SLNH Soluna Holdings Inc

Performance Includes 176% Increase in Revenue and Operating Profit Milestone

Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing applications, reported financial results for the third quarter ended September 30, 2023.

John Belizaire, CEO of Soluna Holdings, said, “We are delighted to announce the successful completion of Project Dorothy 1B, marking a significant milestone for Project Dorothy. The project is now fully operational, and we are witnessing the tangible impact of its earnings potential.”

Belizaire went further on to say, “Our dedicated team has demonstrated exceptional execution across our four strategic focus areas, as outlined in our shareholder letter: the energizing of Project Dorothy, Cash Flow and Expense Management, Expanding our Flagship, and Growing our Pipeline. The business transition initiated in Q2 is yielding positive results, evident in our latest financials. Despite the challenges posed by the summer heat in Texas and Kentucky, our team's focused and meticulous efforts have propelled us to our first quarter of gross profit and substantial business growth from earlier lows.”

Belizaire concluded by saying, “With Project Dorothy 2 on the immediate horizon, Project Kati setting up its robust earnings power and the vast potential of AI at our doorstep, we have a solid foundation for future growth.”

Finance and Operational Highlights:

Substantial cash balance - The unrestricted cash balance as of September 30, 2023, was $5.6 million compared to $1.1 million as of December 31, 2022. This is driven by new project-level investments, operational execution, and expense management measures implemented in the first half of the year.

EBITDA Milestone - The Company achieved a positive Adjusted EBITDA for the first time since second quarter 2022.

Revenue Ramp - Revenue in the third quarter increased by 176% to $5.8 million compared to $2.1 million in the second quarter of 2023. The revenue increase is driven by the continued ramp in the Project Dorothy sites, including hosting and proprietary mining.

Project Dorothy 1A and 1B fully operational as of October 31 2023 - Installed hashrate of 1.76 EH/s in Project Dorothy 1A/1B fully and it is fully operational. This brings the Company’s total installed hashrate to 2.6 EH/s. Project Dorothy consumed over 4,000 MWh of curtailed energy through the end of October solidifying the effectiveness of Soluna’s innovative solution to monetizing curtailed energy.

Ancillary services revenue - The Company completed its pre-registration for Ancillary Services with ERCOT, bringing it closer to diversifying its revenue by having Project Dorothy serve as a grid resource.

As of the end of the third quarter of 2023, Soluna deployed over 23,600 bitcoin miners (between hosting and prop mining) across all sites. And, the Company operated at an average hashrate of 2.4 EH/s across all sites as Project Dorothy became fully energized by late summer.

AI initiative - The Company launched a new initiative focused on a new data center purpose-built for AI training workloads. The new design, code-named “Helix”, will be part of Project Dorothy 2; due to start in the first quarter of 2024. The Company also formed a new Advisory Board to accelerate the Company’s AI initiatives and tapped Daniel Golding, a former head of advanced engineering and data center innovation at Google.

Financial Summary:

Key financial results for the third quarter include:

2023 Revenue By Quarter (in thousands) Revenue   Q1 2023   Q2 2023   Q3 2023   YTD 2023 Data hosting revenue  

$

286

 

$

1,153

 

$

4,011

 

$

5,451

Cryptocurrency mining revenue  

 

2,796

 

 

915

 

 

1,786

 

 

5,497

Total revenue  

$

3,082

 

$

2,068

 

$

5,797

 

$

10,948

*may not foot due to rounding        

• Total revenue in the third quarter of 2023 increased by 176% to $5.8 million compared to $2.1 million in the second quarter of 2023. The increase is primarily attributable to the ramping of Project Dorothy, commissioning of proprietary mining and continued ramping of hosting revenues.

2023 Gross Profit by Quarter (in thousands) Gross Profit Q1 2023 Q2 2023 Q3 2023 YTD Cryptocurrency mining revenue

$

2,796

 

$

915

 

$

1,786

 

$

5,497

Data Hosting Revenue

 

286

 

 

1,153

 

 

4,011

 

 

5,451

Total Revenue

 

3,082

 

 

2,068

 

 

5,797

 

 

10,948

 

 

Cost of cryptocurrency mining revenue, exclusive of depreciation

 

2,252

 

 

1,160

 

 

1,040

 

 

4,452

Cost of data hosting mining revenue, exclusive of depreciation

 

272

 

 

759

 

 

