Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — July 2022 Earnings Presentation
73 slides from Soluna's earnings presentation, Aug 19, 2022
Slide 1: July 2022 Flash
1 HOLDINGS COMPUTING July 2022 Flash August 2022
Slide 2: Preamble
2 Preamble completely qualified by the legal disclosureson the several pages following this one share with you some of our strategic thinking and financial analysis we are using to guide the growth of our business accountable and transparent with shareholders hyper dynamic economic environment. That
Slide 3: Legal Disclosure & Disclaimer
3 Legal Disclosure & Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act that reflect our current views with respect to, among other things, our operations, business strategy, interpretation of prior development activiti
Slide 4: Legal Disclosure & Disclaimer
4 Legal Disclosure & Disclaimer The material in this presentation has been prepared by Soluna and is general background information about Soluna’s activities, current as at the date of this presentation and is provided for information purposes only. It should be read in conjunction with Soluna’s per
Slide 5: Legal Disclosure & Disclaimer: Use of Projections and Illustrations
5 Legal Disclosure & Disclaimer Use of Projections and Illustrations This presentation contains certain financial forecasts and illustrations. Neither Soluna’s [nor Soluna Holdings] independent auditors have studied, reviewed, compiled or performed any procedures with respect to the projections for
Slide 6: Key Operating Principles
6 Key Operating Principles (1) Calculated as a percent of total undiluted shares 0 Alignment of Interests & Transparency Private equity firm owns 3Q%11l High Velocity Execution Senior Brool<stone personnel involved in active executive capacity Focus on Return of Invested Capital (ROIC) & Capital Dis
Slide 7: Batch-oriented Computing like cryptocurrency mining Excess energy from renewable sources We buy curtailed energy
Batch-oriented Computing like cryptocurrency mining Excess energy from renewable sources We buy curtailed energy from renewable power plants and convert it to clean, low-cost global computing. 7
Slide 8: The opportunity beyond crypto is Batchable Computing
8 The opportunity beyond crypto is Batchable Computing Digital currencies $10B Pharma research $5B Graphics/video processing $40B Scientific research $40B
Slide 9: Agenda
9 Agenda Business Update In this presentation, we will be covering the following items: Flash July 2022 Results
Slide 10: Business Update
10 Business Update
Slide 11: Engineered to thrive in a BTC downturn
11 Engineered to thrive in a BTC downturn Right company Right plan for volatile environment
Slide 12: Distinct Investment Thesis
12 Low power cost is the key value driver: -27 per MWh Renewable energy generators & grid operators need flexible load capacity: -cost power opportunities Expansion into High Performance Computing: Strong operating culture -performance computing verticals opportunity Distinct Investment Thesis
Slide 13: Long-term Pipeline
13 Long-term Pipeline 2GW Revenue Opportunity >$1B Large, Growing Pipeline * Calculated using current (6.25) BTC block reward, 2% transaction fee, ~64,000 PH / s deployed, $20,000 Bitcoin price, and network hash rate of 200 EH / s * Activity with renewable IPPs demonstrating product market fit for c
Slide 14: Now Is The Time to Invest
14 Nowis The Time to Invest Important to Invest THROUGHthe Cycle computing equipment down 70 –80%since January payback period < 1 year 100+ MW at less than $30 / MWh Sourcing Non-Dilutive Capital to Fund Growth -term pipeline of opportunities near 2 GW monetize intellectual property
Slide 15: Q2 results demonstrated significant YoY growth
15 Q2 results demonstrated significant YoY growth Result of investment across Sophie and Marie BTC equivalent+7.5x Avg. hashrate+38.8x Revenue+5.2x Avg. BTC $42kin March $24kin June 3.9% sequential decrease in Cash Contribution Margin Update on the Quarter
Slide 16: Q2 Update - BTC Equivalent Mined and Hashrate
16 Q2 Update -BTC Equivalent Mined and Hashrate Demonstrate Significant Investment +7.5xyear-over-year and 18.3%sequentially Optimized miner configurations and replaced older machines with higher performance miners to take advantage of dislocations in the crypto mining equipment market BTC Equivalen
Slide 17: Q2 Update - Revenue Resilient Despite Challenged Markets
17 Q2 Update –Revenue Resilient Despite Challenged Markets Consolidated Revenue ($ in ‘000s) Rapid growth demonstrates Soluna’s ability to scale Second quarter revenue increased 5.2xyear-over-year Revenue only decreased 6.3%sequentially despite average BTC prices over the quarter decreasing 21.3% In
Slide 18: Q2 Update - Margins Remained Healthy
