Thursday, November 11, 2021 10:09:56 AM
Michael Toporek, CEO of Soluna, stated, "We continue to rapidly scale our facilities as we energize our data centers to hit our 50MW target by year end and drive to over 1 Exahash in the next several months. We are proud of our team’s solid execution and with the Soluna acquisition complete, we expect our momentum to increase. Watch us scale.”
Soluna's Chief Financial Officer, Jessica Thomas, commented, "The strong third quarter results clearly reflect the continued positive trends we are seeing in the overall growth of the business. Our revenue and cash contribution continues to grow nicely each quarter. Revenuegrew by 53.6% sequentially from the second quarter, and annualized cash contribution from our computing segment was about $17.3 million. With our strengthened balance sheet we are strongly positioned for continued growth."
Third Quarter 2021 Financial Highlights:
For the third quarter ended September 30, 2021, revenues were $5.1 million, a 54% increase of $1.8M compared to $3.3 million in the prior year quarter. The increase in revenue was driven by the continued ramp of cryptocurrency line of business. Cryptocurrency revenue was $3.1 million, for the three months ended September 30, 2021, an increase of $1.4 million from the prior year quarter, and an82% increase compared to the second quarter of 2021 of $1.7.
As of September 30, 2021, the Company reported cash of $15.8 million compared to $12 million at June 30, 2021. During the quarter, the Company raised approximately$18 million in gross proceeds from its preferred offering and an additional $2.16 million from the partial exercise of the underwriters’ over-allotment option. In October, the Company raised an additional $16.3 million in a convertible note financing further strengthening the company’s balance sheet.
EcoChain, Inc. (Re-named Soluna Computing Inc.) revenue was $3.1 million for the third quarter ended September 30, 2021, which was a $1.4 million increasecompared to the prior consecutive quarter. Cost of revenue for the 2021 third quarter was $1.7 million or 55% of revenue. Capacity continued to ramp in the third quarter compared to the 2021 second quarter. The improvement is due to the continued ramp and additional hashrate on-line as facilities continue to increase the utilization. EcoChain (Soluna Computing) is positioned for additional growth in 2021 towards its stated goals of 50MW under management by the end of 2021.
EcoChain (Soluna Computing) KeySummaryHighlights for October 2021:1
($ in 000s; Unaudited) Q1 2021 Q2 2021 Q3 2021 Oct 2021
Revenue $995 $1,657 $2,368 $2,142
Contribution Margin $744 $1,261 $1,703 $1,444
Annualized Revenue $3,980 $6,628 $9,472 $25,704
Annualized Contribution Margin $2,976 $5,044 $6,812 $17,328
all numbers above exclude legacy hosting
MTI Instruments revenue was $1.9 million for the third quarter ended September 30, 2021, which was an $300 thousand increasecompared to the prior quarter Q2 results. MTI Instruments product cost of sales, for the third quarter of 2021 was $661 thousand providing $1.3 million of contribution.
A presentation and corresponding video is available on the Company’s website at https://www.mechtech.com/mti-announces-quarter-three-2021-results
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