Project Dorothy Moves to Energization Date
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, reported financial results for the third quarter ended September 30, 2022.
Michael Toporek, CEO of Soluna Holdings, Inc., said, “In the quarter, Soluna continued to execute on our business plan delivering healthy hashrate and cash contribution margins despite low BTC prices and energy market volatility. We continue to focus our resources on energizing Project Dorothy, which we expect to double our existing operating footprint. Our team is working with ERCOT to finalize the details for an energization date. Dorothy is anticipated to be one of the lowest cost facilities of its kind in North America.”
Third Quarter 2022 Financial Results
Key Financial Highlights for the third quarter include
- Total revenue of $6.4 million for the three-month period ended September 30, 2022, as compared to $3.1 million for the same year-over-year period. The increase was driven primarily by an additional site operating in 2022.
- BTC equivalent mined increased 12.4% from the second quarter ended June 30, 2022. Peak hashrate remained above 1 EH/s during the quarter.
- Cryptocurrency mining revenue of $5.4 million for the three-month period ended September 30, 2022, as compared to $2.0 million for the same year-over-year period. Megawatts deployed increased from approximately 2 megawatts at the beginning of 2021 to 20 megawatts for the Calvert City facility and 25 megawatts for the Murray facility in 2022.
- Data hosting revenue of $1.0 million for the three-month period ended September 30, 2022, as compared to $1.1 million for the same year-over-year period. Compared to one year ago, hosting revenues now exclude any component related to power costs, which are treated as a pass-through item.
- General and administrative (“G&A”) expenses, excluding depreciation and amortization, totaled $5.7 million for the three-month period ended September 30, 2022 compared to $2.3 million for the three-month period ended September 30, 2021. Of the $3.4 million increase, $1.3 million was due to an increase in personnel and $1.1 million due to certain complex transactions including Dorothy and the convertible note amendments.
- Net Loss for the quarter of $(55.9) million, or $(3.94) per share, for the three-month period ended September 30, 2022, as compared to a net loss of $(0.6) million, or $(0.06) per share during the same year-over-year period, and compared to a net loss of $(6.6) million, or $(0.57) per share in the second quarter. Net loss for the quarter was materially impacted by the impairment of fixed assets ($28.1 million) and a loss on extinguishment of debt ($12.3 million).
- Non-GAAP Adjusted EBITDA for the quarter ended September 30, 2022 was a loss of ($3.6) million during the three-month period ended September 30, 2022.
Revenue & Contribution Margin Summary
*all numbers below exclude legacy hosting |
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|
|
|
|
|
|
($ in 000s, Unaudited) |
|
|
|
|
|
FY 21 |
Q1 2022 |
Q2 2022 |
Q3 2022 |
Revenue |
$13,010 |
$9,316 |
$8,676 |
$6,372 |
|
|
|
|
|
Cash Contribution Margin |
$8,888 |
$5,206 |
$4,760 |
$1,194 |
|
|
|
|
|
|
|
|
|
|
Annualized Revenue |
$13,010 |
$37,264 |
$34,704 |
$25,490 |
|
|
|
|
|
Annualized Contribution Margin |
$8,888 |
$20,824 |
$19,042 |
$4,774 |
Dorothy Facility Update and Potential Contribution
Once the Company energizes Dorothy, anticipated to be one of the lowest cost facilities of its kind in North America, it will continue to refine the economic model of the first 50MW of this 100MW site. The table below updates a recent illustration of the earnings power of the site for current economic conditions, including current Bitcoin pricing and network hashrate.
Illustrative Monthly Earnings Power of Dorothy
|
|||||
| Illustrative Summary of Monthly Cash Contribution to Soluna from Dorothy | |||||
| ($ in 000) | 100% Hosting | 50% / 50% | 100% Prop | ||
| Dorothy 1A | 311 |
539 |
766 |
||
| Dorothy 1B | 458 |
792 |
1,127 |
||
| Total | 769 |
1,331 |
1,893 |
||
Note: Represents non-GAAP financial metrics and forward looking statements.
