Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — Investor Presentation (April 2022)
82 slides from Soluna's investor presentation, April 2022
Slide 1: Corporate Presentation April 2022
HOLDINGS COMPUTING Corporate Presentation April 2022 1
Slide 2: Preamble
Preamble The following discussion is completely qualified by the legal disclosures on the several pages 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 The discussion is in line with our principle
Slide 3: Legal Disclosure & Disclaimer
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 activities
Slide 4: Legal Disclosure & Disclaimer
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 perio
Slide 5: Legal Disclosure & Disclaimer
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 th
Slide 6: Preferred Stock Key Investment Considerations
Preferred Stock Key Investment Considerations Strong history of cash flow generation covers preferred dividend o History of distributing cash – March 2019 special cash dividend paid was about 40% of then current share price Earnings ramping o Annualized March Cash Contribution Margin is $19.5 millio
Slide 7: Preferred Stock Key Investment Considerations
Preferred Stock Key Investment Considerations Preferred dividend is covered(1) o Current March run-rate of $19.5 million covers dividend by about 3-3.2x o Once equipment is installed, covers dividend by over 18x o Less than 5% of projected after-tax cash flow will be required to service the preferre
Slide 8: Executive Summary
Executive Summary We are one of the fastest scaling Crypto Miners 2.7 BTC Equivalent generated per day as of March 2022 As of April 8th, 2022, 982.6 PH/s installed with over 17.4 PH/s on the ground being plugged in to meet our 1 EH/s target, a YoY increase of over 8,800% Excluding Hosting JV (284 PH
Slide 9: Meet our team
Meet our team John Belizaire Dip Patel Larbi Loudiyi Phillip Ng, CFA CEO CTO VP, Energy VP, Corporate Development John is a serial entrepreneur who Dip is a technologist, engineer, and Larbi co-founded, managed and Phillip was a member of the Brookstone successfully founded, scaled, and sold entrepr
Slide 10: Facility Introduction
Facility Introduction 2.6 MW in Washington State. Capacity to about 3.3 MW Edith Pilot project – returned 3x capital in 22 months 25 MW facility in Kentucky Sophie Scaled up to 25 MW and fully energized Dec 31st, 2021 25 MW facility in Kentucky Scaled up to 25 MW and fully energized Feb 10th, 2022 M
Slide 11: We develop high performance computing data centers that increase renewable energy
Our Vision: We develop high performance computing data centers that increase renewable energy integration into the grid. Phase I: three years Phase II: five years Zero-Carbon Zero-Carbon Cryptocurrency batchable Mining. computing. 11
Slide 12: We're solving real problems
We’re solving real problems Power Plant Owner : Data Scientist: “I need a solution “I need cost effective to my current compute resources that I curtailment problem.” can also feel good about.” 12
Slide 13: The opportunity beyond crypto
The $10B Digital currencies opportunity $5B beyond Pharma research crypto is $40B Batchable Graphics/video processing Computing $40B Scientific research 13
Slide 14: Our data centers are different
Our data centers are different Purpose-built to efficiently convert curtailed renewable energy into batchable computing Physical Dimensions: Power Load: Emergency Shutdown Monitoring: 80’ x 12’ x 14’ pre-fabricated 1,200 kW Time: Full Remote Monitoring for buildings 2s Operations and Security Power
Slide 15: Four reasons to choose Soluna
Four reasons to choose Soluna Implementing our modular data centers is a low-risk, low-friction process because of our four pillars of expertise. Project Energy Computing Project Development Markets Technology Finance 15
Slide 16: Our approach is simple
Our approach is simple 1 2 3 Curtailment Solution Structure Assessment Design & Build & Proposal Operate 16
Slide 17: Case Study | 150MW Wind Farm
Case Study | 150MW Wind Farm 150 MW Wind Farm Generation Profile IPP experienced a in US 500% increase in 100% 93% 82% 81% 75% curtailment 80% 65% 60% 40% 35% 25% 19% 18% 20% 7% 0% 2016 2017 2018 2019 2020 Metered generation Curtailed energy 17
