Full Year 2021 Crypto Mining Revenue of $10.9 million Reflects Execution on Operating Plan

On Track to Achieve 1.261 EH/s by June 30th, 2022

Dorothy Site Preparation Underway

ALBANY, NY - (NewMediaWire) - April 1, 2022 - Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. ("SCI"), a developer of green data centers for cryptocurrency mining and other intensive computing, today announced the release of its full year 2021 financial results.

Michael Toporek, CEO of Soluna Holdings, stated, “2021 was an important year for Soluna.  We successfully launched and executed on an ambitious plan to establish our foothold in this industry, grow our mining revenues, and strategically position our company.”  

Toporek added, “We continue to rapidly scale our business with 2021 mining revenue of $10.9 million compared to less the $1 million in 2020. Our momentum continues according to plan and for the first quarter of 2022 we expect that our mining revenue will be 80% to 90% of what the full year’s revenue was for 2021. Our operations team continues to execute beautifully as we further scale up our business with a clear focus on return on invested capital.”

Toporek continued, “We expect to increase proprietary hash rate from the first quarter to the second quarter by 36%. Additionally, by the end of the second quarter, total hashrate will be 1.261 Exahash. As our Dorothy site comes online, we expect to scale to 3 Exahash by the end of the year. We continue to build our project pipeline as the preferred curtailment solutions provider to the renewable energy business and we expect 2022 will be another big year for Soluna.”

The Company looks forward to releasing its next flash report on April 14, 2022.

Key Highlights:

·       Achieved  Crypto mining Revenue of $10.9 million in 2021

·       Cash as of December 31st, 2021, was $10.3 million, an increase of $7.6 million compared to December 31st, 2020

·       Raised over $60 million of capital in gross proceeds in 2021, in a variety of structures designed to achieve an optimal capital structure

·       Record 815 PH/s installed as of March 12th, 2022, with over an additional 185 PH/s on the ground

·       On track to achieve 1.261 EH/s by the end of June 30th, 2022

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 Statements

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 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, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our 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 reports filed with the Securities and Exchange Commission.

Investor Relations:

Kirin Smith, President 
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com