$SLNH #SLNH--Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications including Bitcoin mining and AI, announced f...
$18.8 Million Increase in Year-to-Date Revenue Year-Over-Year and Record Revenue Year-to-Date of $29.7 Million
ALBANY, N.Y.: $SLNH #SLNH--Soluna 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 third quarter ended September 30, 2024.
John Belizaire, CEO of Soluna, said, “Soluna continues to move at a fast pace and has achieved several important milestones this quarter including, launching our Soluna Cloud AI business and strategic partnership with Hewlett Packard Enterprises (HPE), securing financing for our Project Dorothy expansion and breaking ground and securing $25 million of growth capital. Project Kati has reached several important milestones and Project Rosa is accelerating with the signing of Term Sheets for power and land this quarter. Our financial results continue to build strongly with the company achieving its highest third quarter year-to-date revenue, $29.7 million.”
Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into scalable computing resources. Soluna’s data centers are strategically co-located with wind, solar, and hydroelectric power plants to support high-performance computing applications, including Bitcoin mining, generative AI, and other compute-intensive tasks.
Soluna ensures seamless integration with renewable energy power plants, providing cost-effective and sustainable computing solutions while providing the flexible load required for a greener grid. The Company now operates through three core subsidiary businesses:
This integrated approach positions Soluna to leverage renewable energy as a global superpower, transforming surplus energy into valuable computing resources across AI, digital assets, and grid services.
Belizaire continued, “Another tangible sign of Soluna’s growth trajectory is the significant expansion of our development pipeline, which is now more than 2.6 GW with 1.2 GW currently in active Term Sheet negotiations. This demonstrates a core competence of the company - our ability to find, evaluate, and secure access to renewable power that is suited to development into data centers for High-Performance Computing/AI and Bitcoin computing with industry-leading costs.”
Corporate Highlights
Consolidated Finance and Operational Highlights:
Subsidiary Financial and Operational Highlights:
Soluna Digital:
Revenue & Cost of Revenue by Project Site | ||||||||||||||||||||||||
Third Quarter 2024 | ||||||||||||||||||||||||
Digital | Cloud | Total | ||||||||||||||||||||||
(Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Sophie | Other | Digital Subtotal | Project Ada | ||||||||||||||||||
Cryptocurrency mining revenue | $ | 2,811 |
| $ | - | $ | - | $ | - | $ | 2,811 | $ | - |
| $ | 2,811 |
| |||||||
Data hosting revenue | - |
| 3,515 | 756 | - | 4,271 | - |
| 4,271 |
| ||||||||||||||
High-performance computing service revenue | - |
| - | - | - | - | - |
| - |
| ||||||||||||||
Demand response services | - |
| - | - | 443 | 443 | - |
| 443 |
| ||||||||||||||
Total revenue | 2,811 |
| 3,515 | 756 | 443 | 7,525 | - |
| 7,525 |
| ||||||||||||||
Cost of cryptocurrency mining, exclusive of depreciation | 1,963 |
| - | - | - | 1,963 | - |
| 1,963 |
| ||||||||||||||
Cost of data hosting revenue, exclusive of depreciation | - |
| 2,025 | 521 | 9 | 2,555 | - |
| 2,555 |
| ||||||||||||||
Cost of high-performance computing services | - |
| - | - | - | - | 2,859 |
| 2,859 |
| ||||||||||||||
Cost of revenue- depreciation | 1,076 |
| 284 | 152 | - | 1,512 | - |
| 1,512 |
| ||||||||||||||
Total cost of revenue | $ | 3,039 |
| $ | 2,309 | $ | 673 | $ | 9 | $ | 6,030 | $ | 2,859 |
| $ | 8,889 |
| |||||||
Gross Profit | $ | (228 | ) | $ | 1,206 | $ | 83 | $ | 434 | $ | 1,495 | $ | (2,859 | ) | $ | (1,364 | ) |
Revenue & Cost of Revenue by Project Site | ||||||||||||||||||||
Third Quarter 2023 | ||||||||||||||||||||
Digital | Digital Total | |||||||||||||||||||
(Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Sophie | Project Marie | Other | |||||||||||||||
Cryptocurrency mining revenue | $ | 1,739 |
| $ | - | $ | 47 | $ | - |
| $ | - | $ | 1,786 | ||||||
Data hosting revenue | - |
| 3,016 | 991 | - |
| 4 | 4,011 | ||||||||||||
Demand response services | - |
| - | - | - |
| - | - | ||||||||||||
Total revenue | 1,739 |
| 3,016 | 1,038 | - |
| 4 | 5,797 | ||||||||||||
Cost of cryptocurrency mining, exclusive of depreciation | 1,023 |
| - | 17 | - |
| - | 1,040 | ||||||||||||
Cost of data hosting revenue, exclusive of depreciation | - |
| 1,766 | 384 | - |
| - | 2,150 | ||||||||||||
Cost of revenue- depreciat
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