Soluna Holdings Announces December Site Level Financials January 18, 2022 07:00 ET | Source: Soluna Holdings, Inc.
Hashrate Continues to Scale and Expect to Hit 1 EH/s by End of March 2022
Expects to Release Earnings Power Illustration for 2022 on January 19th
ALBANY, N.Y., Jan. 18, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. ("SCI"), a developer of green data centers for cryptocurrency mining and other intensive computing, today announced the release of its December site level financials.
Michael Toporek, CEO of Soluna Holdings, stated, “We continue to deliver strong month over month performance. Despite an 18% drop in average BTC price between November and December, our December revenue continued to increase. We expect further earnings acceleration over the next few months as we march toward our target hashrate of over 1 EH/s.”
Key Summary Highlights for December 2021 and Flash Revenue:
o December 2021 Revenue increased despite an 18% decrease in average BTC price between November ($60,621) and December ($49,263)
o Yearly cash contribution margin run-rate at $25.65 million
o Sophie site powered up in December to hit 25MW target
o Hashrate continues to scale and expect to hit 1 EH/s by the end of March (+/- 30 days)
o Hashrate expected to scale as follows +/- 30 days
2022 2023 Q1 Q2 Q3 Q4 Q1
Hashrate Target (EH/s) 1.0 1.3 2.0 3.0 4.0 Target for 2022 is to energize 100 MW with power prices at sub 2.5 c / kWh Revenue & Contribution Margin Summary *all number below exclude legacy hosting ($ in 000s; Unaudited)* Q1 2021 Q2 2021 Q3 2021 Dec 2021 Q4 2021 Revenue $995 $1,657 $2,368 $3,243 $8,017 Contribution Margin $744 $1,261 $1,703 $2,138 $5,524 Annualized Revenue $3,980 $6,628 $9,472 $38,916 $32,068 Annualized Contribution Margin $2,976 $5,044 $6,812 $25,656 $22,096
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