Soluna Announces Monthly Business Update

Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for Bitcoin mining and other intensive computing applications, announced its March project site-level operations, developments, and updates.

The Company has provided the following Corporate and Site Updates.

Key Company Metrics:

The monthly metrics are now available here.

Corporate Highlights:

• Strong Q4 – Announced Fourth Quarter and FY2023 Financial Results. View and download our CEO’s summary presentation here.
• Nvidia GTC Conference – Our CTO and CEO attended the Nvidia’s GTC2024 developer conference and continued discussions with potential customers and partners for our AI Venture.
• First AI Hosting Customer Deployed – we deployed the first phase of our new AI Hosting deal at Project Sophie.
• AI Technology Conference – John Belizaire is scheduled to present at the AI & Technology Hybrid Investor Conference presented by Water Tower Research and hosted by VirtualInvestorConferences.com, on April 10th, 2024.
• AMA - The Company published responses to investor questions in its monthly AMA for March. View the responses here.
• New Website – Soluna launched a new website that tells our story and focuses on building Renewable Computing for Bitcoin Mining and AI.
• Monetized Wasted Energy – curtailed energy consumed in February increased to 11,927 MWh, a 106% increase compared to January.
• Patent Awarded – One of Soluna’s two utility patent applications filed by the Company was granted (Patent # US20230013746A1) in 2023, and focuses on the layout of modular data center buildings on a site, crucial for thermal efficiency conversion of wasted energy into computing.

Key Project Updates:

Project Dorothy 1A (25 MW, Hosting) / Project Dorothy 1B (25 MW, Prop-Mining):

• Executed supplemental agreement with one of our strategic hosting partners to expand the deployed fleet at the site to take advantage of additional efficiencies identified in power design.
• Optimal weather conditions continued for a very strong month of consistent operations with low amounts of data center curtailment.

Project Dorothy 2 (50 MW):

• Our Power partner’s approval process is near complete.
• The construction Bid process is near complete. Potential construction partners will be selected soon.

Project Sophie (25 MW, Hosting with Profit Share):

• Installation of our first AI customer was completed and transitioned to steady state operations.
• Infrastructure upgrades underway to improve hosting customer experience.

Project Kati (166 MW):

• Final stages of commercial agreement on the PPA is nearing completion.
• ERCOT planning continues to progress with final comments received on the reactive power study.
• Negotiations continue with the landowners for the site lease.
• Discussion continues with critical equipment providers.

View Soluna’s Earnings Power Presentation here.

View Soluna’s recent AMA here.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.

Non GAAP Measures

In addition to figures prepared in accordance with GAAP, Soluna from time to time presents alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow, both on a company basis and on a project-level basis. Project level measures may not take into account a full allocation of corporate expenses. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principle. Other companies may define these terms in different ways. See our annual report on Form 10-K for the year ended December 31, 2023 for an explanation of how management uses these measures in evaluating its operations.

About Soluna Holdings, Inc (SLNH)

Soluna is on a mission to make renewable energy a global superpower using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions, and superior returns. To learn more visit solunacomputing.com. Follow us on X (formerly Twitter) at @SolunaHoldings.

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