2,150

 

 

3,181

Cost of revenue - depreciation

 

625

 

 

539

 

 

1,200

 

 

2,364

Total cost of revenue

 

3,149

 

 

2,458

 

 

4,390

 

 

9,997

  Gross Profit

$

(67

)

$

(390

)

$

1,407

 

$

950

  *certain prior quarter amounts have been reclassified for consistency in the current quarter presentation

• Gross profit improved to $1.4 million in the third quarter of 2023, as compared to $(390) thousand in the second quarter of 2023.
• General and Administrative, exclusive of depreciation and amortization expenses, decreased by 52% to $2.7 million in the third quarter of 2023, as compared to $5.7 million in the third quarter of 2022, primarily due to cost reductions related to salaries and benefits, and reduced consulting and professional fees.
• Stock compensation expense during the third quarter of 2023 was $595 thousand versus $890 thousand in the third quarter of 2022.
• Net loss from continuing operations improved to $6.0 million in the third quarter of 2023 from $56.2 million in the third quarter of 2022.

2023 Adjusted EBITDA by Quarter (in thousands)   Q1 2023   Q2 2023   Q3 2023   YTD 2023 Net Loss  

$

(7,432

)

 

$

(9,257

)

 

$

(6,016

)

 

$

(22,705

)

(+) Interest expense  

 

1,374

 

 

 

486

 

 

 

495

 

 

 

2,355

 

(+) Income taxes  

 

(547

)

 

 

(547

)

 

 

569

 

 

 

(524

)

(+) Depreciation and amortization  

 

3,002

 

 

 

2,918

 

 

 

3,579

 

 

 

9,498

 

EBITDA Table  

$

(3,603

)

 

$

(6,400

)

 

$

(1,373

)

 

$

(11,376

)

          Adjustments non-cash         Stock based compensation  

 

879

 

 

 

2,232

 

 

 

595

 

 

 

3,709

 

(Gain) loss on sale of fixed assets  

 

78

 

 

 

(48

)

 

 

373

 

 

 

404

 

Impairment on fixed assets  

 

209

 

 

 

169

 

 

 

41

 

 

 

418

 

Debt extinguishment and revaluation  

 

(473

)

 

 

2,054

 

 

 

769

 

 

 

2,350

 

Adjusted EBITDA  

$

(2,910

)

 

$

(1,993

)

 

$

405

 

 

 

(4,495

)

          *may not foot due to rounding        

• Adjusted EBITDA positive - The measure improved to $405 thousand in the third quarter of 2023, as compared to $(2.0) million in the second quarter of 2023 and $(2.9) million in the first quarter of 2023, a quarter over quarter improvement.

The unaudited financial statements are available online. A presentation of this Third Quarter Update can also be found online.

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. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, 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 Securities and Exchange Commission. 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.

In addition to figures prepared in accordance with GAAP, Soluna from time to time presents alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow. 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.

About Soluna Holdings, Inc (SLNH)

Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI, and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’

Soluna Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

As of September 30, 2023 (Unaudited) and December 31, 2022

 

(Dollars in thousands, except per share)

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Assets

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash

 

$

5,625

 

 

$

1,136

 

Restricted cash

 

 

3,428

 

 

 

685

 

Accounts receivable

 

 

2,024

 

 

 

320

 

Notes receivable

 

 

446

 

 

 

219

 

Prepaid expenses and other current assets

 

 

1,593

 

 

 

1,107

 

Deposits and credits on equipment

 

 

975

 

 

 

1,175

 

Equipment held for sale

 

 

248

 

 

 

295

 

Total Current Assets

 

 

14,339

 

 

 

4,937

 

Restricted cash

 

 

1,000

 

 

 

-

 

Other assets

 

 

2,957

 

 

 

1,150

 

Property, plant and equipment, net

 

 

45,938

 

 

 

42,209

 

Intangible assets, net

 

 

29,370

 

 

 

36,432

 

Operating lease right-of-use assets

 

 

483

 

 

 

233

 

Total Assets

 

$

94,087

 

 

$

84,961

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

3,005

 

 

$

3,548

 

Accrued liabilities

 

 

4,447

 

 

 

2,721

 

Line of credit

 

 

-

 

 

 

350

 

Convertible notes payable

 

 

10,796

 

 

 

11,737

 

Current portion of debt

 

 

9,053

 

 

 

10,546

 