Note: Assumes $17k BTC price, 270 EH / s network hash rate, 90% capacity factor, 95% availability factor, and estimated $35 / kWh average annual power costs (including assumed seasonal demand fees and taxes). Hosting contract based on $60 / kWh fixed rate. Assumes that purchased and hosted machines are 140 Th/s Bitmain XPs.
A presentation detailing the Q3 2022 earnings can be found on the company website at www.solunacomputing.com/investors/
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.
Forward Looking Statements
The statements in this press release with respect to the progress of Soluna’s development pipeline and the ability to scale the Dorothy project to assist partner organizations constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and are subject to certain risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Actual results could differ materially from those expressed or implied by such forward-looking statements as a result of various factors, including, but not limited to: (1) those risk factors set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other reports filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements.
Adjusted EBITDA to Net Income |
||||||||||||||||
(Dollars in thousands) |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
September 30, |
|
September 30, |
|||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss from continuing operations |
|
$ |
(56,143 |
) |
|
$ |
(933 |
) |
|
$ |
(79,379 |
) |
|
$ |
(2,952 |
) |
Interest expense |
|
|
1,671 |
|
|
|
— |
|
|
|
7,856 |
|
|
|
— |
|
Income tax (benefit) expense |
|
|
(547 |
) |
|
|
— |
|
|
|
(1,344 |
) |
|
|
3 |
|
Depreciation and amortization |
|
|
8,388 |
|
|
|
157 |
|
|
|
22,999 |
|
|
|
381 |
|
EBITDA |
|
|
(46,631 |
) |
|
|
(776 |
) |
|
|
(49,867 |
) |
|
|
(2,568 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments: Non-cash items |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stock-based compensation costs |
|
|
890 |
|
|
|
334 |
|
|
|
2,868 |
|
|
|
1,422 |
|
Loss on sale of fixed assets |
|
|
988 |
|
|
|
— |
|
|
|
2,606 |
|
|
|
— |
|
Loss on debt extinguishment and revaluation |
|
|
12,317 |
|
|
|
— |
|
|
|
12,317 |
|
|
|
— |
|
Impairment of equity investment |
|
|
750 |
|
|
|
— |
|
|
|
750 |
|
|
|
— |
|
Impairment on fixed assets |
|
|
28,086 |
|
|
|
— |
|
|
|
28,836 |
|
|
|
— |
|
Adjustments: Non-recurring items |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Exchange registration expenses |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
293 |
|
|
Adjusted EBITDA |
|
$ |
(3,600 |
) |
|
$ |
(442 |
) |
$ |
(2,490 |
) |
$ |
(853 |
) |
||
Reconciliation of Non-GAAP Results Reconciliation from Operating (Loss) Income to Adjusted EBITDA Contribution (Non-GAAP) |
|||||||||
|
Q3 2022 |
|
|||||||
|
Soluna Computing |
|
|
|
|||||
|
Edith |
Marie |
Sophie |
Dorothy |
Corporate |
Total |
Corporate |
Consolidated |
|
Net Income (Loss) (GAAP) |
(17) |
(13,229) |
(20,067) |
(917) |
(4,617) |
(38,847) |
(17,296) |
(56,143) |
|
|
|
|
