Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — Q1 2024 Earnings Presentation
33 slides from Soluna's earnings presentation, May 2024
Slide 1: Earnings Power Presentation
HOLDINGS Earnings Power Presentation May 2024 1
Slide 2: Preamble
Preamble The following content is completely qualified by the legal disclosures on the following slide. 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 content is in line with our principles of being accountable
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: Earnings Power
Earnings Power 2024 4
Slide 5: 2024 Corporate Focus
2024 Corporate Focus Launch Optimize Finance Grow AI Projects Projects Pipeline We have 2 MW of our Our objective is to achieve Plan to raise funds to Aim to double our assets Project Dorothy 2 site operational excellence support our growth under management to slated for our Helix Pilot, across all
Slide 6: Illustrative Corporate Earnings Potential - Base case $45 Hashprice
Illustrative Corporate Earnings Potential Base case - $45 Hashprice Non-GAAP Financials Notes: Hashprice is a term created by Luxor in 2019. It is a measure used in the Bitcoin mining industry to represent the revenue earned per unit of hashrate (usually per petahash per second, or TH/s). It is calc
Slide 7: Illustrative Corporate Earnings Potential - Upside case $65 Hashprice
Illustrative Corporate Earnings Potential Upside case - $65 Hashprice Non-GAAP Financials Notes: Hashprice is a term created by Luxor in 2019. It is a measure used in the Bitcoin mining industry to represent the revenue earned per unit of hashrate (usually per petahash per second, or TH/s). It is ca
Slide 8: Key Earnings Power Assumptions
Key Earnings Power Assumptions Post-halving Dorothy 2 Sophie Hashprice Dec 2024: Initial energization Assumes hashrate and J/TH improvements in 2025 as hosted July 2025: 100% ramped up $45 Base Case / $65 Upside Case Hosting contract terms are similar to those achieved in D1A customers begin to turn
Slide 9: Company Overview
Company Overview 9
Slide 10: Soluna develops data centers co-located with renewable power plants
Soluna develops data centers co-located with renewable power plants, turning their wasted energy into sustainable computing resources.
Slide 11: How Soluna Makes Money
How Prop Bitcoin Grid Ancillary Soluna Mining Services Makes • Soluna or JV owned Bitcoin mining machines • Bitcoin sold daily • Compensation to act as behind-the-meter flexible load for the grid Money • Soluna provides Managed Infrastructure Services • Paid on $ / MWh basis by Utility or Grid Operat
Slide 12: 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 12
Slide 13: The Soluna Way
Source The low-cost curtailed Soluna power from IPPs Way Grow Build, own, pipeline operate MDCs with 2-yr ROIC 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.
Slide 14: Renewable Computing
To reach its full Renewable potential AI Energy has a needs a wasted energy sustainable problem. energy source. RENEWABLE COMPUTING
Slide 15: AI is the fastest growing technology today
AI is the fastest growing Time it took for selected online technology today services to reach one million users COMPANY LAUNCHED TIME 1 YEAR 2 YEARS 3 YEARS Netflix 1999 3.5 years Kickstarter* 2009 2.5 years Airbnb** 2008 2.5 years Twitter 2006 2 years Foursquare*** 2009 13 months Facebook 2004 10 mo
Slide 16: AI's hidden challenges
AI’s hidden challenges AI is hungry AI is thirsty AI is dirty AI computing’s energy Traditional data centers, Traditional data centers are density and space needs particularly those utilized for responsible for 2% of overall exceed current hyperscale AI, exhibit substantial water U.S. greenhouse gas
