reports
- Graham Mattison
Soluna Cloud Contract Unleashes New Business Line with Significant Nea...
Soluna Cloud has entered into a three-year managed services agreement with Hewlett Packard Enterprise (HPE), with $38-80 million in expected revenue over the contract, with the first 512 GPUs available today. Soluna will manage a hydro-powered datacenter in collaboration with its strategic OEM partner and has secured NVIDIA H100 GPUs that will allow it to offer Generative AI workloads for enterprise customers and Generative AI labs. The Soluna Cloud subsidiary has been funded by a non-dilutive $...
- Graham Mattison
Fireside Chat Details of Near-Term Milestones for New Capacity That Wi...
On June 4, 2024, we hosted CEO John Belizaire for a fireside chat, which included a discussion of the 48 MW expansion underway at Project Dorothy, the recently announced Power Purchase Agreement (PPA) with EDF Renewables for 166 MW at Project Kati, and the company’s path to profitability and addressing its legacy debt. This report contains a transcript of the conversation, which can be accessed on demand. The link is accessible in our full report. Project Dorothy 2 construction to begin this sum...
- Graham Mattison
Major Milestones Reached in Expansion; Next Phase of Growth Now Well U...
214MW of new projects to more than double the existing 75MW in operation and further builds on Soluna’s impressive corporate turnaround. In the past year, Soluna has launched its flagship Project Dorothy with both hosting (1A) and propriety mining (1B), moved to more profitable hosting contracts at its 25MW Project Sophie, began diversifying revenue through AI hosting at Project Sophie, and launched a new AI cloud venture and the Helix AI datacenter design. In addition, the company has been adju...
- Graham Mattison
Launch of AI Cloud Service to Accelerate Additional Growth Opportuniti...
New subsidiary Soluna Cloud to partner with leading AI GPU-Server OEM to grow AI Cloud hosting service. The companies have signed an agreement to deliver an initial cluster of NVIDA H100 GPUs, which Soluna expects should represent substantial annual revenue for Soluna Cloud when deployed. In addition, the companies will partner to deliver powerful, energy-efficient supercomputers for large-scale AI projects. Partnership to accelerate Soluna’s Cloud initiative and expand its offering. Soluna will...
- Graham Mattison
Continued Strong Operating Results; New Projects Moving Ahead
YE results and recent operating update show continued execution on all fronts. Soluna reported $1 million of adjusted EBITDA in 4Q23, up from $405K in 3Q23 and negative EBITDA in 4Q22, as Project Sophie and Project Dorothy 1A&B again delivered solid results. 4Q23 revenue of $10.1 million was up 75% from 3Q23, helped by a combination of new contracts and also a full quarter of Project Dorothy 1. 2024 is off to a strong start. As detailed in its recent operating update, Soluna’s monthly hosted has...
- Graham Mattison
AI Ramping Up; Project Dorothy Moves into Final Phase before Operation...
First AI customer now installed at Project Sophie. Soluna announced the successful completion of the installation of GPUs for its co-location partnership with a GPU startup specializing in AI computing services. This is an important step for the company that will both expand the end market for Soluna’s data center solutions and diversify its customer base beyond crypto mining application. The GPUs are installed at the company’s 25MW Project Sophie facility in Kentucky, which relies on hydropower...
- Graham Mattison
New Hosting Deal Expands AI Initiative; Monthly Update Shows Continued...
Announces hosting agreement with GPU startup for AI computing. Soluna announced a co-location agreement with an AI-focused GPU startup that will locate its GPU units in Soluna’s existing modular data center at the 25MW Project Sophie in Kentucky. New contract is another milestone in the company’s growth into AI. The company’s continued move into AI is a step that will both expand the end-market for Soluna’s data center solutions and diversify its customer base beyond crypto mining applications. ...
- Graham Mattison
January Corporate Update Shows Further Progress on Multiple Fronts
Soluna’s AI datacenter initiative advancing. Progress continues on the ‘Helix’ AI pilot that is part of Project Dorothy 2, with its engineering team working on the new design with a leading datacenter design firm. In addition, Soluna has retained BitOoda Technologies LLC as a financial advisor to assist with raising capital for the new AI business venture that we expect will house the company’s AI-related assets going forward. We continue to see AI as driving the next phase in Soluna’s growth, o...
- Graham Mattison
Fireside Chat Highlights the Low Carbon Footprint of Its Datacenter an...
We recently hosted CEO John Belizaire for a fireside chat, which included a discussion of the recent report from REsurety showing the lower carbon footprint of Soluna’s flagship Project Dorothy, progress on Soluna’s datacenters for AI, and the expected growth/potential catalysts in 2024. This report contains a transcript of the fireside chat from January 18, 2024, which can be accessed on demand in our full report. Soluna’s datacenters shown to have a significantly lower carbon footprint per the...
- Graham Mattison
Water Tower Hour Recap: Soluna Positioned for Revenue/EBITDA Growth in...
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 t...
- Graham Mattison
3Q Results Show Turnaround Is Complete. Look for EBITDA Growth and Cat...
Reports 3Q23 revenues of $5.8 million and positive adjusted EBITDA of $405K, up from $2.1 million and negative ~$2 million, respectively, in 2Q23. The improved results reflect additional contributions from new projects that began ramping up in 2Q23, along with lower SG&A that reflects the cost-cutting efforts enacted earlier in 2023. We note that comparisons to 3Q22 are not meaningful given the company’s pivot to mostly hosting contracts at its data centers rather than proprietary Bitcoin mining...
- Graham Mattison
Executing at Existing Sites; Data Center Expansion Plans Now Include A...
Execution at the operating sites continues. Soluna recently issued an operating update highlighting the strong performance at the 50 MW Project Dorothy 1 (both 1A and 1B) and the 25 MW Project Sophie. The company’s proprietary Maestro OS software is performing flawlessly, the average power cost YTD is $30/MWh, and the fleet of data centers is delivering a power usage effectiveness (PUE) of just 1.01. Soluna also announced new customer relationships that will replace 60% of 25 MW at Project Sophi...
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