|
|
|
- |
|
- |
|
Interest |
|
424 |
|
|
|
424 |
1,247 |
1,671 |
|
Income tax (benefit) expense |
|
|
|
|
(547) |
(547) |
|
(547) |
|
Depreciation & amortization |
96 |
2,308 |
3,605 |
|
2,374 |
8,383 |
5 |
8,388 |
|
EBITDA |
79 |
(10,497) |
(16,462) |
(917) |
(2,790) |
(30,587) |
(16,044) |
(46,631) |
|
|
|
|
|
|
|
|
|
|
|
Adjustments: Non-cash items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation costs |
|
9 |
7 |
3 |
321 |
340 |
550 |
890 |
|
Loss on sale of fixed assets |
(24) |
|
|
|
1,012 |
988 |
|
988 |
|
Loss on debt extinguishment and revaluation |
|
|
|
|
|
- |
12,317 |
12,317 |
|
Impairment of equity investment |
|
|
|
|
|
- |
750 |
750 |
|
Impairment on fixed assets |
|
10,510 |
17,474 |
|
|
27,984 |
102 |
28,086 |
|
|
|
|
|
|
|
- |
|
- |
|
Adjusted EBITDA Contribution (Non-GAAP) |
55 |
22 |
1,019 |
(914) |
(1,457) |
(1,275) |
(2,325) |
(3,600) |
|
Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of September 30, 2022 (Unaudited) and December 31, 2021 |
||||||||
(Dollars in thousands, except per share) |
||||||||
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2022 |
|
|
2021 |
|
||
Assets |
|
|
|
|||||
Current Assets: |
|
|
|
|
|
|
|
|
Cash |
|
$ |
1,083 |
|
|
$ |
10,258 |
|
Accounts receivable |
|
|
2,029 |
|
|
|
531 |
|
Prepaid expenses and other current assets |
|
|
1,621 |
|
|
|
977 |
|
Deposits on equipment |
|
|
1,175 |
|
|
|
10,188 |
|
Current assets associated with discontinued operations |
|
|
— |
|
|
|
3,028 |
|
Total Current Assets |
|
|
5,908 |
|
|
|
24,982 |
|
Other assets |
|
|
1,190 |
|
|
|
1,121 |
|
Equity investment |
|
|
— |
|
|
|
750 |
|
Property, plant and equipment, net |
|
|
63,511 |
|
|
|
44,597 |
|
Intangible assets, net |
|
|
38,842 |
|
|
|
45,839 |
|
Operating lease right-of-use assets |
|
|
282 |
|
|
|
405 |
|
Total Assets |
|
$ |
109,733 |
|
|
$ |
117,694 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,843 |
|
|
$ |
2,958 |
|
Accrued liabilities |
|
|
2,477 |
|
|
|
2,859 |
|
Line of credit |
|
|
650 |
|
|
|
1,000 |
|
Notes payable |
|
|
13,281 |
|
|
|
7,121 |
|
Current portion of debt |
|
|
6,462 |
|
|
|
— |
|
Deferred revenue |
|
|
434 |
|
|
|
316 |
|
Operating lease liability |
|
|
186 |
|
|
|
184 |
|
Income taxes payable |
|
|
2 |
|
|
|
2 |
|
Current liabilities associated with discontinued operations |
|
|
— |
|
|
|
1,243 |
|
Total Current Liabilities |
|
|
27,335 |
|
|
|
15,683 |
|
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
201 |
|
|
|
509 |
|
Long term debt |
|
|
3,841 |
|
|
|
— |
|
Operating lease liability |
|
|
109 |
|
|
|
237 |
|
Deferred tax liability, net |
|
|
8,929 |
|
|
|
10,277 |
|
Total Liabilities |
|
|
40,415 |
|
|
|
26,706 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 3,061,245 shares issued and outstanding as of September 30, 2022 and 1,252,299 shares issued and outstanding as of December 31, 2021 |
|
|
3 |
|
|
|
1 |
|
Series B Preferred Stock, par value $0.0001 per share, authorized 187,500; 62,500 shares issued and outstanding as of September 30, 2022 and 0 shares issued and outstanding as of December 31, 2021 |
