SOLUNA HOLDINGS INC Stock Price, News & Analysis

Soluna Holdings announced the successful raising of a $12.5 million credit facility for its new subsidiary, Soluna Cloud.

This financing will back the acquisition of NVIDIA H100 GPUs under a 3-year managed-services agreement at a hydro-powered data center. Soluna anticipates annual revenue of $16 million to $26 million during full deployment, targeting a total revenue of $38 million to $80 million across the contract's duration.

Soluna Cloud's services, set to launch in July 2024, will be powered entirely by renewable energy and will support substantial AI workloads. Customers can sign up at SolunaCloud.com.

Soluna Holdings (NASDAQ: SLNH) issued a monthly business update highlighting key developments and metrics for May 2024. The company reported strong Q1 2024 results, including record adjusted EBITDA growth and increased cash reserves. A 166 MW power purchase agreement (PPA) was secured for Project Kati in Texas, enhancing hosting potential. Financing for Project Dorothy 2 was secured with a $30 million commitment from Spring Lane Capital. Additionally, Soluna launched Soluna Cloud, a new AI-focused subsidiary. Key projects, including Project Dorothy 1A, 1B, 2, Sophie, and Kati, continue to progress, with various milestones expected throughout 2024.

Soluna Holdings (NASDAQ: SLNH) will participate in the Water Tower Research Fireside Chat Series on June 4, 2024, at 1:00 PM EDT. CEO John Belizaire will discuss the company's plans, including the financing and construction strategy for the 48 MW Project Dorothy 2 expansion and a new PPA with EDF Renewables for a 166 MW at Project Kati. He will also cover Soluna's 'Roadmap to Profitability' and its AI Cloud service in collaboration with a GPU-Server OEM. The event is open to all investors.

Replays of the webcast will be available post-event, and interested parties can register online.

Soluna Holdings CEO John Belizaire shared a roadmap to profitability in a letter to shareholders. Highlights from 2023 include the full operation of Project Dorothy, securing 50 MW of hosting contracts, and growing their cash position to $6.4M. Key milestones for 2024 involve doubling assets to 150 MW, focusing on AI-driven data centers, and optimizing operational excellence. Project Dorothy 2 and a new 166 MW Project Kati are pivotal to their growth plan. Soluna aims to lead in renewable computing solutions, leveraging their proprietary MaestroOS™ for cost efficiency and sustainability.

The full letter and 2024 earnings presentation are available on Soluna's website.

Soluna Holdings (NASDAQ: SLNH) has signed a Power Purchase Agreement (PPA) for its Project Kati with EDF Renewables and Masdar. This project is the company's second Renewable Computing data center in Texas, to be co-located at a wind facility. Project Kati will be executed in two phases, each delivering 83 MW of renewable energy, totaling 166 MW upon completion. The project aims to power high-performance computing applications, such as AI. The agreement strengthens Soluna’s market position and underlines its commitment to sustainable energy solutions and innovation.

Soluna Holdings has secured up to $30 million from Spring Lane Capital to expand its Texas-based data center, Project Dorothy, by 48 MW. The new facility, Dorothy 2, will begin construction in Q2 2024 and will host approximately 13,700 Bitcoin mining rigs. The expansion is fully funded and includes $1 million for long-term equipment purchases. Dorothy 2 has all necessary ERCOT approvals and aims to double the site's energy consumption. Soluna plans to allocate the remaining 2 MW of wind power to its Helix AI data center. This partnership underscores Soluna's commitment to sustainable energy and high-performance computing.

Soluna Holdings (NASDAQ: SLNH), a developer of green data centers, reported a significant financial turnaround in Q1 2024. Revenue surged 307% year-over-year to $12.6 million, with a marked 24% increase from Q4 2023. Adjusted EBITDA improved by $8.0 million, reaching $5.1 million. Cryptocurrency mining revenue grew by $3.6 million, driven by a 134% rise in Bitcoin prices. Data Hosting Revenue increased by $5.0 million due to new projects. Operating Income turned positive at $0.407M, accompanied by a 32% increase in cash reserves to $8.4 million. The company also announced new AI Cloud services and CFO appointment. These results underscore the effectiveness of Soluna's diversification and optimization strategies.

Soluna Holdings, a green data center developer, collaborates with a leading enterprise GPU-Server and AI infrastructure provider to launch Soluna Cloud, offering sustainable AI Cloud services. The partnership aims to deliver NVIDIA H100 GPUs for energy-efficient supercomputers, leveraging renewable-powered data centers for environmental sustainability. Soluna's CEO, John Belizaire, expresses excitement over the collaboration, highlighting the focus on making AI more sustainable and addressing the growing demand for sustainable data centers. The introduction of AI Cloud services is expected to drive substantial revenue growth for Soluna Cloud, with a growing pipeline of interested AI customers.

Soluna Holdings, Inc. provided updates on its April project site-level operations, developments, and corporate highlights. Key metrics and company updates were shared, including optimizations for post-halving, AI power demand management, new CFO appointment, and involvement in sustainability discussions. Key project updates for various sites were also highlighted.