Slide 18: 150MW Wind Farm + 50MW MDC
150MW Wind Farm + 50MW MDC MDC reduces 150 MW Wind farm generation curtailment by 50%. with 50 MW Soluna MDC 97% 92% 100% 92% Unlocks production 87% 82% 80% tax credits. 60% 40% 18% 20% 8% 13% 8% 3% 0% 2016 2017 2018 2019 2020 Metered generation Curtailed energy 18
Slide 19: 150MW Wind Farm + 100MW MDC
150MW Wind Farm + 100MW MDC MDC reduces 150 MW Wind farm generation curtailment by 85%. with 100 MW Soluna MDC 99% 98% 96% 97% 100% 94% Increases production 80% tax credits. 60% 40% 20% 6% 1% 2% 4% 3% 0% 2016 2017 2018 2019 2020 Metered generation Curtailed energy 19
Slide 20: 150MW Wind Farm + 150MW MDC
150MW Wind Farm + 150MW MDC MDC reduces 150 MW Wind farm generation curtailment by 98%. with 150 MW MDC 100% 100% 99% 99% 98% 100% Increases production 80% tax credits. 60% 40% 20% 0% 0% 1% 1% 2% 0% 2016 2017 2018 2019 2020 Metered generation Curtailed energy 20
Slide 21: We have a large growing pipeline
We have a large growing pipeline We have a 300MW pipeline in the US and Beyond We have partnerships with large infrastructure funds and IPPs Data 2.6MW 25MW 25MW 100MW 200MW 75MW centers Edith Marie Sophie Dorothy Kati Rosa Operating Operating Operating 1Q22 Design Design Powered by 21
Slide 22: Investing Catalysts: Near Term Revenue Growth
Investing Catalysts: Near Term Revenue Growth ($ in 000s) Actual BTC: $20k BTC: $45k BTC: $60k 22 Note: 2022 forecast is per Illustrative Earnings presentation released on January 20th, 2022 (2022 Earnings Power Illustration - Soluna (solunacomputing.com))
Slide 23: Investing Catalyst: Near-term Hashrate Growth
Investing Catalyst: Near-term Hashrate Growth 36% Prop Mining hashrate growth over the second quarter 17.4 PH/s on the ground to be installed over the upcoming weeks Remainder of growth will be Prop Mining increasing by ~36% Over 17.4 PH/s on the ground 982.6 PH/s installed as of April 8th, 2022 *Ou
Slide 24: What Makes Us Different
What Makes Us Different Soluna is a leading curtailment solutions provider to renewable energy generation sector Plan to use capacity for Dispatchable, Distributed, Dense [D3] computing 24
Slide 25: Key Operating Principles
Key Operating Principles Alignment of Interests & Transparency Private equity firm owns 30%(1) High Velocity Execution Focus on Return of Invested Capital (ROIC) & Capital Discipline Long-Term Strategy Beyond Crypto (1) Calculated as a percent of total undiluted shares 25
Slide 26: We buy curtailed energy from renewable power plants
We buy curtailed energy from renewable power plants and convert it to clean, low-cost global computing. Excess energy from Batch-oriented renewable sources computing 26
Slide 27: Uniquely Positioned To Maximize Investor Returns
Uniquely Positioned To Maximize Investor Returns Focus on Return On Invested Capital (ROIC) o Has important strategic implications Low energy costs (2.3 – 2.7 ¢ per kWh) allow for capital deployment optimization o Select equipment from the new and used market by balancing: • Computing power per doll
Slide 28: Our Targets For 2022
Our Targets For 2022 Our Energized Capacity Ramps Over 150 MW Our Hashrate Scales Over 3 EH üw üw Note: 2022 Earnings Power Illustration released on January 19th, 2022. Not updated since original publication. Press release and presentation can be viewed here. 28
Slide 29: Earnings Power Illustration
(in 000's) Q1-22 Q2-22 Q3-22 Q4-22 FY22 Q1-23 Scenario 1: BTC is $20,000 Total Revenue 6,528 7,450 12,062 20,104 46,145 25,393 Earnings Contribution Margin (Non-GAAP) Contribution Margin % 3,437 52.6% 3,932 52.8% 7,344 60.9% 13,372 66.5% 28,085 60.9% 17,483 68.8% Power Run-Rate Contribution Margin 1
Slide 30: Business Summary
Business Summary On track to achieve 1.26 EH/s by the end of Q2 2022. Working on a plan to deliver 30 days early As of April 8th, 2022, 982.6 PH/s plugged in with more machines on the ground and in-transit Second quarter proprietary hashrate expected to grow over 36% Edith facility investment hits 3
Slide 31: Capital Expenditures
