Soluna Holdings Q3 Earnings Report Energizes Stock, Trades Up 30% Over Past 5 Days

 

Last week, Soluna Holdings (SLNH) reported its third quarter financial results, creating positive  movement in the company’s share price as the stock has traded up ~30%, over the past 5 days.

In the report, Soluna announced the completion of Project Dorothy 1B, Soluna’s 50-megawatt data center in Texas which is a significant milestone for the company, as the project is now fully operational. Soluna CEO John Belizaire, provided a positive outlook as he indicated additional upcoming projects and growth potential by stating, “With Project Dorothy 2 on the immediate horizon, Project Kati setting up its robust earnings power and the vast potential of AI at our doorstep, we have a solid foundation for future growth.”.

In addition to its recent project achievements, Soluna reported strong third-quarter financial results. SLNH announced a substantial cash position of $5.6M, Q3 revenue of $5.8M which was a 176% increase compared to the last quarter, and gross profit grew to $1.4M. While Soluna reported a net loss of $6M it was a significant improvement from the $52M net loss reported the previous year (Q3 2022).

About Soluna Holdings, Inc (SLNH)

Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI, and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’

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Soluna Holdings Q3 Earnings Report Energizes Stock, Trades Up 30% Over Past 5 Days

Ashlee Vogenthaler

Markets Editor