Wed, May 15, 9:36 PM (72 days ago)
Soluna Holdings, Inc. reported a significant increase in revenues for Q1 2024, reaching $12.5 million compared to $3.1 million in Q1 2023. This growth was primarily driven by cryptocurrency mining ($6.4 million) and data hosting ($5.3 million) revenues. However, the company still incurred a net loss of $2.5 million, an improvement from the $7.4 million loss in Q1 2023. The net loss attributable to Soluna Holdings, Inc. was $5.3 million after accounting for non-controlling interests. Operational costs remained substantial, with total costs of revenue at $5.6 million and general and administrative expenses at $6.4 million. The company also faced a $3.1 million loss on debt extinguishment and revaluation. Cash flow from operations was positive at $3.9 million, but investing and financing activities resulted in net cash outflows of $0.8 million and $2.0 million, respectively. The company has faced liquidity challenges, including significant debt obligations and the need for additional financing to sustain operations. The NYDIG litigation remains unresolved, with an outstanding principal balance of $9.2 million and accrued interest and penalties of $1.2 million as of March 31, 2024. Soluna plans to raise funds to support growth initiatives, particularly in AI, and aims to achieve operational excellence across all data centers.