Wed, Aug 14, 7:42 PM (153 days ago)
For the quarter ending June 30, 2024, Soluna Holdings, Inc. reported significant growth in revenue, reaching $9,675,000 compared to $2,068,000 in the same period last year, primarily driven by cryptocurrency mining and data hosting services. Operating losses decreased to $3,675,000 from $7,074,000, reflecting improved operational efficiencies. Despite these gains, the company posted a net loss of $10,873,000, exacerbated by high interest expenses and losses related to debt extinguishment. Cash flow from operations showed a net outflow of $3,473,000, with total cash and restricted cash increasing to $12,509,000. The company faces liquidity challenges, evidenced by negative working capital and substantial debt obligations of approximately $9.2 million, alongside accrued penalties. Future operations remain uncertain due to ongoing litigation with NYDIG, which has led to repossession of collateralized assets. The company is actively exploring financing options to sustain operations and meet obligations. Overall, while revenue trends are positive, substantial risks and uncertainties loom over Soluna's financial health and operational stability.