Actively working with Regulators to bring Dorothy Online. Continue Delivering Increased Hashrate and Healthy Margins

Soluna Holdings, Inc. (“SHI” or the “Company”) (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing, today announced the release of its October site level financials.

Michael Toporek, CEO of Soluna Holdings, stated, “Soluna is actively working with regulators to bring Project Dorothy online and thereby scale the company’s operations. During this period we have taken important steps to improve our near term liquidity and increase hashrate.”

Key Summary Highlights:

• Average BTC mined declined by 1% versus September
• Operating efficiencies drive average hashrate to a new monthly record of 919.7 PH/s, previous high of 896.62 achieved in May 2022
  • Average hashrate increased 3% from September
• Cash Contribution margins remained healthy but declined from September as a result of increased power prices in October
• Power Costs Declined in November and expected to continue to decline in December

A presentation and corresponding video are available on the Company’s website here. In connection with the table below, see reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures in the appendix to the presentation available on the Company’s website.

Revenue & Contribution Margin Summary:

About Soluna Holdings, Inc. (SLNH)

Soluna Holdings, Inc. 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 Bitcoin mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses 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.

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