
Slide 42: Consolidated Balance Sheet
2 Consolidated Balance Sheet (ciPrioe period results have been acute to reflect the Reverse Stock Splt of the Common Stock ata ratio of for 25 that become effective October 13,2025, (Pets etl tee) ‘oo 8 ae Broad eget et cee un ————— # anu ec crt a —— ae ue amet — ee a = "1 a ae we ear are * i oe “ E
Slide 43: Consolidated Statement of Operations
43 Consolidated Statement of Operations (2¥Prioe period rests have been adjusted to reflect the Reverse Stock Splt of the Common Stock ata ratio of for 25 that become effective October 13,2025, 30 ‘mpainnent on fixed asets 4937 Operating loss 79) Interest expense at ‘Loss on debt extinguishment and
Slide 44: Consolidated Statement of Cash Flows
Forthe Year Ended December 31, Year Ended December 31, Consolidated ane Statement of er san =~ Netincome fom discontinued operation: (including gin on ale of [MTItastroments of $7,751 forthe yea ended December 31, 2022) 921) Cash Flows Suna fou coma penne —a) —aiing Adjustments to ceconcle net os to
Slide 45: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows [Net cash provided by investing activities. discontinued operations Financing Activities Proceeds from prefered offerings Proceed: rom common stock offering Proceed» from notes and debt szvance Costs of preferred offering (Coste of common stock offering (Costs of
Slide 46: Prior Year Comparison Adjusted EBITDA
Prior Year Comparison Adjusted EBITDA Years Ended (Dollars in thousands) December 31, 2023 2022 Net loss from continuing operations $ (27,703) $ (107,016) Interest expense 2,748 8,375 Income tax (benefit) expense (1,067) (1,346) Depreciation and amortization 13,376 28,214 EBITDA (22,646) (71,773) Ad
Slide 47: FY 2023 by Quarter Adjusted EBITDA
FY 2023 by Quarter Adjusted EBITDA ‘oltars in thousands) Three Three Three Three months months months months ended ended Year ended ended ended September December December March 31, June 30, 30, 31, 31, 2023, 2023, 2023, 2023 2023 Net loss from continuing operations S$ (432 $ 9.257) 6016 S$ (4,998)