|
|
— |
|
|
|
— |
|
Common stock, par value $0.001 per share, authorized 75,000,000; 16,413,584 shares issued and 15,395,068 shares issued and outstanding as of September 30, 2022 and 14,769,699 shares issued and 13,754,206 shares issued and outstanding as of December 31, 2021 |
|
|
16 |
|
|
|
15 |
|
Additional paid-in capital |
|
|
273,484 |
|
|
|
227,790 |
|
Accumulated deficit |
|
|
(194,409 |
) |
|
|
(123,054 |
) |
Common stock in treasury, at cost, 1,018,516 shares at September 30, 2022 and 1,015,493 shares at December 31, 2021 |
|
|
(13,798 |
) |
|
|
(13,764 |
) |
Total Soluna Holdings, Inc. Stockholders’ Equity |
|
|
65,296 |
|
|
|
90,988 |
|
Non-Controlling Interest |
|
|
4,022 |
|
|
|
— |
|
Total Stockholders’ Equity |
|
|
69,318 |
|
|
|
90,988 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
109,733 |
|
|
$ |
117,694 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the Three and Nine Months Ended September 30, 2022 and 2021 (Dollars in thousands, except per share) |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
|
September 30, |
|
September 30, |
|||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
|
2021 |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
Cryptocurrency mining revenue |
|
$ |
5,387 |
|
|
$ |
2,018 |
|
|
$ |
20,696 |
|
|
$ |
|
4,670 |
|
Data hosting revenue |
|
|
985 |
|
|
|
1,106 |
|
|
|
3,668 |
|
|
|
|
1,106 |
|
Total revenue |
|
|
6,372 |
|
|
|
3,124 |
|
|
|
24,364 |
|
|
|
|
5,776 |
|
Operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of cryptocurrency mining revenue, exclusive of depreciation |
|
|
4,100 |
|
|
|
623 |
|
|
|
11,092 |
|
|
|
|
1,272 |
|
Depreciation costs associated with cryptocurrency mining |
|
|
6,010 |
|
|
|
156 |
|
|
|
15,872 |
|
|
|
|
380 |
|
Total cost of cryptocurrency mining revenue |
|
|
10,110 |
|
|
|
779 |
|
|
|
26,964 |
|
|
|
|
1,652 |
|
Cost of data hosting revenue |
|
|
1,078 |
|
|
|
964 |
|
|
|
3,192 |
|
|
|
|
964 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
General and administrative expenses, exclusive of depreciation and amortization |
|
|
5,686 |
|
|
|
2,316 |
|
|
|
15,441 |
|
|
|
|
6,118 |
|
Depreciation and amortization associated with general and administrative expenses |
|
|
2,378 |
|
|
|
1 |
|
|
|
7,127 |
|
|
|
|
1 |
|
Total general and administrative expenses |
|
|
8,064 |
|
|
|
2,317 |
|
|
|
22,568 |
|
|
|
|
6,119 |
|
Impairment on equity investment |
|
|
750 |
|
|
|
|
|
|
750 |
|
|
|
|
|
||
Impairment on fixed assets |
|
|
28,086 |
|
|
|
- |
|
|
|
28,836 |
|
|
|
|
- |
|
Operating loss |
|
|
(41,716 |
) |
|
|
(936 |
) |
|
|
(57,946 |
) |
|
|
|
(2,959 |
) |
Interest expense |
|
|
(1,671 |
) |
|
|
- |
|
|
|
(7,856 |
) |
|
|
|
- |
|
Loss on debt extinguishment and revaluation |
|
|
(12,317 |
) |
|
|
- |
|
|
|
(12,317 |
) |
|
|
- |
|
|
Loss on sale of fixed assets |
|
|
(988 |
) |
|
|
- |
|
|
|
(2,606 |
) |
|
|
- |
|
|
Other income, net |
|
|
2 |
|
|
|
3 |
|
|
|
2 |
|
|
|
|
10 |
|
