Soluna Holdings, Inc. ( (SLNH) ) has released its Q4 earnings. Here is a breakdown of the information Soluna Holdings, Inc. presented to its investors.
Soluna Holdings, Inc., a company specializing in the development of green data centers for Bitcoin mining and AI applications, has reported significant financial growth and strategic advancements for the fiscal year 2024. The company operates within the renewable energy sector, leveraging surplus energy to power computing resources.
In its latest earnings report, Soluna Holdings announced an impressive revenue growth of 80.5%, reaching $38 million for 2024, driven by its core businesses in Bitcoin hosting, mining, and demand response services. The company highlighted its strategic milestones, including the expansion of its project pipeline and the launch of its AI/HPC business.
Key financial metrics from the report include a record revenue increase, with Project Dorothy 1A and 1B contributing significantly to Bitcoin hosting and mining revenue. The company also reported a positive cash flow from its core business for the first time, attributed to the simplification of its capital structure and the termination of a loss-making contract with HPE. Furthermore, Soluna Holdings secured $31.5 million in capital and maintained a strong cash balance.
Strategically, Soluna Holdings is advancing its infrastructure projects, with Project Dorothy 2 set to increase Bitcoin hosting capacity by 64% by the end of 2025. The company is also exploring new opportunities through Project Kati and Project Rosa, which are expected to unlock additional hosting and AI joint venture capacities.
Looking ahead, Soluna Holdings remains focused on executing its strategic plan to lead the development of sustainable computing infrastructure. The company’s management is optimistic about its growth trajectory, supported by its robust project pipeline and strengthened financial position.