Capital Expenditures Dynamic crypto ecosystem drives $50-$70 million capital expenditure budget decrease Capital expenditure revised from about $300 million to $230-$250 million As crypto prices have declined, so have equipment prices 20% 24% 59,513 26% 227,590 76% 71% 68% Jan 2022* Current Compute
Slide 32: Significant Progress On Capital Raise
Significant Progress On Capital Raise Actively engaged with capital providers discussing potential terms Completed sale of MTI Instruments business on April 11th Expect steady set of capital raising announcements through the second quarter Usually biased against disclosing term sheets and LOIs We co
Slide 33: Facility Results Review
Facility Results Review We will review each facility Then look at the consolidated results 33
Slide 34: Facility Introduction
Facility Introduction 2.6 MW in Washington State. Capacity to about 3.3 MW Edith Pilot project – returned 3x capital in 22 months 25 MW facility in Kentucky Sophie Scaled up to 25 MW and fully energized Dec 31st, 2021 25 MW facility in Kentucky Scaled up to 25 MW and fully energized Feb 10th, 2022 M
Slide 35: Edith
Edith Continue to optimize equipment mix at mature facility Cash Contribution Margin (Non-GAAP) at $108 thousand for March o BTC equivalent mined decreased by 5% from 4.54 in February to 4.31 in March o Average Hashrate and MW deployed increased a bit due to optimizing mix of coins mined As of April
Slide 36: Edith: Strong Return On Capital Investment
Edith: Strong Return On Capital Investment ~22 months 3x Capital Anticipated ~16 months 2x Capital Achieved All Capital Returned 36
Slide 37: Edith: Non-GAAP Historical Financials
Edith: Non-GAAP Historical Financials ($ in 000s) (Unaudited) Actual Actual Actual Actual Actual Estimate Estimate Estimate Estimate Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22 Revenue 891 988 277 345 284 905 324 317 222 864 3,648 150 185 181 51
Slide 38: Sophie
Sophie Ramped to 385.9 PH/s as of April 8th, 2022 o A 70% increase from the average hashrate of 226.6 PH/s in March o Significant ramp up of installed machines at the end of March Cash Contribution Margin (Non-GAAP) increased 60% to $753 thousand in March from $472 thousand in February Margins will
Slide 39: Sophie ROIC
Sophie ROIC ~21 months All Capital Returned To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBI
Slide 40: Sophie: Non-GAAP Historical Financials
Sophie: Non-GAAP Historical Financials ($ in 000s) (Unaudited) Actual Actual Estimate Estimate Estimate Estimate Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22 Revenue 543 1,048 1,181 2,772 2,772 1,294 1,132 1,382 3,808 Electricity/Direct Costs* 284 232 369 884 884 349 574 516 1,438 Ove
Slide 41: Marie
Marie Prop Mining hashrate increased 37% from average 213.2 PH/s in March to 292.0 PH/s on April 8th o In April, Margins and BTC equivalent mined per day will increase proportionately In March, facility experienced a near complete shut down for several days due to failure of electrical infrastructur
Slide 42: Marie ROIC
Marie ROIC ~22 months All Capital Returned To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBIT
Slide 43: Marie: Non-GAAP Historical Financials
Marie: Non-GAAP Historical Financials(A) ($ in 000s) (Unaudited) Actual Actual Actual Actual Actual Estimate Estimate Estimate Estimate Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22 Revenue (Non-GAAP) $104 $668 $217 $598 $647 $1,463 $1,274 $1,267
Slide 44: Marie: Operating Metrics
Marie: Operating Metrics(A) Key Operating Metrics: Q1 21 Q2 21(1) Jul 21 Aug 21 Sep 21 Q3 21(2) Oct 21 Nov 21 Dec 21 Q4 21(3) FY 21(4) Jan 22 Feb 22 Mar 22 Q1 22(5) Avg. MW Deployed 0.00 1.58 1.49 2.36 5.41 3.09 8.80 10.67 12.45 10.64 7.46 14.75 17.29 15.61 15.88 Prop Mining 0.00 1.58 1.49 2.04 1.74
Slide 45: Site Consolidation
Site Consolidation Combined installed hashrate increased by 43% to 982.6 PH/s over average 686.3 PH/s in March Marie forced shutdown negatively impacted revenue and margins o Issue has been resolved and team proactively managing site, including infrastructure outside of Soluna’s responsibility and p
Slide 46: Consolidated Soluna Computing Non-GAAP Historical Financials
