Soluna Holdings Announces 2021 Financial Results

Soluna Holdings, Inc.

Soluna Holdings, Inc.

Full Year 2021 Crypto Mining Revenue of $10.9M Reflects Business Plan Execution

On track to reach 1,261 EH/s by June 30, 2022

Dorothy site preparation in full swing

ALBANY, NY, Apr 01, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for cryptocurrency mining and other intensive computing, today announced the release of its full-year 2021 financial results.

Michael Toporek, CEO of Soluna Holdings, said: “2021 was an important year for Soluna. We have successfully launched and executed an ambitious plan to establish our position in this industry, grow our mining revenue and strategically position our business.”

Toporek added: “We continue to rapidly scale our business with mining revenues of $10.9 million in 2021, compared to less than $1 million in 2020. Our momentum remains on track and for the first quarter of 2022, we expect our mining revenues to increase. 80% to 90% of what the full year revenue was for 2021. Our operations team continues to perform beautifully as we continue to scale our business with a clear focus on return on invested capital.”

Toporek continued, “We expect the own-account hash rate to increase by 36% from Q1 to Q2. Additionally, by the end of Q2, the total hash rate will reach 1,261 Exahash. As our Dorothy site goes online We expect to scale up to Exahash 3 by the end of the year. We continue to build our project pipeline as the preferred provider of containment solutions for the renewable energy sector and we expect 2022 to be another big year for Soluna.”

The company is looking forward to releasing its next flash report on April 14, 2022.


  • Achieved $10.9 Million Crypto Mining Revenue in 2021

  • Cash as of December 31, 2021 was $10.3 million, an increase of $7.6 million compared to December 31, 2020

  • Raised more than $60 million in capital in gross proceeds in 2021, in various structures designed to achieve an optimal capital structure

  • Record 815 PH/s installed as of March 12, 2022, with over 185 PH/s on the ground

  • On track to reach 1,261 EH/s by the end of June 30, 2022

About Soluna Holdings, Inc.

Soluna Holdings, Inc. (Nasdaq: SLNH) is the leading developer of green data centers that convert surplus renewable energy into global computing resources. Soluna builds modular, scalable data centers for compute-intensive, batchable applications such as cryptocurrency mining, AI, and machine learning. Soluna offers a cost-effective alternative to battery storage or transmission lines. Soluna’s MTI Instruments division manufactures precision tools and test equipment for the electronics, aerospace, automotive, energy and other industries. Both Soluna and MTI Instruments use technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can be lost. Soluna’s data centers enable clean electricity owners to ‘sell. Each. megawatts.’

For more information about Soluna, please visit: or follow us on LinkedIn at and Twitter @SolunaHoldings.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations as of the date of this communication and involve certain risks and uncertainties. Forward-looking statements include statements regarding the successful execution of the Company’s business strategy. The company’s actual results could differ materially from the results anticipated in these forward-looking statements due to various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain proprietary nature of our technology through the patent process, as well as our ability to potentially license other patents and patent applications needed to develop products. to give; the availability of financing; the company’s ability to implement its long-term business plan for various applications of its technology; the Company’s ability to enter into agreements with all necessary partners; the impact of competition, obtaining and maintaining all necessary regulatory approvals applicable to applications of the company’s technology; and management of growth and other risks and uncertainties as detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission.

Investor Relations:

Kirin Smith, President
PCG Advisory, Inc.

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