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Soluna (SLNH) - 2024 Q4 - Annual Results
SLNHSoluna (SLNH)2025-04-01 12:05

Revenue and Growth - Revenue for FY 2024 reached 38.0million,anincreaseof80.538.0 million, an increase of 80.5% compared to 21.1 million in FY 2023[7] - Total revenue in Q4 2024 was 8.3million,a9.98.3 million, a 9.9% increase from Q3 2024 revenue of 7.5 million[9] - Total revenue for Soluna Holdings, Inc. increased to 38,021,000in2024,up80.538,021,000 in 2024, up 80.5% from 21,066,000 in 2023[21] - Cryptocurrency mining revenue rose to 17,027,000,a60.517,027,000, a 60.5% increase from 10,602,000 in the previous year[21] - Data hosting revenue grew by 84.5% to 18,838,000comparedto18,838,000 compared to 10,196,000 in 2023[21] Financial Performance - Adjusted EBITDA for 2024 was 0.9million,asignificantimprovementfromalossof0.9 million, a significant improvement from a loss of 3.5 million in 2023[9] - The company reported a net loss of 58,300,000in2024,whichisasignificantincreasefromanetlossof58,300,000 in 2024, which is a significant increase from a net loss of 27,703,000 in 2023[21] - Operating loss for the year was 47,523,000,comparedto47,523,000, compared to 20,241,000 in 2023, indicating a worsening operational performance[21] - Soluna Holdings' basic and diluted loss per share was 12.15in2024,comparedto12.15 in 2024, compared to 27.79 in 2023[21] - EBITDA for 2024 is expected to be (42.62)million,worseningfrom(42.62) million, worsening from (12.65) million in 2023[25] Cash and Assets - Unrestricted cash grew by 23.2% to 7.8millionattheendof2024,comparedtotheendof2023[9]−Totalcurrentassetsdecreasedto7.8 million at the end of 2024, compared to the end of 2023[9] - Total current assets decreased to 13,495,000 in 2024 from 14,284,000in2023,reflectingadeclineof5.514,284,000 in 2023, reflecting a decline of 5.5%[19] - Cash and restricted cash at the end of the period totaled 10,453,000, slightly up from 10,367,000in2023[23]LiabilitiesandExpenses−Totalliabilitiesincreasedto10,367,000 in 2023[23] Liabilities and Expenses - Total liabilities increased to 60,678,000 in 2024, up from 37,917,000in2023,markinga60.137,917,000 in 2023, marking a 60.1% rise[19] - Selling, General & Administrative expenses increased by 3.3 million in FY 2024 due to expanded hiring and compliance costs[14] - The company reported a stock-based compensation cost of 5.31millionfor2024,upfrom5.31 million for 2024, up from 4.31 million in 2023[25] - Interest expense for 2024 is projected at 2.53million,slightlydownfrom2.53 million, slightly down from 2.75 million in 2023[25] - Depreciation and amortization expenses are expected to rise to 15.64millionin2024from15.64 million in 2024 from 13.38 million in 2023[25] Project Developments - Project Dorothy 2 is expected to increase Bitcoin hosting capacity by 64.0% to a total of 123 MW by Q4 2025[8] - Capital raised exceeded 31.5million,including31.5 million, including 29.2 million from Project Dorothy 2 in debt and equity[7] - The company plans to continue its market expansion efforts, focusing on new product development and technology advancements[25] Losses and Provisions - The company incurred a loss on contract amounting to 28,593,000in2024,whichwasnotpresentinthepreviousyear[21]−Thelossoncontractfor2024isestimatedat28,593,000 in 2024, which was not present in the previous year[21] - The loss on contract for 2024 is estimated at 28.59 million, with no such loss reported in 2023[25] - The company anticipates a provision for credit losses of 0.76millionin2024,withnoprovisionreportedin2023[25]−Thelossondebtextinguishmentandrevaluationisprojectedat0.76 million in 2024, with no provision reported in 2023[25] - The loss on debt extinguishment and revaluation is projected at 7.35 million for 2024, compared to $3.90 million in 2023[25]