18 Q2 Update –Margins Remained Healthy +4.0xyear-over-year growth Sequential decline of 3.9% despite 21.3%decline in BTC Price 55.3% Prop mining margins and 17.3% hosting margins excluding legacy hosting Consolidated Adj. Cash Contribution Margin Excl. One-Time Events ($ in ‘000s) Site Level Adj. EB
Slide 19: Challenging Markets in June and July
19 Challenging Markets in June and July Average price of Bitcoin declined 32%from May to July BTC mined equivalentincreased 10.4%over same period while average hashrateincreased 5.2% Revenue decreased 25.0% Performance suggests Solunagained share in network hashrate Significant seasonal increasesin
Slide 20: Overview of Extraordinary Supply & Demand Environment
20 Overview of Extraordinary Supply & Demand Environment Supply Demand Heavy droughtin Tennessee and Kentucky is limiting hydro power, thus requiring more dispatch from other sources TVA targeting 70% reduction in carbon by 2030 –Decommissioning coal, natural gas filling near term supply gap Russian
Slide 21: Exceptional Events Led to Fuel Cost Increases
21 Exceptional EventsLed to Fuel Cost Increases Sophie Marie Edith ELECTRICITY & DIRECT COST INCREASE FROM JUNE to JULY 41% 21% (2%) variations significant increase in the utility’s fuel cost adjustment (“FCA”) has averaged 1.5 cents -2.0 cents per kWh for the last seven years; the FCA in July was 3
Slide 22: Illustrative Normalized Cash Contribution Margin
22 July Revenue $2,254 (-) June Electricity / Direct Costs (1,197) (-) July Overhead Costs (300) July Cash Contribution Margins Normalized to June FCA $756 Implied % Margin 34% Implied Impact $323 Reference: July Avg. MW Deployed 35.8 June Avg. MW Deployed 34.2 September Declines Anticipated utility
Slide 23: Facility Results Review
Facility Results Review D> We will review each facility D Then look at the consolidated results
Slide 24: July Business Summary
24 July Business Summary Flat BTC Production Despite Volatile Market oBTC equivalent mined increased 12% despite average BTC prices decreasing by 12% from June to July oAverage hashrate deployed was increased by 5%with peak hashrate remaining above 1 EH/s Cash Contribution Margins Remain Healthy o19
Slide 25: Path to 2.5 EH/s Scale
25 Path to 2.5 EH/s Scale Energizing Q4 2022 198 277 255 252 257 235 215 288 265 263 281 281 281 126 312 364 439 452 519 608 604 681 722 722 1,522 800 800 125 316 403 567 616 696 714 733 897 869 944 1,003 1,803 2,603 Sep 2021 Oct 2021 Nov 2021 Dec 2021 Jan 2022 Feb 2022 Mar 2022 Apr 2022 May 2022 Ju
Slide 26: Sophie
26 Sophie 23%to 439.8 PH/s versus June PH/S of 357.62oRamp up of installed machines continues (Non-GAAP)in July was $366thousand versus $560 thousand in JuneoThe decrease in margin was largely due to a decrease in BTC prices inlow BTC price environment Note: May-Jul 2022 Hashrate is average of the m
Slide 27: Sophie: Non-GAAP Historical Financials
27 Sophie: Non-GAAP Historical Financials For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial statements, which are prepared an
Slide 28: Marie
28 Marie oThe decrease was due to several seasonal factors including TVA curtailments and hash rate reductions due to weather and several short outages oThe decrease in margin was mainly driven by a decrease in BTC prices oAt lower BTC prices, can choose to run at 83% uptime and a lower rate card (3
Slide 29: Marie: Non-GAAP Historical Financials
29 Marie: Non-GAAP Historical Financials(A) ($in OOOs} (Unaudited} Revenue tNon-GAAPJ Prop Mining Hosting Electricity/Direct Cost s* Prop Mining Hosting Overhead Costs Prop Mining Hosting Adjusted Cost of Cryptocurrency Revenue 2** tNon-GAAPI Prop Mining Hosting Cash Contribution Margin rNon-GAAPJ P
Slide 30: Marie: Operating Metrics
30 Marie: Operating Metrics(A) Key Operating Metrics: Avg MW Deployed Prop Mining Hosted MW (Legacy) Hosted JV Avg Hashrate (SHA-256, PH/ s) Prop Mining Hosted JV Avg Hashrate (Scrypt, GH/s) Avg. BTC Price BTC Equivalent Mined Prop Mining Hosting (1) Average of Apnl2021 June 2021 (7) Ave’“gP ci July
Slide 31: Edith
31 Edith (Non-GAAP),at $26 thousand for July versus $11 thousand in JuneoOne time cost of reorganization project ($58k) was completed in June Note: May-Jul 2022 Hashrate is average of the month. *Daily average hashrate. (31 days) (30 days) (5)% (31 days) 7% (2%) 4% (3%) (12%) (1%) *
Slide 32: Edith: Non-GAAP Historical Financials
32 Edith: Non-GAAP Historical Financials ($ in OOOs) {Unaudited) Revenue Electricity/Direct Costs* Overhead Costs** Adjust ed Cost of Cryptocurrency Revenue 1 +++ {Nnn-GAAf’l Cash Contribution Margin {Nnn -CiAAf’l Cash Contribution % Adjusted Cash Contribution Margin Excluding One Time Events & Proj
Slide 33: Site Consolidation
33 Site Consolidation 9%to 944 PH/s versus June PH/S of 869.3 6% to 1 EH/sover average 944 PH/s average in July 12% 2% (3%) (30 days) (31 days) (30 days) * 8% 9% 6% (1%) Note: May-Jul 2022 Hashrate is average of the month. * Daily average hashrate.