Deferred revenue

 

 

-

 

 

 

453

 

Operating lease liability

 

 

215

 

 

 

161

 

Total Current Liabilities

 

 

27,516

 

 

 

29,516

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

 

1,497

 

 

 

203

 

Long-term debt

 

 

1,050

 

 

 

-

 

Operating lease liability

 

 

273

 

 

 

84

 

Deferred tax liability, net

 

 

8,362

 

 

 

8,886

 

Total Liabilities

 

 

38,698

 

 

 

38,689

 

 

 

 

 

 

 

 

 

 

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; 3,061,245 shares issued and outstanding as of September 30, 2023 and December 31, 2022

 

 

3

 

 

 

3

 

Series B Preferred Stock, par value $0.0001 per share, authorized 187,500; 62,500 shares issued and outstanding as of September 30, 2023 and December 31, 2022

 

 

—

 

 

 

—

 

Common stock, par value $0.001 per share, authorized 75,000,000; 1,492,729 shares issued and 1,451,988 shared outstanding as of September 30, 2023 and 788,578 shares issued and 747,837 shares outstanding as of December 31, 2022(1)

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

286,799

 

 

 

277,429

 

Accumulated deficit

 

 

(244,268

)

 

 

(221,769

)

Common stock in treasury, at cost, 40,741 shares at September 30, 2023 and December 31, 2022(1)

 

 

(13,798

)

 

 

(13,798

)

Total Soluna Holdings, Inc. Stockholders’ Equity

 

 

28,737

 

 

 

41,866

 

Non-Controlling Interest

 

 

26,652

 

 

 

4,406

 

Total Stockholders’ Equity

 

 

55,389

 

 

 

46,272

 

Total Liabilities and Stockholders’ Equity

 

$

94,087

 

 

$

84,961

 

(1) Prior period results have been adjusted to reflect the Reverse Stock Split of the Common Stock at a ratio of 1-for-25 that became effective October 13, 2023.

Soluna Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

For the Three and Nine Months Ended September 30, 2023 and 2022

(Dollars in thousands, except per share)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cryptocurrency mining revenue

 

$

1,786

 

 

$

5,387

 

 

$

5,497

 

 

$

20,696

 

Data hosting revenue

 

 

4,011

 

 

 

985

 

 

 

5,451

 

 

 

3,668

 

Total revenue

 

 

5,797

 

 

 

6,372

 

 

 

10,948

 

 

 

24,364

 

Operating costs:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of cryptocurrency mining revenue, exclusive of depreciation

 

 

1,040

 

 

 

4,100

 

 

 

4,451

 

 

 

11,092

 

Cost of data hosting revenue, exclusive of depreciation

 

 

2,150

 

 

 

1,078

 

 

 

3,181

 

 

 

3,192

 

Costs of revenue- depreciation

 

 

1,200

 

 

 

6,010

 

 

 

2,364

 

 

 

15,872

 

Total costs of revenue

 

 

4,390

 

 

 

11,188

 

 

 

9,996

 

 

 

30,156

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expenses, exclusive of depreciation and amortization

 

 

2,723

 

 

 

5,686

 

 

 

11,219

 

 

 

15,441

 

Depreciation and amortization associated with general and administrative expenses

 

 

2,379

 

 

 

2,378

 

 

 

7,134

 

 

 

7,127

 

Total general and administrative expenses

 

 

5,102

 

 

 

8,064

 

 

 

18,353

 

 

 

22,568

 

Impairment on equity investment

 

 

-

 

 

 

750

 

 

 

-

 

 

 

750

 

Impairment on fixed assets

 

 

41

 

 

 

28,086

 

 

 

418

 

 

 

28,836

 

Operating loss

 

 

(3,736

)

 

 

(41,716

)

 

 

(17,819

)

 

 

(57,946

)

Interest expense

 

 

(495

)

 

 

(1,671

)

 

 

(2,355

)

 

 

(7,856

)

Loss on debt extinguishment and revaluation, net

 

 

(769

)

 

 

(12,317

)

 

 

(2,350

)

 

 

(12,317

)

Loss on sale of fixed assets

 

 

(373

)

 

 

(988

)

 

 

(404

)

 

 

(2,606

)

Other (expense) income, net

 

 

(74

)

 

 

2

 

 

 

(301

)

 

 

2

 

Loss before income taxes from continuing operations

 

 