Consolidated Soluna Computing Non-GAAP Historical Financials(A) ($ in 000s) (Unaudited) Actual Actual Actual Actual Actual Estimate Estimate Estimate Estimate Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22 Revenue (Non-GAAP) $995 $1,657 $494 $943 $
Slide 47: Consolidated Soluna Computing Operating Metrics
Consolidated Soluna Computing Operating Metrics(A) Key Operating Metrics: Q1 21 Q2 21(1) Jul 21 Aug 21 Sep 21 Q3 21(2) Oct 21 Nov 21 Dec 21 Q4 21(3) FY 21(4) Jan 22 Feb 22 Mar 22 Q1 22(5) Avg. MW Deployed 1.63 3.34 3.28 4.13 7.15 4.85 15.01 20.09 24.31 19.80 9.33 30.18 32.85 30.47 31.17 Prop Mining
Slide 48: Project Dorothy
150 MW capacity 100 MW to be built at a Wind Farm in Texas Broken out into 2 phases Power sourced directly from wind farm and grid PROJECT Average power cost is $<27 / MWh DOROTHY 2022 Plan • 100 MW Capacity TEXAS • Phase I, 50 MW • 1A, 25 MW • 1B, 25 MW • Phase II, 50 MW • 2A, 25 MW • 2B, 25 MW • 1
Slide 49: Dorothy / Key Milestones
Dorothy / Key Milestones What we expect to do and by when *Management estimate. Timeline to vary per management decisions 49
Slide 50: Dorothy ROIC (25 MW Phase)
Dorothy ROIC (25 MW Phase) ~26 months All Capital Returned To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, adjusted cost of cryptocurrency revenue a
Slide 51: Pipeline of Projects
Pipeline of Projects Stage Project Geography Timing Compute MW Initial Assessment Project A Europe Q4 2022 or beyond 25 Project B Southern US Q4 2022 or beyond 150 Project C Southern US Q4 2022 or beyond 235 Project D Southern US Q4 2022 or beyond 180 Project E* Northeastern US Q3 2022 or beyond 115
Slide 52: Appendix
Appendix 52
Slide 53: Our data centers are named after catalyzers
Our data centers are named after catalyzers Edith Clarke was a pioneer in electrical engineering & power transmission. She Renamed to was a first in so many ways. The first woman to earn an MSc degree at MIT in 1919. The first woman employed as an electrical engineer at General Electric in 1921. The
Slide 54: Marie: Impact of forced shutdown
Marie: Impact of forced shutdown ($ in 000s) Marie Estimate Shutdown Estimate Mar 22 Impact* Pro-Forma Revenue (Non-GAAP) $1,637 $319 $1,956 Prop Mining 1,191 249 1,440 Hosted JV 446 70 515 Cash Contribution Margin (Non-GAAP) $867 $163 $1,031 Prop Mining 774 149 923 Hosted JV 93 14 107 Forced shutdo
Slide 55: Impact of Tornado on December 2021 site-level economics
Impact of Tornado on December 2021 site-level economics Estimate ($ in 000s) Sophie Marie Edith Combined Estimate Tornado Estimate Estimate Tornado Estimate Estimate Pro-Forma Dec 21 Impact* Pro-Forma Dec 21 Impact* Pro-Forma Dec 21 Dec 21 Revenue (Non-GAAP) $1,181 $185 $1,366 $1,840 $56 $1,895 $222
Slide 56: Consolidated Non-GAAP Historical Financials With Legacy Hosting
Consolidated Soluna Computing Non-GAAP Historical Financials With Legacy Hosting ($ in 000s) (Unaudited) Actual Actual Actual Actual Actual Estimate Estimate Estimate Estimate Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22 Revenue $995 $1,657 $494
Slide 57: Consolidated Operating Metrics With Legacy Hosting
Consolidated Operating Metrics With Legacy Hosting Key Operating Metrics: Q1 21 Q2 21(1) Jul 21 Aug 21 Sep 21 Q3 21(2) Oct 21 Nov 21 Dec 21 Q4 21(3) FY 21(4) Jan 22 Feb 22 Mar 22 Q1 22(5) Avg. MW Deployed 1.63 3.34 3.28 14.32 15.67 11.09 22.21 24.61 27.36 24.73 9.79 31.44 32.85 30.47 31.59 Prop Mini
Slide 58: Marie: Non-GAAP Historical Financials With Legacy Hosting
Marie: Non-GAAP Historical Financials With Legacy Hosting ($ in 000s) (Unaudited) Actual Actual Actual Actual Actual Estimate Estimate Estimate Estimate Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22 Revenue $104 $668 $217 $1,021 $981 $2,219 $1,569
Slide 59: Reconciliation of non-GAAP results to nearest comparable GAAP measures
Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures 59
Slide 60: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from GAAP Revenue to Non-GAAP Revenue Q1 2022 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $517 $5,009 $3,808 $0 $9,333 less Legacy Hosting Revenue 0 52 0 0 52 Revenue (Non-GAAP) $517 $4,95