Slide 34: Consolidated Soluna Computing Non-GAAP Historical Financials
34 Consolidated Soluna Computing Non-GAAP Historical Financials(A) ($ in OOOsJ (Unaudited} Revenue (Non·GAAPJ Prop Mining Hosting Electricity/Direct Costs• Prop Mining Hosting Overhead Cost s Prop M in ing ~~-*-*”* Hosting Adjusted Cost of Cryptocurrency Revenue 2 .. (Non-GAAPJ Prop Mining Hosting C
Slide 35: Consolidated Soluna Computing Operating Metrics
35 Consolidated Soluna Computing Operating Metrics(A) (A) Marie excludes pass-through revenue and expenses from LegacyHosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For details on legacy hosting, see appendix. For more information on these non-G
Slide 36: Appendix
36 Appendix
Slide 37: Our data centers are named after catalyzers
37 Our data centers are named after catalyzers Edith Sophie Marie Marie Curiewas a fearless seeker of truth—a pioneer in the field of radioactivity.She won two Nobel Prizes.In pursuit of the truth, Soluna is constructing a data center withcomplete transparencyto help make the grid stable. Why such t
Slide 38: Marie: Impact of forced shutdown
38 Marie: Impact of forced shutdown *Note: Management estimate mined) in April and March, respectively and Cash Contribution Margin of $278 and $163 thousand, respectively seeking to resolve which may require an additional 5 days of down time over the remainder of the year. Marie excludes pass-throu
Slide 39: Consolidated Non-GAAP Historical Financials With Legacy Hosting
39 Consolidated Soluna Computing Non-GAAP Historical Financials With Legacy Hosting For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated f
Slide 40: Consolidated Operating Metrics With Legacy Hosting
40 Consolidated Operating Metrics With Legacy Hosting Key Operatino Metrics: Avg. MW Deployed Prop Mining Hosted MW (Legacy) Hosted JV Avg. Hashrate (SHA-256, PH/s) Prop Mining Hosted JV Avg. Hashrate (Scrypt, GH/s) Avg. BTC Price BTC Equivalent Mined Prop Mining Hosting (11 Average of Apnl 2021 · J
Slide 41: Marie: Non-GAAP Historical Financials With Legacy Hosting
41 Marie: Non-GAAP Historical Financials With Legacy Hosting ($ tn OOOsl (Unouditcdl Revenue Prop M1mng Hosting Electricity/Direct Costs* Prop Mining Hosting Overhead Costs Prop Mining Hosting Adjusted Cost of Cryptocurrency Revenue 1** (Non-GAAPI Prop Mimng Hosting Contribution Margin (Non-GAAPI Pr
Slide 42: Reconciliation of non-GAAP results to nearest GAAP measures
42 Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures
Slide 43: 2022 July YTD: GAAP Revenue to Non-GAAP Revenue
43 2022 July YTD -Reconciliation Of Non-GAAP Results Reconciliation from GAAP Revenue to Non-GAAP Revenue ($ in OOOs) (Unaudited) Cryptocurrency revenue (GAAP) less Leqacv Hostinq Revenue Revenue (Non-GAAP) I Edith $1,025 0 $1025 YTD July 2022 Soluna Computinq Marie Sophie $10,292 $8,928 52 0 $10 24
Slide 44: 2022 July YTD Results
44 2022 July YTD -Reconciliation Of Non-GAAP Results
Slide 45: 2022 July YTD: Contribution Margin & Cash Contribution Margin
45 2022 July YTD -Reconciliation Of Non-GAAP Results Contribution Margin & Cash Contribution Margin (Non-GAAP) ($ in OOOs) (Unaudited) Cryptocurrency revenue (GAAP) Cost of cryptocurrency revenue (GAAP) Depreciation Project Equipment Repairs Contribution Margin (Non-GAAP)* plus Prepaid Lease Cost pl
Slide 46: 2022 Q2: GAAP Revenue to Non-GAAP Revenue
46 2022 Q2 -Reconciliation Of Non-GAAP Results Reconciliation from GAAP Revenue to Non-GAAP Revenue ($in OOOs) (Una udited) Cryptocurrency revenue (GAAP) less Leqacv Hostinq Revenue Revenue (Non-GAAP) I Edith $418 0 $418 Q2 2022 Soluna Comoutina Marie Sophie $4,236 $4,022 0 0 $4 236 $4022 Dorothy Co
