Soluna Q1 net loss widens on higher compensation and financing expenses

Soluna Holdings

Soluna Holdings

SLNH

0.00


Overview

  • U.S. green data center developer's Q1 revenue grew 58% yr/yr, driven by new project launches

  • Q1 net loss widened yr/yr, mainly due to higher compensation and financing expenses

  • Company acquired Briscoe Wind Farm and full ownership of Dorothy 1A to support expansion


Outlook

  • Company expects Briscoe Wind Farm to generate $6 mln-$11 mln in Year-One Adjusted EBITDA

  • Briscoe Wind Farm projected to deliver $20 mln-$24.4 mln in annualized revenue

  • Soluna advancing Kati 2 and Dorothy 3 projects to expand AI and HPC capacity


Result Drivers

  • NEW PROJECTS ONLINE - Co said Q1 revenue growth was driven by Kati 1 going live, Dorothy 1A returning to full capacity, and Dorothy 2 ramping up

  • HOSTING REVENUE - Higher hosting revenue contributed to gross profit, partially offset by increased depreciation from new assets

  • HASHPRICE COMPRESSION - Decline in hashprice negatively affected proprietary mining and profit share revenue, especially at Dorothy 1B


Company press release: ID:nBw2JpYtKa


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q1 Crypto Mining Revenue

$2.17 mln

Q1 EPS

-$0.24

Q1 Net Income

-$17.9 mln

Q1 Operating Income

-$16.63 mln

Q1 Pretax Profit

-$18.53 mln


Analyst Coverage

  • The one available analyst rating on the shares is "buy"

  • The average consensus recommendation for the it services & consulting peer group is "buy"

  • Wall Street's median 12-month price target for Soluna Holdings Inc is $5.00, about 125.2% above its May 15 closing price of $2.22


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