Slide 61: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) Q1 2022 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $517 $5,009 $3,808 $0 $9,333 Cost of cryptocurrency revenue (
Slide 62: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash Contribution Margin (Non-GAAP) Q1 2022 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $517 $5,009 $3,808 $0 $9,333 Cost of crypt
Slide 63: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from GAAP Revenue to Non-GAAP Revenue FY 2021 ($ in 000s) (Unaudited) Soluna Computing 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) $
Slide 64: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) FY 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345 Cost of cryptocurrency revenu
Slide 65: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash Contribution Margin (Non-GAAP) FY 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345 Cost of cr
Slide 66: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Adjusted EBITDA (Non-GAAP) FY 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345 Cost of cryptocurrency revenue (GAAP) 1,1
Slide 67: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from GAAP Revenue to Non-GAAP Revenue Q4 2021 ($ in 000s) (Unaudited) Soluna Computing 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 $4,
Slide 68: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) Q4 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569 Cost of cryptocurrency revenue (
Slide 69: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash Contribution Margin (Non-GAAP) Q4 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569 Cost of crypt
Slide 70: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Adjusted EBITDA (Non-GAAP) Q4 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569 Cost of cryptocurrency revenue (GAAP) 299 3,
Slide 71: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from GAAP Revenue to Non-GAAP Revenue Q3 2021 ($ in 000s) (Unaudited) Soluna Computing 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 $0
Slide 72: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) Q3 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,949 $0 $1,949 Cryptocu
Slide 73: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash Contribution Margin (Non-GAAP) Q3 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,949
Slide 74: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Operating (Loss) Income to Adjusted EBITDA Contribution (Non-GAAP) Q3 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total MTII Corporate Consolidated Net (Loss) Income (GAAP) $581 $259 ($217) ($1,089) ($466) $678 ($8
Slide 75: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) Q2 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,647 $0 $1,647 Cryptocu
Slide 76: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin (Non-GAAP) Q2 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,647 $0 $1,647 Cryptocurrency r
Slide 77: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Operating (Loss) Income to Adjusted EBITDA Contribution (Non-GAAP) Q2 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total MTII Corporate Consolidated Net (Loss) Income (GAAP) $554 $321 ($38) ($126) $710 ($270) ($1,61
Slide 78: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) Q1 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,337 $0 $1,337 Cryptocu
Slide 79: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin (Non-GAAP) Q1 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total MTII Corporate Consolidated Product revenue (GAAP) $0 $0 $0 $0 $0 $1,337 $0 $1,337 Cryptocurrency r
Slide 80: Reconciliation Of Non-GAAP Results
Reconciliation Of Non-GAAP Results Reconciliation from Operating (Loss) Income to Adjusted EBITDA Contribution (Non-GAAP) Q1 2021 ($ in 000s) (Unaudited) Soluna Computing Edith Marie Sophie Corporate Total MTII Corporate Consolidated Operating (Loss) Income (GAAP) $566 ($287) ($170) ($48) $62 ($402)
Slide 81: The future of renewable energy is computing.
The future of renewable energy is computing. 81
Slide 82: Learn more at solunacomputing.com
Learn more at solunacomputing.com 82