Latest news with #Soluna
West Australian
26-05-2025
- Business
- West Australian
Locally grown Bravo apples hit independent stores as new juice brand
Bravo apples bred in WA are being made into bottled juice for the first time under a new brand name — Soluna. Developed at the Sustainable Innovative Food Technologies Centre, in the Peel Business Park at Nambeelup, the purple-skinned fruit now has an extended shelf-life thanks to new research. The apple juice is cold-pressed by local beverage processor Pressed Earth, before undergoing high-pressure processing to extend its life to 90 days. Fruit West chair Anne Lister said the new juice ensured nearly all the co-op's harvest could be processed and would contribute to downgrading food waste. 'Pink Lady and Bravo came out of the same research station in Manjimup,' she said. 'We're very proud of it and it's a fabulous program that's potentially got some more really great apples for the future of West Australia and the world. 'We're really absolutely blown away by the showing that it has and the support that is growing every year.' Ms Lister said the plan to export the juice had been in discussions for about five years. 'Maximising the harvest is really, really important for growers, and also tapping into a market that we hadn't looked into before,' she said. 'The great, unique thing about this is that is that it doesn't oxidise, so it lends itself so well to juicing using the high-pressure method, and it produces the beautiful pink colour.' Bravo apples are WA's largest apple export, with more than 740 tonnes sold to Asia and the Middle East in 2024. Trials for apple slices, expected to be in store by the end of the year, are in the final stages at the SIFT Centre, and they will stay fresh for 21 days. WA Agriculture Minister Jackie Jarvis said the purple apples provided an 'additional avenue' for WA growers, and boosted the industry's diversity. 'These projects are the result of an innovative research project, backed by the Cook Labor Government, and developed at the Sustainable Innovative Food Technologies Centre, a state-of-art facility we are proud is supporting our local food and beverage manufacturing sector,' she said. 'Value-added products create an additional avenue for our growers and improve the long-term value of the fruit, helping the industry to grow and diversify.' The researched apples stemmed from a pilot program between the Department of Primary Industries and Regional Development, the Fruit West Co-operative, Murdoch University, Bruker Biospin, and the Future Food Systems Cooperative Research Centre. The fruit initiative forms part of Fruit West's plan to capture new domestic and international markets for apple products, with the co-op exploring opportunities for Soluna Apple Juice and slices in Asia and the Middle East.
ABC News
23-05-2025
- Business
- ABC News
The success of Bravo as Westerm Australia's most popular apple export could pave the way for more varieties
The success of a unique variety of West Australian apple that in three years has become the state's biggest apple export could see further varieties soon hit supermarket shelves. WA's unique Bravo apples, known as Soluna overseas, continue to gain popularity in international markets including the Middle East and Asia. The industry hopes to produce 50,000 tonnes of the apples annually by 2035 and more varieties are in the pipeline. In a state that prides itself on its big resources and agriculture sectors, what role can the humble apple play? If you ask the growers and researchers behind the Bravo apple, they'll list a magnitude of reasons to explain the need for innovation. Aesthetics and health benefits aside, it comes down to staying competitive in a global market, while adapting to climate change. "Every year farmers are really trying to figure out how am I going to manage the season," CEO of WA Farm Direct Jenny Mercer said. "This has given farmers the opportunity just to stay in the game. "Because this is bred here in Manjimup, it's naturally suited to the endemic condition of Australia. It doesn't make it any easier, but it gives us half a chance." Ms Mercer said when coupled with a consumer market that has become accustomed to new, exciting products — the standard, sometimes floury apple, just doesn't cut it. "We're always looking for better tasting, better growing, better eating varieties," Ms Mercer said. "That apple really represents decades of innovation." WA's advantage in the apple market is the Manjimup Horticulture Research Institute, which is home to the national apple breeding program. It was the birthplace of the Bravo and the iconic Pink Lady variety. "A lot of people in Western Australia don't know that fact, but in Manjimup we're really, very, very proud of it," chair of apple cooperative Fruit West, Ann Lyster, said. Pink Lady was exported from WA to the UK in the late 1990s and early 2000s, which provided a solid return to growers and lifted the Australian industry. But when international producers entered the market, Australia was priced out. Then came the Bravo apple, which was planted in commercial quantities in Manjimup a decade ago. In comparison to other global producers, what comes out of Manjimup is "tiny," but the popularity of the product appears to be thriving. "We're really punching above our weight. It's an amazing achievement," Ms Lyster said. Bravo apples were planted in commercial quantities in Manjimup eight years ago, and have been sold in Australian supermarkets for several seasons. In the latest development, Bravo apples have been juiced and sold as a drink to utilise the harvest and tap into a whole new market at home and abroad. The profitability of the Bravo internationally looks promising — in just three years the dollar value on sales to export markets has grown to $1.7 million per year. The Manjimup research station will introduce more varieties to the market in the near future. "In the breeding program, there's new apples definitely there, that show great promise," Ms Lyster said. "But they'll be a few years away yet."
