Exhibit 99.2
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
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Item 2.02 Results of Operations and Financial Condition
On December 13, 2021, Soluna Holdings, Inc. (the “Company”), issued a press release announcing its financial and business highlights for the month ended November 30, 2021 and Soluna Computing, Inc. (“SCI”) November site level financials. The press release and presentation are furnished as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K (this “Form 8-K”) and is incorporated by reference herein.
Item 7.01 Regulation FD Disclosure
Reference is made to the disclosure in Item 2.02 of this Form 8-K, which disclosure is incorporated herein by reference.
The information contained in this Form 8-K provided under Item 7.01 and Exhibits 99.1 and 99.2attached hereto are furnished to, but shall not be deemed filed with, the Securities and Exchange Commission (the “SEC”) or incorporated by reference into the Company’s filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Forward-Looking Statements
This Form 8-K and Exhibits 99.1 and 99.2 contain forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company’s future activities, or future events or conditions. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by its management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks that may be included in documents that the Company files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 8-K, except as required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Press release dated December 13, 2021
99.2 Soluna Holdings, Inc. November 2021 Monthly Flash Report
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: December 17, 2021 | SOLUNA HOLDINGS, INC. | ||
| By: | /s/ Jessica L. Thomas | ||
Name: Jessica L. Thomas Title: Chief Financial Officer |
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3
Exhibit 99.1
Soluna Announces November Site Level Financials
Financial Results Accelerating; Remains On Track to Deliver over 1EH/s by End of Q1’22
NEW YORK, December 13, 2021 – Soluna Holdings, Inc. (Nasdaq: SLNH), a developer of green data centers for cryptocurrency mining and other intensive computing, announced today the release of its November site level financials, business update and outlook.
Michael Toporek, CEO of MTI stated, "Our team delivered another solid month of strong performance. We expect financial results to accelerate over the next several months as we remain on track to deliver over 1EH/s by the end of Q1 next year. That should drive a yearly revenue run-rate exceeding $61 million and cash contribution margin over $40 million. It is extremely gratifying to see our team executing at this level.”
Key Summary Highlights for November 2021
| ● | Strong financial results continuing to scale and will accelerate over the next several months |
| ● | Current yearly cash contribution margin run-rate at $23.3 million |
| ● | Currently at 623 PH/s (December 9th), expect to hit 722 PH/s in +/- 30 days due to supply chain issues |
| ● | Targeted 912 PH/s by end of Q1 2022 and expect to exceed that with over 1 EH/s |
| ● | Expect to have Sophie (Anaconda) scaled up to 25 MW and fully energized by December 31st |
| ● | Continue to carefully ramp and test infrastructure |
| *all numbers below exclude legacy hosting | |||||
| ($ in 000s; Unaudited)* | Q1 2021 | Q2 2021 | Q3 2021 | Oct 2021 | Nov 2021 |
| Revenue | $995 | $1,657 | $2,368 | $2,142 | $2,632 |
| Contribution Margin | $744 | $1,261 | $1,703 | $1,444 | $1,943 |
| Annualized Revenue | $3,980 | $6,628 | $9,472 | $25,704 | $31,583 |
| Annualized Contribution Margin | $2,976 | $5,044 | $6,812 | $17,328 | $23,311 |
A
presentation and corresponding video is available on the Company’s website at
solunacomputing.com/investors/updates/monthlyflashnovember2021
About Soluna Holdings, Inc.
Soluna Holdings, Inc. (Nasdaq: SLNH) is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as cryptocurrency mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna's MTI Instruments division manufactures precision tools and testing equipment for electronics, aviation, automotive, power and other industries. Both Soluna and MTI Instruments use technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’
For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.
Forward Looking Statement
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the filing of the registration statement and its ability to provide the Company with important financial flexibility and access to additional forms of growth capital, especially non-dilutive instruments, and the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, the SEC declaring the registration statement effective or the Company’s ability to raise capital using the registration statement if and when it is declared effective, the Company’s ability to establish and maintain the proprietary nature of its technology through the patent process, as well as its ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's filings with the SEC, including the registration statement and its periodic reports.
Investor Relations:
Kirin
Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com
Exhibit 99.2