Slide 17: Using renewable energy grids for training neural networks (quote)
“Using renewable energy grids for training neural networks is the single 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 17
Slide 18: The Lifecycle of AI
The Lifecycle of AI Gen AI is batchable: Parts of the Generative AI lifecycle are perfect computing applications for co-location with renewable Batchable process power plants, because they are inherently batchable. Real-time process Training Fine Inferencing Tuning A new model is created from scratc
Slide 19: Soluna's Data Center Strategy
Soluna’s Data Direct Liquid Center Strategy Cooling (DLC) Scalable Soluna’s Helix Data Centers are Green Power Zero Water purpose-built for AI, with a unique access to power. Plug & Play Soluna’s behind-the-meter structure allows flexibility for its proprietary data centers - drawing power from the g
Slide 20: Massive pipeline of wasted renewable energy for high performance computing
We have a massive pipeline of wasted renewable energy to power high performance computing. 20
Slide 21: Operational Highlights
Operational Highlights 2024 21
Slide 22: Key Operating Metrics
Key Operating Metrics1 NASDAQ MW MANAGED INSTALLED HASHRATE SLNH / SLNHP 75 MW 291 MW2 2.5 EH/s1&4 AVERAGE POWER COST* CURTAILED ENERGY MONETIZED POWER USAGE EFFECTIVENESS (PUE) <$29 / MWh3 56,145 MWh1 1.033 BITCOIN MINERS DEPLOYED AVERAGE J / TH/s ~24,0001&4 ~26 J / TH/s1&4 (1) All numbers are as o
Slide 23: Project Dorothy 1A
Project Dorothy 1A CAPACITY MODEL 25 MW Hosting INSTALLED HASHRATE ENERGIZATION 949 PH/s1 Operational POWER USAGE EFFECTIVENESS AVERAGE 3-MONTH ANNUAL LCOE* 1.032 ~$28 / MWh2 POWER SOURCE PARTNER Wind Spring Lane Capital CURTAILED ENERGY CONSUMED 27,112 MWh3 (1) All numbers are as of March 31st, 202
Slide 24: Project Dorothy 1B
Project Dorothy 1B CAPACITY MODEL 25 MW Prop Mining INSTALLED HASHRATE ENERGIZATION 817 PH/s1 Operational POWER USAGE EFFECTIVENESS AVERAGE 3-MONTH ANNUAL LCOE* 1.032 ~$28 / MWh2 POWER SOURCE PARTNER Wind Navitas Global CURTAILED ENERGY CONSUMED 26,128 MWh3 (1) All numbers are as of March 31st, 2024
Slide 25: Project Sophie
Project Sophie CAPACITY MODEL 25 MW Hosting INSTALLED HASHRATE ENERGIZATION 778 PH/s1 Operational POWER USAGE EFFECTIVENESS AVERAGE 3-MONTH ANNUAL LCOE* 1.032 ~$31 / MWh2 POWER SOURCE PARTNER Hydro/Grid None (1) All numbers are as of March 31st, 2024 (2) 3-month average (January 2024 - March 2024) *
Slide 26: Project Pipeline
Project Pipeline 26
Slide 27: Project Dorothy
Project Dorothy 2 CAPACITY MODEL 50 MW Hosting & AI POWER SOURCE ENERGIZATION Wind Design & Planning PARTNER AVERAGE ANNUAL LCOE TBD ~$27 / MWh 27
Slide 28: Project Kati
Project Kati CAPACITY MODEL 166 MW Hosting POWER SOURCE ENERGIZATION Wind Development PARTNER AVERAGE ANNUAL LCOE TBD ~$30 / MWh 28
Slide 29: We have a growing pipeline of projects
We have a growing pipeline of projects Data 25MW 100MW 166MW 2GW+ long-term Centers & pipeline with Sophie Dorothy Kati Pipeline large IPPs and Operating 50MW Design & Operating Development* infrastructure funds in the US Powered by and beyond *Design – design and development activities with the IPP
Slide 30: Appendix
Appendix 30
Slide 31: Data Center Locations & Ownership
Data Center Locations & Ownership Project Corporate Entity State MW SLNH Initial Business Ownership Model Sophie Soluna SW, LLC KY 25 100% Hosting Soluna DVSL Dorothy 1A ComputeCo, LLC TX 25 15%[1] Hosting Soluna DV ComputeCo, Dorothy 1B LLC TX 25 51% Self-mining Soluna DVSL II Dorothy 2 ComputeCo,
Slide 32: Connect With Us
Connect With Us X / Twitter LinkedIn Newsletter @SolunaHoldings Soluna Holdings bit.ly/solunasubscribe 32
Slide 33: Learn more at solunacomputing.com
Learn more at solunacomputing.com 33