Water Tower Hour Recap: Soluna Positioned for Revenue/EBITDA Growth in 2024 as New Projects Ramp
CEO John Belizaire joined WTR’s Tim Regan and Graham Mattison to talk about Soluna’s impressive business turnaround in 2023, including the projects that are online today and their growing adjusted EBITDA contributions. Belizaire also talked about new projects under development, incremental revenue sources, and the company’s recently announced AI pilot at Project Dorothy. 2023 – the turnaround of Soluna. Belizaire talked about the transformation of the company in 2023, coming from the depths of the crypto winter and regulatory delays, to bringing the company’s flagship Project Dorothy online, securing partners at the project level, and then being selected for the 166-MW Project Kati. Project Dorothy provides EBITDA contributions and serves as a proof of concept that helps de-risk future projects. With Project Dorothy 1A and 1B online, Soluna has been able to show the success of its Maestro operating software, which performed flawlessly in record heat with both hosting and proprietary miners. Belizaire explained that in addition to the EBITDA contributions, Project Dorothy also allows prospective partners to see its technology and its growing track record of execution. We note that the success of Project Dorothy was a key reason that Soluna was selected from more than 20 other players at Project Kati. AI pilot signals the beginning of the next phase in the company’s growth. Belizaire discussed how Soluna is working to support the data center needs that are being driven by the proliferation of AI. The company is currently developing a scalable pilot for high-performance computing at Project Dorothy 2 that can be used to support AI workloads. Belizaire also described the company’s new data center design, Helix, and how the needs of AI compute differ from much of today’s data center demand and where Soluna’s low power cost modular data centers can help support that demand. Near- and longer-term project pipeline growing. Soluna remains focused on the development of the next 50MW at Project Dorothy 2 and advancing the 166-MW Project Kati through the ERCOT approval process. Belizaire noted how the company’s operational success at Project Sophie and Project Dorothy makes Soluna attractive for a range of potential partners. Those interested can listen to the episode on Apple Podcasts, Google Podcasts, Spotify, or on our website. Links accessible in our full report.
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