ALBANY, NY–(BUSINESS WIRE)–Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a green data center developer for cryptocurrency mining and other intensive computing, today announced the release of its August site-level financials.
Soluna Holdings CEO Michael Toporek stated, “Soluna continues to deliver healthy hash rates and margins despite low BTC prices and energy market volatility. In the near term, our focus is on powering the first 50 MW of our next-generation Dorothy facility to scale Soluna. Our development pipeline continues to grow as renewable energy producers continue to view computing power as their preferred limiting solution.”
Summary of the main highlights:
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BTC production surges despite volatile market
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Mined BTC equivalent is up 6%, while July-August BTC prices are up around 4%
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The peak hashrate stayed above 1EH/s
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Cash margins remain healthy
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20% Consolidated Contribution Margin despite low BTC environment and high energy costs
- 26% Cash Contribution Prop Mining Margins slightly offset by weaker hosting margins
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Marie’s 10MW hosting contract renewed with important new terms
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The contract has been restructured to better respond to power fluctuations
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Expected hosting margins on new contracts are expected to increase
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Summary of sales & contribution margin: |
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| *All numbers below exclude legacy hosting | ||||||||
| **August & July adjustment Cash contribution margins normalized to FCA costs in June – see p21 of presentation for details | ||||||||
| **Excluding FCA cost adjustment, July Cash Contribution Margin was $413 | ||||||||
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| ($ in thousands, unaudited) |
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(Estimate) |
(Estimate) |
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FY 21 |
Q1 2022 |
April 2022 |
May 2022 |
June 2022 |
Q2 2022 |
July 2022 |
Aug 2022 |
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| revenue |
$13,010 |
$9,264 |
$3,392 |
$3,004 |
$2,280 |
$8,676 |
$2,254 |
$2,447 |
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| cash contribution margin |
$8,888 |
$5,206 |
$2,605 |
$1,600 |
$800 |
$5,005 |
$433 |
$413 |
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| Cash Contribution Margin (normalized electricity costs) |
$8,888 |
$5,206 |
$2,605 |
$1,600 |
$800 |
$5,005 |
$756 |
$877 |
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| Annualized Revenue |
$13,010 |
$37,056 |
$40,705 |
$36,044 |
$27,362 |
$34,704 |
$27,043 |
$29,361 |
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| Annualized Contribution Margin |
$8,888 |
$20,824 |
$31,262 |
$19,196 |
$9,599 |
$20,019 |
$9,076 |
$10,525 |
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Note: Represents non-GAAP financial measures. |
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A presentation and related video are available on the Company’s website at: https://www.solunacomputing.com/investors/updates/august2022flash/
About Soluna Holdings, Inc (SLNH)
Soluna Holdings, Inc. is the leading developer of green data centers that convert surplus renewable energy into global computing resources. Soluna builds modular, scalable data centers for compute-intensive, batchable applications such as cryptocurrency mining, AI and machine learning. Soluna offers a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and conscious design to solve complex, real-world challenges. Up to 30% of electricity from renewable energy projects can be wasted. Soluna data centers enable owners of clean power assets to “sell”. Everyone. Megawatt.’
For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.