Soluna Holdings Announces August Site Level Financials

ALBANY, N.Y.--(BUSINESS WIRE)--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 August site level financials.

Michael Toporek, CEO of Soluna Holdings, stated, “Soluna continues to deliver healthy hashrate and margins despite low BTC prices and energy market volatility. Near term, we are focused on energizing the first 50MW of our next generation Dorothy Facility as it gets Soluna to scale. Our development pipeline continues to grow as renewable power producers continue to see computing power as their preferred curtailment solution.”

Key Summary Highlights:

BTC Production Increases Despite Volatile Market BTC Equivalent Mined increased by 6% while BTC prices increased about 4% from July to August Peak hashrate remained above 1EH/s

Cash Contribution Margins Remain Healthy 20% Consolidated cash contribution margins despite low BTC environment and high energy costs 26% cash contribution prop mining margins slightly offset by weaker hosting margins

10MW Hosting Agreement at Marie renewed with key new terms Contract has been restructured to be more responsive to energy fluctuations Anticipated hosting margins with new contract expected to increase



Revenue & Contribution Margin Summary: *all numbers below exclude legacy hosting **August & July Adj. Cash Contribution Margins Normalized to June FCA costs - See pg. 21 of presentation for details **Excluding FCA cost adjustment July Cash Contribution Margin was $413 ($ in 000s, Unaudited) (Estimate) (Estimate) FY 21 Q1 2022 April 2022 May 2022 June 2022 Q2 2022 July 2022 August 2022 Revenue $13,010 $9,264 $3,392 $3,004 $2,280 $8,676 $2,254 $2,447 Cash Contribution Margin $8,888 $5,206 $2,605 $1,600 $800 $5,005 $433 $413 Cash Contribution Margin (Normalized Power Costs) $8,888 $5,206 $2,605 $1,600 $800 $5,005 $756 $877 Annualized Revenue $13,010 $37,056 $40,705 $36,044 $27,362 $34,704 $27,043 $29,361 Annualized Contribution Margin $8,888 $20,824 $31,262 $19,196 $9,599 $20,019 $9,076 $10,525 Note: Represents non-GAAP financial metrics.

A presentation and corresponding video is available on the Company’s website at: https://www.solunacomputing.com/investors/updates/august2022flash/

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 cryptocurrency 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.’

For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.