Business Wire
22-05-2025
- Business
- Business Wire
Soluna to Launch First Solar-Powered Data Center With 75 MW Project
BUSINESS WIRE)--Soluna Holdings, Inc. ('Soluna' or the 'Company'), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced today that it has signed a term sheet for power for Project Annie, a new 75 MW data center co-located with a 114 MW solar farm in northeast Texas. Project Annie marks Soluna's first solar-powered deployment, representing a strategic expansion of the Company's modular computing platform into solar-rich markets. Developed in partnership with a leading U.S. renewable energy operator, the project is designed to convert underutilized solar energy to high performance computing. It underscores Soluna's mission to transform excess renewable power into scalable, cost-effective digital infrastructure. 'Project Annie is a game-changer,' said John Belizaire, CEO of Soluna. 'It's our first project tapping solar energy, and it paves the way for sustainable computing that works in harmony with the sun. We're proud to honor Annie Easley, a computing and energy pioneer, with a project that merges both worlds.' With Project Annie, Soluna continues to grow its development pipeline, which now exceeds 773 MW across wind, grid, and solar-powered computing projects. The company will now focus on completing definitive power purchase agreements, land agreements, and ERCOT planning for Project Annie. As part of Soluna's tradition of naming projects after women pioneers in science and technology, Project Annie honors Annie Easley, one of the first African American computer scientists and mathematicians at NASA who made critical contributions to rocket systems and energy technologies. For more information, visit Soluna's glossary of terms can be found here. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and similar statements. Other examples of forward-looking statements may include, but are not limited to, statements of Soluna's plans and objectives, including with respect to the development of Project Annie and our expectations with respect to the amount of renewable energy Project Annie will deliver. Soluna may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ('SEC'), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna undertakes no duty to update such information, except as required under applicable law. About Soluna Holdings, Inc. (Nasdaq: SLNH) 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 global computing resources. Soluna's pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna's proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit and follow us on: Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly.
Business Wire
16-05-2025
- Business
- Business Wire
Soluna Reports Q1'25 Results
ALBANY, N.Y.--(BUSINESS WIRE)--Soluna Holdings, Inc. ('Soluna' or the 'Company') (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced its financial results for the quarter year ended March 31, 2025. 'Our outlook shines brighter with expanding project development at Projects Rosa, Ellen, and Hedy. First quarter results reflect operational stamina amidst challenges from market headwinds, commercial model shifts, weather events, and customer deployment delays,' said John Belizaire, CEO of Soluna. 'During the first quarter of 2025, we continued construction of Project Dorothy 2, which is expected to increase our Bitcoin Hosting capacity to 123MW. We also expanded our project pipeline in South Texas to meet future demand for sustainable AI compute and Bitcoin Hosting. We believe these milestones continue to demonstrate our growth potential.' 'We are focused on the growth of our substantial pipeline of projects into AI/HPC data centers during 2025, beginning with Project Kati,' said John Tunison, CFO of Soluna. 'Additionally, in recent months, we have made substantial progress towards simplifying our capital structure, including fully converting the outstanding convertible loan notes in Q4 2024, paying off the Navitas loan at Project Dorothy 1B and securing modifications to the terms of our Series B Preferred Stock, all of which we believe has strengthened our ability to raise the growth capital needed to execute on our strategic plan,' continued John Tunison. 