Loss before income taxes from continuing operations |
|
|
(56,690 |
) |
|
|
(933 |
) |
|
|
(80,723 |
) |
|
|
|
(2,949 |
) |
Income tax benefit (expense) from continuing operations |
|
|
547 |
|
|
|
- |
|
|
|
1,344 |
|
|
|
|
(3 |
) |
Net loss from continuing operations |
|
|
(56,143 |
) |
|
|
(933 |
) |
|
|
(79,379 |
) |
|
|
|
(2,952 |
) |
(Loss) Income before income taxes from discontinued operations (including (loss) gain on sale of MTI Instruments of $(21) and $7,581 for three and nine months ended September 30, 2022) |
|
|
(21 |
) |
|
|
323 |
|
|
|
7,681 |
|
|
|
|
500 |
|
Income tax benefit from discontinued operations |
|
|
- |
|
|
|
- |
|
|
|
70 |
|
|
|
|
- |
|
Net (loss) income from discontinued operations |
|
|
(21 |
) |
|
|
323 |
|
|
|
7,751 |
|
|
|
|
500 |
|
Consolidated net loss |
|
|
(56,164 |
) |
|
|
(610 |
) |
|
|
(71,628 |
) |
|
|
|
(2,452 |
) |
(Less) Net loss attributable to non-controlling interest |
|
|
272 |
|
|
|
- |
|
|
|
272 |
|
|
|
|
- |
|
Net loss attributable to Soluna Holdings, Inc. |
|
$ |
(55,892 |
) |
|
$ |
(610 |
) |
|
$ |
(71,356 |
) |
|
|
$ |
(2,452 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and Diluted (loss) earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss from continuing operations per share (Basic & Diluted) |
|
$ |
(3.94 |
) |
|
$ |
(0.09 |
) |
|
$ |
(5.74 |
) |
|
|
$ |
(0.27 |
) |
Net income from discontinued operations per share (Basic & Diluted) |
|
$ |
- |
|
|
$ |
0.03 |
|
|
$ |
0.53 |
|
|
|
$ |
0.04 |
|
Basic & Diluted loss per share |
|
$ |
(3.94 |
) |
|
$ |
(0.06 |
) |
|
$ |
(5.21 |
) |
|
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding (Basic and Diluted) |
|
|
14,698,013 |
|
|
|
12,702,393 |
|
|
|
14,494,356 |
|
|
|
|
11,413,678 |
|
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended September 30, 2022 and 2021 (Dollars in thousands) |
||||||||
|
|
|
|
|
|
|
||
|
|
Nine Months Ended
|
||||||
|
|
2022 |
|
2021 |
||||
Operating Activities |
|
|
|
|
|
|
||
Net loss |
|
$ |
(71,628 |
) |
|
$ |
(2,452 |
) |
Net income from discontinued operations (including gain on sale of MTI Instruments of $7,581 for the nine months ended September 30, 2022) |
|
|
(7,751 |
) |
|
|
(500 |
) |
Net loss from continuing operations |
|
|
(79,379 |
) |
|
|
(2,952 |
) |
|
|
|
|
|
|
|
||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
22,999 |
|
|
|
381 |
|
Stock-based compensation |
|
|
2,747 |
|
|
|
1,373 |
|
Consultant stock compensation |
|
|
121 |
|
|
|
49 |
|
Deferred income taxes |
|
|
(1,344 |
) |
|
|
- |
|
Impairment on fixed assets |
|
|
28,836 |
|
|
|
- |
|
Amortization of operating lease asset |
|
|
151 |
|
|
|
121 |
|
Impairment on equity investment |
|
|
750 |
|
|
|
- |
|
Loss on debt extinguishment and revaluation |
|
|
12,317 |
|
|
|
- |
|
Amortization on deferred financing costs and discount on notes |
|
|
6,630 |
|
|
|
- |
|
Loss (gain) on sale of fixed assets |
|
|
2,606 |
|
|
|
(6 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(1,498 |
) |
|
|
(108 |
) |
Prepaid expenses and other current assets |
