Soluna Holdings - CEO John Belizaire & CFO John Tunison Q&A - Q1 Earnings & Outlook!

Power Mining Analysis

Soluna Holdings executives review their Q1 earnings and provide an in-depth overview of their strategic shift toward a blend of Bitcoin mining and AI/HPC infrastructure development leveraging behind-the-meter renewable energy.
• Q1 revenue of $6 million and gross profit of $1.1 million reflect strategic contract shift from fixed-fee hosting to profit-sharing
• EBITDA loss improved to $1.6 million in Q1 2024, continuing positive trend from $3.5 million loss in Q3 2023
• Planning to reach 123 megawatts of operational capacity by year-end, almost doubling current capacity
• Development pipeline has grown to 407 MW with addition of 220 MW in new projects during Q1
• Combined operating and development pipeline approaches 700 MW capacity, equivalent to 45 exahash potential
• Behind-the-meter strategy provides power at below $0.035/kWh for Bitcoin mining and approximately $0.04/kWh for AI
• Patent portfolio expansion with second utility patent for modular data center design
• Pursuing three-way partnership model for AI/HPC infrastructure combining Soluna's power access with experienced data center operators
• Project Kati positioned as first major AI/HPC development with favorable location characteristics for inferencing applications
• Balance sheet improvements include simplifying capital structure, increasing unrestricted cash to $9.2 million
If you enjoyed this episode, hit the like button and subscribe to McNally Money. Let us know in the comments what you thought about Soluna's Q1 numbers and if you're currently holding shares.

Chapters

1. Introduction to Saluna Holdings Leadership (00:00:00)

2. CFO Background and Company Overview (00:01:14)

3. Q1 Financial Performance and Strategy Shift (00:03:02)

4. Balance Sheet Improvements and Financing (00:10:48)

5. Power Pipeline and Project Development (00:19:30)

6. Bitcoin Mining and HPC Strategy (00:29:00)

7. AI Infrastructure Partnerships (00:38:40)

8. Project Growth and Future Outlook (00:49:00)

9. Closing Remarks and Company Momentum (00:58:40)