Slide 47: 2022 Q2 Results
47 2022 Q2 -Reconciliation Of Non-GAAP Results
Slide 48: 2022 Q2: Contribution Margin & Cash Contribution Margin
48 2022 Q2 -Reconciliation Of Non-GAAP Results Reconcilation from Revenue and Cost of Revenue to Contribution Margin & Cash Contribution Margin ($ in ODDs) (Unaudited) Cryptocurrency revenue (GAAP) Cost of cryptocurrency revenue (GAAP) Depreciat ion Project Equipment Repairs Contribution Margin (Non
Slide 49: 2022 Q2: Reconciliation to Adjusted EBITDA
49 2022 Q2 -Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Adjusted EBITDA (Non-GAAP} ($in OOOs) (Unaudited) Cryptocurrency revenue (GAAP) Cost of crypt ocurrency revenue (GAAP) Depreciation Project Equipment Repairs plus Prepaid Lease Cost plus Legacy Hosting
Slide 50: 2022 Q1: GAAP Revenue to Non-GAAP Revenue
50 2022 Q1 -Reconciliation Of Non-GAAP ResultsReconciliation from GAAP Revenue to Non-GAAP Revenue ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $517 $4,991 $3,808 $0 $9,316 less Legacy Hosting Revenue 0 52 0 0 52 Revenue (Non-GAAP) $517 $4,940 $3,808 $0 $9
Slide 51: 2022 Q1: Cost of Revenue to Adjusted Cost of Revenue
51 2022 Q1 -Reconciliation Of Non-GAAP ResultsReconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $517 $4,991 $3,808 $0 $9,316 Cost of cryptocurrency revenue (GAAP): Electri
Slide 52: 2022 Q1: Contribution Margin & Cash Contribution Margin
52 2022 Q1 -Reconciliation Of Non-GAAP Results($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $517 $4,991 $3,808 $0 $9,316 Cost of cryptocurrency revenue (GAAP) 299 4,598 3,961 0 8,859 Depreciation 93 2,127 2,104 0 4,324 Project Equipment Repairs 0 0 0 0 0 Co
Slide 53: 2022 Q1: Reconciliation to Adjusted EBITDA
53 2022 Q1 -Reconciliation Of Non-GAAP Results ($ in OOOs) (Unaudited) Cryptocurrency revenue (GAAP) Cost of cryptocurrency revenue (GAAP) Depreciation Project Equipment Repairs plus Prepaid Lease Cost plus Legacy Hosting Contribution Margin plus One Time Projects & Events Adjustment minus Total G&A
Slide 54: 2021 FY: GAAP Revenue to Non-GAAP Revenue
54 2021 FY -Reconciliation Of Non-GAAP ResultsReconciliation from GAAP Revenue to Non-GAAP Revenue ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345 less Legacy Hosting Revenue 0 1,335 0 0 1,335 Revenue (Non-GAAP) $3,648 $6,590 $
Slide 55: 2021 FY: Cost of Revenue to Adjusted Cost of Revenue
55Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345 Cost of cryptocurrency revenue (GAAP): Electricity/Direct costs* 611 3,712 884 0 5,207
Slide 56: 2021 FY: Contribution Margin & Cash Contribution Margin
56 2021 FY -Reconciliation Of Non-GAAP Results($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345 Cost of cryptocurrency revenue (GAAP) 1,174 4,992 1,904 0 8,070 Depreciation 314 1,096 713 0 2,123 Project Equipment Repairs 23 0 0 0
Slide 57: 2021 FY: Reconciliation to Adjusted EBITDA
57 2021 FY -Reconciliation Of Non-GAAP Results($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345 Cost of cryptocurrency revenue (GAAP) 1,174 4,992 1,904 0 8,070 Depreciation 314 1,096 713 0 2,123 Project Equipment Repairs 23 0 0 0
Slide 58: 2021 Q4: GAAP Revenue to Non-GAAP Revenue
58 2021 Q4 -Reconciliation Of Non-GAAP ResultsReconciliation from GAAP Revenue to Non-GAAP Revenue ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569 less Legacy Hosting Revenue 0 579 0 0 579 Revenue (Non-GAAP) $864 $4,354 $2,772 $0
Slide 59: 2021 Q4: Cost of Revenue to Adjusted Cost of Revenue