2025 Operational and Corporate Highlights: We simplified our capital structure by fully converting Convertible Loan Notes last year, significantly restructuring the Preferred B equity, and paying off the Navitas loan at Project Dorothy 1B. We have continued construction of Project Dorothy 2, and the initial phase of powering up that facility is underway, which is expected to increase our Bitcoin hosting capacity by 64%, reaching a total of 123 MW (with an expected completion timeline of Q4 2025). Soluna AL CloudCo LLC ('CloudCo' or 'Project Ada') completed a strategic termination of the HP Enterprises ('HPE') contract – the strategic termination of the contract has enabled the Company to refocus on crypto-mining and the future development of AI data centers. Following CloudCo's notice of termination, HPE terminated the services in April of 2025. The financial impact of the termination on Soluna's consolidated financial statements as of and for the year ended December 31, 2024, was reported in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ('SEC') on March 31, 2025. Non-dilutive Financing Closed with Galaxy – Soluna SW LLC closed a $5 million debt facility with Galaxy Digital, secured by the assets of Project Sophie. Expanded Project Pipeline up to approximately 698MW in operations, construction, and development – as of today, the Company added two new projects (Hedy and Ellen) totaling 220MW. Project Kati (166MW) is now shovel-ready with capital formation underway. Project Rosa (187MW) land acquisition agreements were signed in February 2025. We now have a line of sight to 698MW of data center capacity (for AI and Bitcoin) to be in development over the next twenty-four months. Second Patent Awarded – Soluna's second utility patent was awarded (Patent #: US12250794B2) in April 2025, which broadens the scope of Soluna's Modular Data Center patent (Patent #: US11974415B2), focusing on the layout of modular data center buildings on a site. First Quarter Financial and Operational Highlights: Short term Revenue Decline – Revenue declined when compared to same period in 2024, due to four factors: 1) BTC halving and subsequent hash price volatility, 2) change in commercial model mix to more Profit Sharing (fully offset in cost of revenue for no Gross Profit impact; one-time impact), 3) data center downtime related to weather and customer change out, partially offset by strong operational performance, and 4) lower Demand Response Services driven by increased participation rate within ERCOT. Revenue Generation Poised for Growth – Given the one-time nature of the commercial model mix shift and data center downtime, and timing of the next BTC halving, we expect Revenue to stabilize and grow as we continue to commission additional MW of Bitcoin Hosting capacity over the next 2 years related to Dorothy 2 and Kati. Strong Cash Balance Continues – Unrestricted cash grew to $9.2 million, a $1.4 million increase, from December 31, 2024. Gross Profit Declined – excluding Project Ada / CloudCo, driven by the above-mentioned Revenue drivers and partially offset by lower cost of revenue related to the shift to more Profit Share contracts, gross profit declined by $5.7 million from Q1 2024 to $1.2 million. Selling, General & Administrative Expenses, excluding depreciation and amortization – increased by $2.0 million from Q1 2024 to Q1 2025 driven by higher Stock Compensation Expense and Professional Fees related to the Yorkville Advisors Standby Equity Purchase Agreement and compliance. Net Income declined Q1 2024 to Q1 2025 by ($4.8 million) – driven by the above-mentioned Revenue, Gross Profit and SG&A drivers of a decline of $7.6 million Operating Loss, plus the Extinguishment of Convertible Loan debt and gain – +$3.6 million – on the acquisition of Cloud Notes, which was partially offset by $0.8 million combined higher Interest, Tax and Other Expenses. Adjusted EBITDA Declined Q1 2024 to Q1 2025 – driven by the above-mentioned Revenue, Gross Profit, and SG&A drivers, Adjusted EBITDA declined by $6.8 million to a loss of $1.6 million. Adjusted EBITDA Improved Q4 2024 to Q1 2025 – $0.9 million improved over Q4 2024, primarily driven by the termination of Project Ada/CloudCo HPE contract and associated mitigation of expense, and also the above-mentioned hash price and outage drivers. Q1 2025 Revenue & Cost of Revenue by Project Site Digital Cloud Total Cryptocurrency mining revenue $ 2,999 $ - $ - $ - $ 2,999 $ - $ 2,999 Data hosting revenue - 1,371 1,031 - 2,402 - 2,402 High-performance computing service revenue - - - 507 507 - 507 Demand response services - - - - - 28 28 Total revenue 2,999 