(5,447

)

 

 

(56,690

)

 

 

(23,229

)

 

 

(80,723

)

Income tax (expense) benefit from continuing operations

 

 

(569

)

 

 

547

 

 

 

524

 

 

 

1,344

 

Net loss from continuing operations

 

 

(6,016

)

 

 

(56,143

)

 

 

(22,705

)

 

 

(79,379

)

Income before income taxes from discontinued operations

 

 

-

 

 

 

(21

)

 

 

-

 

 

 

7,681

 

Income tax benefit from discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

70

 

Net income from discontinued operations

 

 

-

 

 

 

(21

)

 

 

-

 

 

 

7,751

 

Net loss

 

 

(6,016

)

 

 

(56,164

)

 

 

(22,705

)

 

 

(71,628

)

(Less) Net (income) loss attributable to non- controlling interest

 

 

(646

)

 

 

272

 

 

 

206

 

 

 

272

 

Net loss attributable to Soluna Holdings, Inc.

 

$

(6,662

)

 

$

(55,892

)

 

$

(22,499

)

 

$

(71,356

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted (loss) earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from continuing operations per share (Basic & Diluted) (1)

 

$

(4.40

)

 

$

(95.49

)

 

$

(20.11

)

 

$

(146.46

)

Net income from discontinued operations per share (Basic & Diluted) (1)

 

$

-

 

 

$

(0.04

)

 

$

-

 

 

$

13.64

 

Basic & Diluted loss per share (1)

 

$

(4.40

)

 

$

(95.53

)

 

$

(20.11

)

 

$

(132.82

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (Basic and Diluted) (1)

 

 

1,374,364

 

 

 

587,921

 

 

 

1,149,745

 

 

 

568,307

 

(1) Prior period results have been adjusted to reflect the Reverse Stock Split of the Common Stock at a ratio of 1-for-25 that became effective October 13, 2023.

Soluna Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

For the Nine Months Ended September 30, 2023 and 2022

 

(Dollars in thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

Operating Activities

 

 

 

 

 

 

 

 

Net loss

 

$

(22,705

)

 

$

(71,628

)

Net income from discontinued operations

 

 

-

 

 

 

(7,751

)

Net loss from continuing operations

 

 

(22,705

)

 

 

(79,379

)

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation expense

 

 

2,387

 

 

 

15,888

 

Amortization expense

 

 

7,111

 

 

 

7,111

 

Stock-based compensation

 

 

3,640

 

 

 

2,747

 

Consultant stock compensation

 

 

69

 

 

 

121

 

Deferred income taxes

 

 

(524

)

 

 

(1,344

)

Impairment on fixed assets

 

 

418

 

 

 

28,836

 

Amortization of operating lease asset

 

 

177

 

 

 

151

 

Impairment on equity investment

 

 

-

 

 

 

750

 

Loss on debt extinguishment and revaluation, net

 

 

2,350

 

 

 

12,317

 

Amortization on deferred financing costs and discount on notes

 

 

748

 

 

 

6,630

 

Loss on sale of fixed assets

 

 

404

 

 

 

2,606

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,552

)

 

 

(1,498

)

Prepaid expenses and other current assets

 

 

(484

)

 

 

(154

)

Other long-term assets

 

 

(307

)

 

 

(69

)

Accounts payable

 

 

551

 

 

 

884

 

Deferred revenue

 

 

(453

)

 

 

118

 

Operating lease liabilities

 

 

(172

)

 

 

(148

)

Other liabilities

 

 

1,294

 

 

 

(306

)

Accrued liabilities

 

 

2,644

 

 

 

(382

)

Net cash (used in) provided by operating activities

 

 

(4,404

)

 

 

(5,121

)

Net cash provided by operating activities- discontinued operations

 

 

-

 

 

 

369

 

Investing Activities

 

 

 

 

 

 

 

 

Purchases of property, plant, and equipment

 

 

(12,534

)

 

 

(61,867

)

Purchases of intangible assets

 

 

(49

)

 

 

(114

)

Proceeds from disposal on property, plant, and equipment

 

 

2,266

 

 

 

2,525

 

Deposits and credits on equipment, net

 

 

200

 

 

 

6,441

 

Net cash used in investing activities

 

 

(10,117

)

 

 

(53,015

)

Net cash provided by investing activities- discontinued operations

 

 

-

 

 

 