59 2021 Q4 -Reconciliation Of Non-GAAP ResultsReconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569 Cost of cryptocurrency revenue (GAAP): Electri
Slide 60: 2021 Q4: Contribution Margin & Cash Contribution Margin
60 2021 Q4 -Reconciliation Of Non-GAAP Results($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569 Cost of cryptocurrency revenue (GAAP) 299 3,274 1,881 0 5,455 Depreciation 91 938 713 0 1,742 Project Equipment Repairs 0 0 0 0 0 Contri
Slide 61: 2021 Q4: Reconciliation to Adjusted EBITDA
61 2021 Q4 -Reconciliation Of Non-GAAP Results($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569 Cost of cryptocurrency revenue (GAAP) 299 3,274 1,881 0 $5,455 Depreciation 91 938 713 0 $1,742 Project Equipment Repairs 0 0 0 0 $0 plu
Slide 62: 2021 Q3: GAAP Revenue to Non-GAAP Revenue
62Reconciliation from GAAP Revenue to Non-GAAP Revenue ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,949 $0 $1,949 Cryptocurrency revenue (GAAP) $905 $2,219 $0 $0 $3,124 $0 $0 $3,124 less Legacy Hosting Revenue 0 757 0
Slide 63: 2021 Q3: Cost of Revenue to Adjusted Cost of Revenue
63Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,949 $0 $1,949 Cryptocurrency revenue (GAAP) $905 $2,219 $0 $0 $3,124 $0 $0 $3,12
Slide 64: 2021 Q3: Contribution Margin & Cash Contribution Margin
64($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,949 $0 $1,949 Cryptocurrency revenue (GAAP) $905 $2,219 $0 $0 $3,124 $0 $0 $3,124 Cost of product revenue (GAAP) 0 0 0 0 0 661 0 661 Cost of cryptocurrency revenue (GAAP)
Slide 65: 2021 Q3: Operating Income to Adjusted EBITDA Contribution
65 2021 Q3 -Reconciliation Of Non-GAAP ResultsReconciliation from Operating (Loss) Income to Adjusted EBITDA Contribution (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated Net (Loss) Income (GAAP) $581 $259 ($217) ($1,089) ($466) $678 ($822) ($610) Int
Slide 66: 2021 Q2: Cost of Revenue to Adjusted Cost of Revenue
66Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,647 $0 $1,647 Cryptocurrency revenue (GAAP) $988 $669 $0 $0 $1,657 $0 $0 $1,657
Slide 67: 2021 Q2: Contribution Margin
67Reconciliation from Revenue and Cost of Revenue to Contribution Margin (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,647 $0 $1,647 Cryptocurrency revenue (GAAP) $988 $669 $0 $0 $1,657 $0 $0 $1,657 Cost of
Slide 68: 2021 Q2: Operating Income to Adjusted EBITDA Contribution
68Reconciliation from Operating (Loss) Income to Adjusted EBITDA Contribution (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated Net (Loss) Income (GAAP) $554 $321 ($38) ($126) $710 ($270) ($1,614) ($1,174) Other Income (Expense) $0 $0 $0 $0 $0 $5 ($3)
Slide 69: 2021 Q1: Cost of Revenue to Adjusted Cost of Revenue
69Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,337 $0 $1,337 Cryptocurrency revenue (GAAP) $891 $104 $0 $0 $995 $0 $0 $995 Cost
Slide 70: 2021 Q1: Contribution Margin
70Reconciliation from Revenue and Cost of Revenue to Contribution Margin (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,337 $0 $1,337 Cryptocurrency revenue (GAAP) $891 $104 $0 $0 $995 $0 $0 $995 Cost of prod
Slide 71: 2021 Q1: Operating Income to Adjusted EBITDA Contribution
71Reconciliation from Operating (Loss) Income to Adjusted EBITDA Contribution (Non-GAAP) ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated Operating (Loss) Income (GAAP) $566 ($287) ($170) ($48) $62 ($402) ($331) ($671) Depreciation (GAAP) $68 $8 $0 $0 $76 $17 $0
Slide 72: The future of renewable energy is computing.
72 The future of renewable energyis computing.
Slide 73: Learn more at solunacomputing.com
73 Learn more at solunacomputing.com