Revenue Growth - Year-to-date revenue for 2024 reached $29.7 million, a $18.8 million increase or 172% compared to $10.9 million in 2023[2][8] - Third quarter revenue increased by 30% to $7.5 million, up from $5.8 million in the same quarter of 2023[8][13] Financial Performance - Adjusted EBITDA for year-to-date 2024 is $3.5 million, an increase of $8.0 million compared to a loss of $4.5 million in 2023[8] - Unrestricted cash increased by 38% from the end of 2023, reaching $8.8 million[8] Development and Expansion - The development pipeline has expanded to over 2.6 GW, with 1.2 GW currently in active Term Sheet negotiations[5][19] - Project Dorothy 2 has secured $30 million in funding for a 48 MW expansion, with groundbreaking held on August 28, 2024[8] - Project Rosa has signed term sheets for power and land for a new 187 MW data center, marking a significant step in expansion efforts[8][19] Strategic Focus - Soluna's digital infrastructure is strategically co-located with renewable energy sources to support high-performance computing applications[3][18] - The company is focused on transforming surplus renewable energy into scalable computing resources, positioning itself as a leader in renewable computing[4][18] Funding and Investment - Soluna Cloud secured $13.75 million in total funding, with an additional $1.25 million raised to enhance AI offerings[8][19]
SOLUNA HOLDINGS(SLNHP) - 2024 Q3 - Quarterly Results