|
|
(154 |
) |
|
|
(628 |
) |
Other long-term assets |
|
|
(69 |
) |
|
|
(754 |
) |
Accounts payable |
|
|
884 |
|
|
|
3,590 |
|
Deferred revenue |
|
|
118 |
|
|
|
183 |
|
Operating lease liabilities |
|
|
(148 |
) |
|
|
(111 |
) |
Other liabilities |
|
|
(306 |
) |
|
|
306 |
|
Accrued liabilities |
|
|
(382 |
) |
|
|
937 |
|
Net cash (used in) provided by operating activities |
|
|
(5,121 |
) |
|
|
2,381 |
|
Net cash provided by operating activities- discontinued operations |
|
|
369 |
|
|
|
496 |
|
Investing Activities |
|
|
|
|
|
|
||
Purchases of equipment |
|
|
(61,867 |
) |
|
|
(17,632 |
) |
Purchases of intangible assets |
|
|
(114 |
) |
|
|
- |
|
Proceeds from disposal on equipment |
|
|
2,525 |
|
|
|
- |
|
Deposits of equipment, net |
|
|
6,441 |
|
|
|
(5,656 |
) |
Net cash used in investing activities |
|
|
(53,015 |
) |
|
|
(23,288 |
) |
Net cash provided by (used in) investing activities- discontinued operations |
|
|
9,004 |
|
|
|
(37 |
) |
Financing Activities |
|
|
|
|
|
|
||
Proceeds from preferred offering |
|
|
16,658 |
|
|
|
20,165 |
|
Proceeds from common stock offering |
|
|
- |
|
|
|
17,250 |
|
Proceeds from notes and debt issuance |
|
|
29,736 |
|
|
|
- |
|
Costs of preferred offering |
|
|
(1,910 |
) |
|
|
(1,867 |
) |
Costs of common stock offering |
|
|
- |
|
|
|
(1,847 |
) |
Costs of notes and short term debt issuance |
|
|
(6,269 |
) |
|
|
- |
|
Cash dividend distribution on preferred stock |
|
|
(3,852 |
) |
|
|
(176 |
) |
Contributions from non-controlling interest |
|
|
4,293 |
|
|
|
- |
|
Proceeds from stock option exercises |
|
|
153 |
|
|
|
101 |
|
Proceeds from common stock warrant exercises |
|
|
779 |
|
|
|
9 |
|
Net cash provided by financing activities |
|
|
39,588 |
|
|
|
33,635 |
|
|
|
|
|
|
|
|
||
(Decrease) increase in cash-continuing operations |
|
|
(18,548 |
) |
|
|
12,728 |
|
Increase in cash- discontinued operations |
|
|
9,373 |
|
|
|
459 |
|
Cash – beginning of period |
|
|
10,258 |
|
|
|
2,630 |
|
Cash – end of period |
|
$ |
1,083 |
|
|
$ |
15,817 |
|
|
|
|
|
|
|
|
||
Supplemental Disclosure of Cash Flow Information |
|
|
|
|
|
|
||
Noncash equipment financing |
|
|
4,620 |
|
|
|
- |
|
Interest paid on NYDIG loans |
|
|
1,148 |
|
|
|
- |
|
Proceed receivable from sale of MTI Instruments |
|
|
205 |
|
|
|
- |
|
Notes converted to common stock |
|
|
2,441 |
|
|
|
- |
|
Warrant consideration in relation to promissory notes and convertible notes |
|
|
14,602 |
|
|
|
- |
|
Promissory note conversion to preferred shares |
|
|
15,236 |
|
|
|
- |
|
Noncash proceed on sale of equipment |
|
|
290 |
|
|
|
- |
|
Purchase of miner equipment using restricted stock |
|
|
- |
|
|
|
(207 |
) |
Registration fees in prepaids and accounts payable |
|
|
- |
|
|
|
(8 |
) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Contacts
Philip F. Patman, Jr.
Chief Financial Officer
Soluna Holdings, Inc.
ppatman@soluna.io
MZ Contact
Brian M. Prenoveau, CFA
MZ Group – MZ North America
SLNH@mzgroup.us
561 489 5315