Soluna (US:SLNH)2025-04-01 12:05Revenue and Growth - Revenue for FY 2024 reached $38.0 million, an increase of 80.5% compared to $21.1 million in FY 2023[7] - Total revenue in Q4 2024 was $8.3 million, a 9.9% increase from Q3 2024 revenue of $7.5 million[9] - Total revenue for Soluna Holdings, Inc. increased to $38,021,000 in 2024, up 80.5% from $21,066,000 in 2023[21] - Cryptocurrency mining revenue rose to $17,027,000, a 60.5% increase from $10,602,000 in the previous year[21] - Data hosting revenue grew by 84.5% to $18,838,000 compared to $10,196,000 in 2023[21] Financial Performance - Adjusted EBITDA for 2024 was $0.9 million, a significant improvement from a loss of $3.5 million in 2023[9] - The company reported a net loss of $58,300,000 in 2024, which is a significant increase from a net loss of $27,703,000 in 2023[21] - Operating loss for the year was $47,523,000, compared to $20,241,000 in 2023, indicating a worsening operational performance[21] - Soluna Holdings' basic and diluted loss per share was $12.15 in 2024, compared to $27.79 in 2023[21] - EBITDA for 2024 is expected to be $(42.62) million, worsening from $(12.65) million in 2023[25] Cash and Assets - Unrestricted cash grew by 23.2% to $7.8 million at the end of 2024, compared to the end of 2023[9] - Total current assets decreased to $13,495,000 in 2024 from $14,284,000 in 2023, reflecting a decline of 5.5%[19] - Cash and restricted cash at the end of the period totaled $10,453,000, slightly up from $10,367,000 in 2023[23] Liabilities and Expenses - Total liabilities increased to $60,678,000 in 2024, up from $37,917,000 in 2023, marking a 60.1% rise[19] - Selling, General & Administrative expenses increased by $3.3 million in FY 2024 due to expanded hiring and compliance costs[14] - The company reported a stock-based compensation cost of $5.31 million for 2024, up from $4.31 million in 2023[25] - Interest expense for 2024 is projected at $2.53 million, slightly down from $2.75 million in 2023[25] - Depreciation and amortization expenses are expected to rise to $15.64 million in 2024 from $13.38 million in 2023[25] Project Developments - Project Dorothy 2 is expected to increase Bitcoin hosting capacity by 64.0% to a total of 123 MW by Q4 2025[8] - Capital raised exceeded $31.5 million, including $29.2 million from Project Dorothy 2 in debt and equity[7] - The company plans to continue its market expansion efforts, focusing on new product development and technology advancements[25] Losses and Provisions - The company incurred a loss on contract amounting to $28,593,000 in 2024, which was not present in the previous year[21] - The loss on contract for 2024 is estimated at $28.59 million, with no such loss reported in 2023[25] - The company anticipates a provision for credit losses of $0.76 million in 2024, with no provision reported in 2023[25] - The loss on debt extinguishment and revaluation is projected at $7.35 million for 2024, compared to $3.90 million in 2023[25]