SOLUNA HOLDINGS INC Stock Price, News & Analysis

Soluna Holdings, Inc. (NASDAQ: SLNH) announced a 25 MW hosting contract with a leading Bitcoin miner at Project Sophie in Kentucky. This shift in business model will transition from proprietary mining to hosting Bitcoin miners for clients. The company plans to sell its existing Bitcoin miners at the site and redeploy the capital. CEO John Belizaire emphasized the importance of building a larger hosting business and partnering with like-minded industry leaders to promote a low-carbon future. The site will begin integrating customer hardware in the coming weeks.

This announcement reflects Soluna's strategic pivot in response to market changes aimed at enhancing its growth and operational efficiency.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced the final completion of interconnection construction for its Project Dorothy in Texas. The project site has received approval for a 100 MW load from its transmission service provider, paving the way for the energization of the first 25 MW. This milestone enables Soluna to scale operations as construction for future phases continues. CEO Michael Toporek emphasized the significance of this achievement for the company's growth trajectory. Soluna plans to announce the energization of the project once approved by ERCOT, the Texas grid operator.

Soluna Holdings, Inc. (NASDAQ: SLNH) reported FY 2022 results, showcasing a 99% revenue increase to $28.5 million from $14.3 million in 2021, driven by enhanced mining operations at Project Sophie. Notably, cryptocurrency mining revenue reached $24.4 million, while data hosting generated $4.1 million. However, Adjusted EBITDA was -$4.6 million, down from $1.5 million profit in 2021. Cost of revenue as a percentage rose to 62% due to declining Bitcoin prices and rising energy costs. Additionally, operational expenses surged 115% to $15.3 million, primarily from personnel costs and legal fees associated with Project Dorothy.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced the commencement of the final phase of its substation interconnection work, set for completion by the end of March 2023. Following this, testing on the power infrastructure will begin, with the aim to energize the Dorothy 1A facility by the first week of April, pending ERCOT approval. The project is financed through funding from Spring Lane Capital and is expected to be one of the lowest-cost facilities in North America, enhancing the company’s capacity for Bitcoin mining and other intensive computing.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced the promotion of John Belizaire to CEO, effective no later than April 30, 2023, succeeding Michael Toporek, who will become Executive Chairman. Belizaire, a co-founder of Soluna Computing, Inc., aims to enhance operational alignment for improved efficiency as the company prepares to energize its Texas project following a strategic funding from Spring Lane Capital. This leadership transition reflects a pivotal moment for Soluna as it focuses on profitability in its renewable energy-driven data center operations.

Soluna Holdings, Inc. (SLNH) has announced that its Convertible Noteholders waived defaults related to outstanding notes issued in 2021 and amended through 2022. This waiver is part of a $7.5 million financing arrangement for Project Dorothy, completed on March 10, 2023. CEO Michael Toporek expressed optimism about the cooperative relationship with noteholders, which supports the company's growth plans. The announcement includes a Safe Harbor Statement indicating forward-looking statements concerning future expectations and plans for the company.

Soluna Holdings, Inc. (NASDAQ: SLNH) announced the completion of a $7.5 million funding round for Project Dorothy, aimed at enhancing its green data center capabilities for Bitcoin mining and intensive computing. This funding comes from partnerships with Spring Lane Capital, increasing its stake in the initial 25 MW phase of the project from 32% to 85%. The total estimated value of Project Dorothy is approximately $30 million, with plans to use the funds for substation interconnection and operations. The investment is expected to facilitate further investments and attract top-tier Bitcoin miners.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced milestone agreements for its Texas-based Project Dorothy, aimed at addressing energy waste from wind farms. These agreements facilitate the project's substation interconnect by March 24th, with final testing to begin soon after. Assuming ERCOT approval, Project Dorothy 1A is set to be energized in early April. The agreements include a power purchase agreement to mitigate curtailment issues and allow Soluna's data centers to support the grid during peak demand. CEO Michael Toporek emphasized the significance of these agreements for future projects.

Soluna Holdings, Inc. (NASDAQ: SLNH) has announced its exit from Project Marie in Kentucky to focus resources on Project Dorothy in Texas and Project Sophie, also in Kentucky. Project Marie was a 20 MW first-generation facility aimed at testing design and economic viability. The exit is expected to concentrate the company’s capital and personnel on projects that are closer to energization and operational efficiency. CEO Michael Toporek believes this strategic shift will maximize profits and return on assets, enhancing the company’s position in developing green data centers for intensive computing, such as Bitcoin mining.