1,371 1,031 507 0 5,908 28 5,936 Cost of cryptocurrency mining, exclusive of depreciation $ 1,954 $ - $ - $ - $ 1,954 $ - $ 1,954 Cost of data hosting revenue, exclusive of depreciation - 885 372 70 1,327 - 1,327 Cost of high-performance computing service revenue - - - - - 7 7 Cost of cryptocurrency mining revenue- depreciation 1,074 - - - 1,074 - 1,074 Cost of revenue- depreciation - 295 106 - 401 - 401 Total cost of revenue $ 3,028 $ 1,180 $ 478 $ 70 $ 4,756 $ 7 $ 4,763 Gross Profit $ (29 ) $ 191 $ 553 $ 437 $ 1,152 $ 21 $ 1,173 Expand Q1 2024 Revenue & Cost of Revenue by Project Site Digital Cloud Total (Dollars in thousands) Project Dorothy 1B Project Dorothy 1A Project Sophie Other Digital Subtotal Project Ada Cryptocurrency mining revenue $ 6,396 $ - $ - $ - $ 6,396 $ - $ 6,396 Data hosting revenue - 3,542 1,736 - 5,278 - 5,278 High-performance computing service revenue - - - - - - - Demand response services - - - 875 875 - 875 Total revenue 6,396 3,542 1,736 875 0 12,549 - 12,549 Cost of cryptocurrency mining, exclusive of depreciation $ 1,841 $ - $ - $ - $ 1,841 $ - $ 1,841 Cost of data hosting revenue, exclusive of depreciation - 1,737 514 - 2,251 - 2,251 Cost of high-performance computing services - - - - - - - Cost of revenue- depreciation 1,084 284 150 5 1,523 - 1,523 Total cost of revenue $ 2,925 $ 2,021 $ 664 $ 5 $ 5,615 $ - $ 5,615 Gross Profit $ 3,471 $ 1,521 $ 1,072 $ 870 $ 6,934 $ - $ 6,934 Expand For more details on the HPE contract termination, see the 8-K filing online. Soluna's glossary of terms can be found here. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and similar statements. Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the completion of Project Dorothy 2, our expectations with respect to the development of Projects Hedy and Ellen, and the completion of the land purchase for Project Rosa, (ii) statements of future economic performance, and (iii) statements of assumptions underlying other statements about the Company or its business. Soluna may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna undertakes no duty to update such information, except as required under applicable law. Non-GAAP Measures In addition to figures prepared in accordance with GAAP, Soluna from time to time may present alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow, both on a company basis and on a project-level basis, among others. EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for stock-based compensation costs, loss on sale of fixed assets, loss on debt extinguishment and revaluation, placement agent release expense, loss on contract, provision for credit losses, convertible note inducement expense and impairment on fixed assets, fair value adjustment on Standby Equity Purchase Agreement draws and loss (gain) on debt extinguishment and revaluation, net. Project level measures may not take into account a full allocation of corporate expenses. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principle. Other companies may define these terms in different ways. See our annual report on Form 10-K for the year ended December 31, 2024 for an explanation of how management uses these measures in evaluating its operations. Investors should review the non-GAAP reconciliations provided below and not rely on any single financial measure to evaluate the Company's business. About Soluna Holdings, Inc. (Nasdaq: SLNH) 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 global computing resources. Soluna's pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna's proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions, and superior returns. To learn more visit and follow us on: Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly. Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of March 31, 2025 (Unaudited) and December 31, 2024 (Dollars in thousands, except per share) March 31, 2025 December 31, 2024 Assets Current Assets: Cash $ 9,161 $ 7,843 Restricted cash 2,227 1,150 Accounts receivable, net (allowance for expected credit losses of $244 at March 31, 2025 and December 31, 2024) 2,364 2,693 Prepaid expenses and other current assets 1,978 1,781 Equipment held for sale 28 28 Total Current Assets 15,758 13,495 Restricted cash, noncurrent 3,060 1,460 Other assets 1,124 2,724 Deposits and credits on equipment 4,932 5,145 Property, plant and equipment, net 49,585 47,283 Intangible assets, net 15,292 17,620 Operating lease right-of-use assets 298 