Revenue 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 for Q4 2024 was $8.3 million, a 9.9% increase from Q3 2024 revenue of $7.5 million[9] - Total revenue for the year ended December 31, 2024, was $38,021,000, representing a 80.5% increase from $21,066,000 in 2023[21] - Cryptocurrency mining revenue increased to $17,027,000 in 2024, up 60.5% from $10,602,000 in 2023[21] - Data hosting revenue rose to $18,838,000, a 84.5% increase compared to $10,196,000 in the previous year[21] Financial Performance - Adjusted EBITDA for 2024 was $0.9 million, a significant improvement of $4.4 million from a loss of $3.5 million in 2023[9] - Adjusted EBITDA for 2024 was $942,000, a recovery from a loss of $3,457,000 in 2023, showing improvement in operational performance[25] - The company reported a net loss of $58,300,000 for 2024, compared to a net loss of $27,703,000 in 2023, indicating a significant increase in losses[21] - Operating loss for 2024 was $47,523,000, compared to $20,241,000 in 2023, reflecting increased operational challenges[21] - The company reported a net loss of $38,518,000 for the three months ended December 31, 2024, with a consistent trend of increasing losses throughout the year[27] 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] - Cash and restricted cash at the end of 2024 was $10,453,000, slightly up from $10,367,000 at the end of 2023[23] - Total assets decreased to $88,040,000 in 2024 from $91,276,000 in 2023, showing a decline in overall asset base[19] Liabilities and Expenses - Total current liabilities surged to $47,873,000 in 2024, up from $28,175,000 in 2023, indicating a significant increase in short-term obligations[19] - Selling, General & Administrative expenses increased by $3.3 million in FY 2024 due to expanded hiring and compliance costs[14] - Stock-based compensation costs increased to $5,311,000 in 2024 from $4,312,000 in 2023, indicating higher expenses related to employee compensation[25] - Total interest expense for 2024 was $2,527,000, slightly down from $2,748,000 in 2023, reflecting a minor reduction in financing costs[25] Operational Developments - Demand Response Services generated $2.1 million in revenue in 2024, following its launch in December 2023[7] - Project Dorothy 2 is expected to increase Bitcoin hosting capacity by 64.0% to a total of 123 MW, with completion anticipated by Q4 2025[8] - The company terminated its HPE GPU-as-a-Service contract, resulting in a loss of $28.6 million, to refocus on Bitcoin and AI data centers[8] Non-Cash Items and Provisions - The company recognized a provision for credit losses of $760,000 in 2024, indicating a cautious approach to potential defaults[25] - The company incurred a loss on contract amounting to $28,593,000 in the fourth quarter of 2024, which was not present in the previous year[27] - Loss on debt extinguishment and revaluation for 2024 was $7,349,000, compared to $3,904,000 in 2023, highlighting increased financial restructuring costs[25] - The company reported a significant increase in non-cash items, including a loss on sale of fixed assets totaling $31,000 in 2024[27] Shareholder Impact - The weighted average shares outstanding increased significantly to 6,280,915 in 2024 from 1,313,718 in 2023, reflecting potential dilution[21]
SOLUNA HOLDINGS(SLNHP) - 2024 Q4 - Annual Results