9,004

 

Financing Activities

 

 

 

 

 

 

 

 

Proceeds from preferred offerings

 

 

-

 

 

 

16,658

 

Proceeds from common stock securities purchase agreement offering

 

 

817

 

 

 

-

 

Proceeds from notes and debt issuance

 

 

3,100

 

 

 

29,736

 

Costs of preferred offering

 

 

-

 

 

 

(1,910

)

Costs of common stock securities purchase agreement offering

 

 

(10

)

 

 

-

 

Costs and payments of notes and short-term debt issuance

 

 

(510

)

 

 

(2,428

)

Cash dividend distribution on preferred stock

 

 

-

 

 

 

(3,852

)

Payments on NYDIG loans and line of credit

 

 

(350

)

 

 

(3,841

)

Contributions from non-controlling interest

 

 

19,706

 

 

 

4,293

 

Proceeds from stock option exercises

 

 

-

 

 

 

153

 

Proceeds from common stock warrant exercises

 

 

-

 

 

 

779

 

Net cash provided by financing activities

 

 

22,753

 

 

 

39,588

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash & restricted cash-continuing operations

 

 

8,232

 

 

 

(18,548

)

Increase in cash & restricted cash- discontinued operations

 

 

-

 

 

 

9,373

 

Cash & restricted cash – beginning of period

 

 

1,821

 

 

 

10,258

 

Cash & restricted cash – end of period

 

$

10,053

 

 

$

1,083

 

 

 

 

 

 

 

 

 

 

Supplemental Disclosure of Cash Flow Information

 

 

 

 

 

 

 

 

Noncash equipment financing

 

 

-

 

 

 

4,620

 

Interest paid on NYDIG loans and cash interest paid on line of credit

 

 

567

 

 

 

1,179

 

Noncash disposal of NYDIG collateralized equipment

 

 

2,576

 

 

 

-

 

Proceed receivable from sale of MTI Instruments

 

 

-

 

 

 

205

 

Notes converted to common stock

 

 

2,444

 

 

 

2,441

 

Warrant consideration in relation to promissory notes and convertible notes

 

 

1,330

 

 

 

14,602

 

Promissory note and interest conversion to common shares

 

 

845

 

 

 

15,236

 

Noncash note receivable from sale of equipment

 

 

240

 

 

 

-

 

Noncash non-controlling interest contributions

 

 

2,746

 

 

 

290

 

Series B preferred dividend prefunded warrant and common stock issuance

 

 

657

 

 

 

-

 

Noncash activity right-of-use assets obtained in exchange for lease obligations

 

 

403

 

 

 

20

 

Reconciliations of Adjusted EBITDA to net income from continuing operations, the most comparable GAAP financial metric, for historical periods are presented in the table below:

(Dollars in thousands)

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss from continuing operations

 

$

(6,016

)

 

$

(56,143

)

 

$

(22,705

)

 

$

(79,379

)

Interest expense, net

 

 

495

 

 

 

1,671

 

 

 

2,355

 

 

 

7,856

 

Income tax expense (benefit) from continuing operations

 

 

569

 

 

 

(547

)

 

 

(524

)

 

 

(1,344

)

Depreciation and amortization

 

 

3,579

 

 

 

8,388

 

 

 

9,498

 

 

 

22,999

 

EBITDA

 

 

(1,373

)

 

 

(46,631

)

 

 

(11,376

)

 

 

(49,868

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments: Non-cash items

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation costs

 

 

595

 

 

 

890

 

 

 

3,709

 

 

 

2,869

 

Loss on sale of fixed assets

 

 

373

 

 

 

988

 

 

 

404

 

 

 

2,606

 

Impairment on equity investment

 

 

-

 

 

 

750

 

 

 

-

 

 

 

750

 

Impairment on fixed assets

 

 

41

 

 

 

28,086

 

 

 

418

 

 

 

28,836

 

Loss on debt extinguishment and revaluation, net

 

 

769

 

 

 

12,317

 

 

 

2,350

 

 

 

12,317

 

Adjusted EBITDA

 

$

405

 

 

$

(3,600

)

 

$

(4,495

)

 

$

(2,490

)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20231115093396/en/

David Michaels Soluna Holdings, Inc. Chief Financial Officer Hello@soluna.io

For Media Inquiries: Sam Sova Founder and CEO SOVA Sam@teamsova.biz