313 Total Assets $ 90,049 $ 88,040 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 3,321 $ 2,840 Accrued liabilities 6,482 6,785 Accrued interest payable 2,674 2,275 Contract liability 19,348 20,015 Current portion of debt 13,848 14,444 Income tax payable 49 37 Customer deposits 1,776 1,416 Operating lease liability 62 61 Total Current Liabilities 47,560 47,873 Other liabilities 249 235 Long-term debt 10,190 7,061 Operating lease liability 236 252 Deferred tax liability, net 4,821 5,257 Total Liabilities 63,056 60,678 Commitments and Contingencies (Note 10) Stockholders' Equity: 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 4,953,545 shares issued and outstanding as of March 31, 2025 and December 31, 2024 5 5 Series B Preferred Stock, par value $0.0001 per share, authorized 187,500; 62,500 shares issued and outstanding as of March 31, 2025 and December 31, 2024 — — Common stock, par value $0.001 per share, authorized 75,000,000;12,548,786 shares issued and 12,508,045 shares outstanding as of March 31, 2025 and 10,647,761 shares issued and 10,607,020 shares outstanding as of December 31, 2024 13 11 Additional paid-in capital 319,575 315,607 Accumulated deficit (321,860 ) (314,304 ) Common stock in treasury, at cost, 40,741 shares at March 31, 2025 and December 31, 2024 (13,798 ) (13,798 ) Total Soluna Holdings, Inc. Stockholders' (Deficit) Equity (16,065 ) (12,479 ) Non-Controlling Interest 43,058 39,841 Total Stockholders' Equity 26,993 27,362 Total Liabilities and Stockholders' Equity $ 90,049 $ 88,040 Expand The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. For the three months ended March 31, (Dollars in thousands, except per share) 2025 2024 Cryptocurrency mining revenue $ 2,999 $ 6,396 Data hosting revenue 2,402 5,278 Demand response service revenue 507 875 High-performance computing service revenue 28 - Total revenue 5,936 12,549 Operating costs: Cost of cryptocurrency mining revenue, exclusive of depreciation 1,954 1,841 Cost of data hosting revenue, exclusive of depreciation 1,327 2,251 Cost of high-performance computing services 7 - Cost of cryptocurrency mining revenue- depreciation 1,074 1,087 Cost of data hosting revenue- depreciation 401 436 Total cost of revenue 4,763 5,615 Operating expenses: General and administrative expenses, exclusive of depreciation and amortization 5,946 3,994 Depreciation and amortization associated with general and administrative expenses 2,404 2,403 Total general and administrative expenses 8,350 6,397 Impairment on fixed assets - 130 Operating (loss) income (7,177 ) 407 Interest expense (838 ) (424 ) Gain (loss) on debt extinguishment and revaluation, net 551 (3,097 ) Loss on sale of fixed assets - (1 ) Other (expense) income, net (315 ) 23 Loss before income taxes (7,779 ) (3,092 ) Income tax benefit, net 425 548 Net loss (7,354 ) (2,544 ) (Less) Net income attributable to non-controlling interest, net (202 ) (2,710 ) Net loss attributable to Soluna Holdings, Inc. $ (7,556 ) $ (5,254 ) Basic and Diluted loss per common share: Basic & Diluted loss per share $ (0.88 ) $ (2.62 ) Weighted average shares outstanding (Basic and Diluted) 11,939,983 2,807,555 Expand Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, 2025 and 2024 Three Months Ended March 31, (Dollars in thousands) 2025 2024 Operating Activities Net loss $ (7,354 ) $ (2,544 ) Adjustments to reconcile net loss to net cash provided by (used in) by operating activities: Depreciation expense 1,506 1,554 Amortization expense 2,373 2,372 Stock-based compensation 1,847 661 Deferred income taxes (437 ) (548 ) Impairment on fixed assets - 130 Amortization of operating lease asset 15 61 (Gain) loss on debt extinguishment and revaluation, net (551 ) 3,097 Amortization on deferred financing costs and discount on notes 153 7 SEPA fair value revaluation 118 - Loss on sale of fixed assets - 1 Changes in operating assets and liabilities: Accounts receivable 329 (1,480 ) Prepaid expenses and other current assets (197 ) (138 ) Other long-term assets 1,606 1 Accounts payable 481 430 Contract liability (667 ) - Operating lease liabilities (15 ) (61 ) Other liabilities and customer deposits 374 (192 ) Accrued liabilities and interest payable 242 499 Net cash (used in) provided by operating activities (177 ) 3,850 Investing Activities Purchases of property, plant, and equipment (3,808 ) (524 ) Purchases of intangible assets (45 ) (38 ) Proceeds from disposal on property, plant, and