On this page of StockholderLetter.com we present the latest annual shareholder letter from Soluna Holdings, Inc — ticker symbol SLNH. Reading current and past SLNH letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report Soluna Holdings, Inc. Ticker Symbol: SLNH
Dear Fellow Stockholders and Employees: 2024 was a defining year for Soluna. We grew revenue by more than 80%, reached $38 million, and achieved positive cash flow from our Bitcoin Hosting business proof that our model is working. We brought Project Dorothy 1A and 1B into full-year operation and launched our Demand Response Services (DRS), generating $2.1 million in new revenue. Project Dorothy 2, a 64% hosting capacity expansion, is now energized and is expected to reach 48 MW by yearend. We simplified our capital structure, secured flexible funding through a $25 million SEPA facility, and made the strategic decision to exit the HPE contract, redeploying resources toward dedicated AI and HPC infrastructure, which is in high demand and where we have a clear advantage. With the addition of Project Annie (75 MW), our first solar-powered site, Soluna s development pipeline now exceeds 773 MW across wind, grid, and solar-powered computing projects. Project Kati (166 MW) is shovel-ready, with Project Rosa (187 MW), Project Hedy (120 MW), and Project Ellen (100 MW) in active development. Soluna is no longer just proving its concept we re scaling it. Looking Ahead: Building the Future of Renewable Computing In 2025, we plan to: Ramp Project Dorothy 2 to full capacity and increase recurring revenue from Bitcoin Hosting. Break ground on Project Kati, a flagship site for hybrid Bitcoin and AI workloads. Advance Project Rosa, a 187 MW site designed for largescale compute. Expand and de-risk our pipeline, now exceeding 2.8 GW of AI and Bitcoin hosting capacity. Form new joint ventures to deploy capital efficiently and enter the AI infrastructure market with industry leaders. Strengthen our balance sheet, reduce debt, and own larger stakes in high-performing projects. We are building more than data centers. We are laying the foundation for the future of computing. Our ability to turn curtailed renewable energy into reliable, low-cost power for Bitcoin and AI workloads sets us apart. Soluna is positioned to lead this next era of energy and compute. We look forward to accelerating our growth, deepening our impact, and delivering strong returns for our shareholders. Thank you for your continued belief in our mission. Warm regards, John Belizaire Chief Executive Officer Soluna Holdings, Inc. Statements in this letter, other than those that are historical facts, may be forward-looking statements within the meaning of federal securities laws. Such forwardlooking statements include references to our plans and goals, in particular with respect to our belief that we have established ourselves as the premiere solutions provider to the owners of renewable energy generating assets that have curtailment issues and that we are building a lasting computing infrastructure company that expects its projects to be an integral part of growing the global renewable energy business. All forward-looking statements are made as of the date of mailing of our proxy statement for our 2025 annual meeting of stockholders, and we disclaim any duty to update such statements except to the extent required by applicable securities laws. It is important to note that our actual results could differ materially from those projected in forward-looking statements. Factors that could cause the anticipated results not to occur include: our ability to execute on our business plan and generate sufficient capital resources to support that plan; the uncertainty of the global economy, our failure to locate viable strategic activities including potential acquisitions that are beneficial to us; our inability to build and maintain relationships with our customers; the risks and uncertainties inherent in the cryptocurrency mining industry, including the costs of operation, the future price of cryptocurrencies and fluctuations in such prices, government and quasi-government regulation of cryptocurrencies and their use, restrictions on or regulation of access to and operation of blockchain networks or similar systems, and the availability and popularity of other forms or methods of buying and selling goods and services, including government-backed cryptocurrencies; and the other risk factors discussed from time to time in our filings with the U.S. Securities and Exchange Commission including, but not limited to, the enclosed Annual Report on Form 10-K for the year ended December 31, 2024.
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SLNH Shareholder/Stockholder Letter Transcript:

2024 Annual Report
Soluna Holdings, Inc.
Ticker Symbol:
SLNH

Dear Fellow Stockholders and Employees:
2024 was a defining year for Soluna. We grew revenue by more than
80%, reached $38 million, and achieved positive cash flow from our
Bitcoin Hosting business     proof that our model is working.
We brought Project Dorothy 1A and 1B into full-year operation and
launched our Demand Response Services (DRS), generating $2.1
million in new revenue. Project Dorothy 2, a 64% hosting capacity
expansion, is now energized and is expected to reach 48 MW by yearend.
We simplified our capital structure, secured flexible funding through
a $25 million SEPA facility, and made the strategic decision to exit
the HPE contract, redeploying resources toward dedicated AI and
HPC infrastructure, which is in high demand and where we have a
clear advantage.
With the addition of Project Annie (75 MW), our first solar-powered
site, Soluna   s development pipeline now exceeds 773 MW across wind,
grid, and solar-powered computing projects. Project Kati (166 MW)
is shovel-ready, with Project Rosa (187 MW), Project Hedy (120
MW), and Project Ellen (100 MW) in active development. Soluna is
no longer just proving its concept     we   re scaling it.
Looking Ahead: Building the Future of Renewable Computing
In 2025, we plan to:



Ramp Project Dorothy 2 to full capacity and increase
recurring revenue from Bitcoin Hosting.
Break ground on Project Kati, a flagship site for hybrid
Bitcoin and AI workloads.
Advance Project Rosa, a 187 MW site designed for largescale compute.
Expand and de-risk our pipeline, now exceeding 2.8 GW of
AI and Bitcoin hosting capacity.
Form new joint ventures to deploy capital efficiently and
enter the AI infrastructure market with industry leaders.
Strengthen our balance sheet, reduce debt, and own larger
stakes in high-performing projects.
We are building more than data centers. We are laying the
foundation for the future of computing. Our ability to turn curtailed
renewable energy into reliable, low-cost power for Bitcoin and AI
workloads sets us apart.
Soluna is positioned to lead this next era of energy and compute. We
look forward to accelerating our growth, deepening our impact, and
delivering strong returns for our shareholders.
Thank you for your continued belief in our mission.
Warm regards,
John Belizaire
Chief Executive Officer
Soluna Holdings, Inc.
Statements in this letter, other than those that are historical facts, may be forward-looking statements within the meaning of federal securities laws. Such forwardlooking statements include references to our plans and goals, in particular with respect to our belief that we have established ourselves as the premiere solutions
provider to the owners of renewable energy generating assets that have curtailment issues and that we are building a lasting computing infrastructure company that
expects its projects to be an integral part of growing the global renewable energy business. All forward-looking statements are made as of the date of mailing of our
proxy statement for our 2025 annual meeting of stockholders, and we disclaim any duty to update such statements except to the extent required by applicable securities
laws. It is important to note that our actual results could differ materially from those projected in forward-looking statements. Factors that could cause the anticipated
results not to occur include: our ability to execute on our business plan and generate sufficient capital resources to support that plan; the uncertainty of the global
economy, our failure to locate viable strategic activities including potential acquisitions that are beneficial to us; our inability to build and maintain relationships with
our customers; the risks and uncertainties inherent in the cryptocurrency mining industry, including the costs of operation, the future price of cryptocurrencies and
fluctuations in such prices, government and quasi-government regulation of cryptocurrencies and their use, restrictions on or regulation of access to and operation
of blockchain networks or similar systems, and the availability and popularity of other forms or methods of buying and selling goods and services, including
government-backed cryptocurrencies; and the other risk factors discussed from time to time in our filings with the U.S. Securities and Exchange Commission
including, but not limited to, the enclosed Annual Report on Form 10-K for the year ended December 31, 2024.



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