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Soluna (SLNH) - 2024 Q3 - Quarterly Results
SLNHSoluna (SLNH)2024-11-15 22:20

Financial Performance - Year-to-date revenue reached a record 29.7million,anincreaseof29.7 million, an increase of 18.8 million or 172% compared to 10.9millionin2023[10]−Thirdquarterrevenueincreasedby3010.9 million in 2023[10] - Third quarter revenue increased by 30% to 7.5 million, up from 5.8millioninthesamequarterof2023[9]−AdjustedEBITDAforyear−to−date2024is5.8 million in the same quarter of 2023[9] - Adjusted EBITDA for year-to-date 2024 is 3.5 million, a significant improvement of 8.0millionfromalossof8.0 million from a loss of 4.5 million in 2023[10] - Year-to-date gross profit for Soluna Digital reached 12.5million,comparedto12.5 million, compared to 1.0 million in 2023[14] Cash and Funding - Unrestricted cash increased by 38% from the end of 2023, reaching 8.8million[11]−SolunaCloudraisedatotalof8.8 million[11] - Soluna Cloud raised a total of 13.75 million to enhance its AI offerings, including an additional 1.25millioninfunding[8]−ProjectDorothy2secured1.25 million in funding[8] - Project Dorothy 2 secured 30 million in funding for a 48 MW expansion, with groundbreaking held on August 28, 2024[7] Development and Expansion - The development pipeline now exceeds 2.6 GW, with 1.2 GW currently in active Term Sheet negotiations[6] - Project Rosa signed term sheets for power and land for a new 187 MW data center, marking a significant step in expansion efforts[9] - Soluna Digital's revenue for Q3 2024 was $7.5 million, representing 100% of the company's consolidated revenue[12]