equipment - 78 Deposits of equipment, net 213 (343 ) Net cash used in investing activities (3,640 ) (827 ) Financing Activities Proceeds from common stock warrant exercises - 300 Proceeds from SEPA 2,005 - Proceeds from notes 5,000 - Payments on notes and deferred financing costs (1,978 ) (616 ) Contributions from non-controlling interest 4,310 - Distributions to non-controlling interest (1,525 ) (1,680 ) Net cash provided by (used in) financing activities 7,812 (1,996 ) Increase in cash & restricted cash 3,995 1,027 Cash & restricted cash – beginning of period 10,453 10,367 Cash & restricted cash – end of period $ 14,448 $ 11,394 Supplemental Disclosure of Cash Flow Information Interest paid on NYDIG loans - 115 Interest paid on Navitas loan 3 57 Interest paid on June and July SPA notes 282 - Warrant consideration in relation to convertible notes and revaluation - 4,333 Notes converted to common stock - 1,023 Noncash deferred financing cost accrual 97 - Noncash membership distribution accrual 949 1,069 Expand For the three months ended March 31, 2025 Segment Revenue: Revenue from external customers $ 2,999 $ 2,402 $ 28 $ 5,429 Reconciliation of revenue Demand response revenue (a) 507 Total consolidated revenue 5,936 Less: Segment cost of revenue Utility costs 1,412 389 - 1,801 Wages, benefits, and employee related costs 219 470 7 696 Facilities and Equipment costs 207 365 - 572 Cost of revenue- depreciation 1,074 401 - 1,475 Other cost of revenue* 140 144 - 284 Total segment cost of revenue 3,052 1,769 7 4,828 General and administrative expenses 14 90 159 263 Segment operating income (loss) $ (67 ) $ 543 $ (138 ) $ 338 Expand For the three months ended March 31, 2024 Reconciliation of revenue Demand response revenue (a) - 875 12,549 Less: Segment cost of revenue Utility costs 1,377 1,357 - 2,734 Wages, benefits, and employee related costs 191 460 - 651 Facilities and Equipment costs 175 299 - 474 Cost of revenue- depreciation 1,087 436 - 1,523 Other cost of revenue* 178 217 - 395 Total segment cost of revenue 3,008 2,769 - 5,777 General and administrative expenses 29 35 - 64 Impairment on fixed assets 130 - - 130 Segment operating income $ 3,229 $ 2,474 $ - $ 5,703 Expand (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss. * Other cost of revenue includes insurance, outside service costs and margins, and general costs. Expand The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes: The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the three months ended March 31, 2025: Soluna Digital Soluna Cloud (Dollars in thousands) Project Dorothy 1B Project Dorothy 1A Project Sophie Other Soluna Digital Subtotal Project Ada Total Cryptocurrency mining revenue $ 2,999 $ - $ - $ - $ 2,999 $ - $ 2,999 Data hosting revenue - 1,371 1,031 - 2,402 - 2,402 Demand response services - - - 507 507 - 507 High-performance computing services - - - - - 28 28 Total revenue 2,999 1,371 1,031 507 5,908 28 5,936 Cost of cryptocurrency mining, exclusive of depreciation $ 1,954 - - - 1,954 - 1,954 Cost of data hosting revenue, exclusive of depreciation - 885 372 70 1,327 - 1,327 Cost of high-performance computing service revenue - - - - - 7 7 Cost of cryptocurrency mining revenue- depreciation 1,074 - - - 1,074 - 1,074 Cost of data hosting revenue- depreciation - 295 106 - 401 - 401 Total cost of revenue 3,028 1,180 478 70 4,756 7 4,763 Gross (loss) profit $ (29 ) $ 191 $ 553 $ 437 $ 1,152 $ 21 $ 1,173 Expand The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the three months ended March 31, 2024: Soluna Digital Soluna Cloud (Dollars in thousands) Project Dorothy 1B Project Dorothy 1A Project Sophie Other Soluna Digital Subtotal Project Ada Total Cryptocurrency mining revenue $ 6,396 $ - $ - $ - $ 6,396 $ - $ 6,396 Data hosting revenue - 3,542 1,736 - 5,278 - 5,278 Demand response services - - - 875 875 - 875 High-performance computing services - - - - - - - Total revenue 6,396 3,542 1,736 875 12,549 - 12,549 Cost of cryptocurrency mining, exclusive of depreciation $ 1,841 - - - 1,841 - 1,841 Cost of data hosting revenue, exclusive of depreciation - 1,737 514 - 2,251 - 2,251 Cost of high-performance computing service revenue - - - - - - - Cost of cryptocurrency mining revenue- depreciation 1,084 - - 3 1,087 - 1,087 Cost of data hosting revenue- depreciation - 284 150 2 436 - 436 Total cost of revenue 2,925 2,021 664 5 5,615 - 5,615 Gross profit $ 3,471 $ 1,521 $ 1,072 $ 870 $ 6,934 $ - $ 6,934 Expand Reconciliations of EBITDA and Adjusted EBITDA to net loss, the most comparable GAAP financial metric, for historical periods are presented in the table below: The following table represents the EBITDA and Adjusted EBITDA activity between each three-month period from January 1, 2024 through March 31, 2025 (unaudited). Net loss from continuing operations $ (2,544 ) $ (9,145 ) $ (8,093 ) $ (38,518 ) $ (7,354 ) Interest expense, net 424 449 821 833 838 Income tax benefit from continuing operations (548 ) (649 ) (547 ) (743 ) (425 ) Depreciation and amortization 3,926 3,909 3,916 3,889 3,879 EBITDA 1,258 (5,436 ) (3,903 ) (34,539 ) (3,062 ) Adjustments: Non-cash items Stock-based compensation costs 661 1,368 1,257 2,025 1,847 Loss on sale of fixed assets 1 21 - 9 - Provision for credit losses - 244 367 149 - Convertible note inducement expense - - - 388 - Placement agent release expense - - - 1,000 - Loss on contract - - - 28,593 - Impairment on fixed assets 130 - - - - Fair value adjustment on SEPA draws - - - - 118 Loss (gain) on debt extinguishment and revaluation, net 3,097 5,600 (1,203 ) (145 ) (551 ) Adjusted EBITDA $ 5,147 $ 1,797 $ (3,482 ) $ (2,520 ) $ (1,648 ) Expand
Business Wire
22-04-2025
- Business
- Business Wire
Soluna Signs Deal with Blockware at Project Dorothy 2, Expanding Bitcoin Hosting Business
BUSINESS WIRE)--Soluna Holdings, Inc. ('Soluna' or the 'Company'), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced today that it has signed a two-year hosting agreement with Blockware, one of North America's leading crypto mining infrastructure and services providers. Under the terms of the agreement, Blockware will deploy approximately 1,500 of its next-generation S21+ mining units at Soluna's Project Dorothy 2 data center in Texas. The deployment, targeting an initial deployment of 5 megawatts (MW), began on April 21, 2025, with operations expected to fully ramp up by June 1, 2025. Blockware anticipates deploying 250 PH/s to 350 PH/s at the site. 'We're thrilled to welcome Blockware to Project Dorothy 2,' said John Belizaire, CEO of Soluna Holdings. 'This new partnership underscores the value of our renewable-powered data centers for Bitcoin mining. It also strengthens our pipeline of stable, high-quality customers who align with our vision for renewable computing.' At Project Dorothy 2, Soluna offers Blockware a competitively priced, sustainable hosting environment uniquely suited to dynamic power markets. As part of the agreement, Soluna will provide full-stack infrastructure support, maintenance, and data center operations, including power management, internet connectivity, and on-site security. 'This partnership with Soluna advances Blockware's mission to bring more hashrate to the United States' said Mason Jappa, CEO of Blockware. 'Bitcoin mining is one of the most important industries of the 21st century, and we are committed to partnering with the best operators in the industry to deliver world-class hosting solutions and access to low-cost power.' Blockware's deployment at Project Dorothy 2 represents another milestone in Soluna's commitment to building out renewable-powered infrastructure for energy-intensive computing workloads. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident,' and similar statements. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the Securities and Exchange Commission ('SEC'), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law. About Soluna Holdings, Inc (Nasdaq: SLNH) 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 global computing resources. Soluna's pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna's proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit and follow us on: Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly. About Blockware Blockware is a leading Bitcoin mining infrastructure and services provider, evolving from a mining hardware brokerage to a comprehensive Mining-as-a-Service platform. With billions in hardware transactions and a trusted mining community, Blockware offers U.S.-based infrastructure that delivers premier hosting solutions, liquidity, and operational tools to optimize transparency, efficiency, and profitability. Their innovative Bitcoin-native Marketplace is transforming the way miners buy and sell hardware, hashrate, and energy contracts, providing just-in-time liquidity and driving the future of decentralized, transparent, and efficient mining.
