Soluna Holdings, Inc. reported significant financial developments in its Q3 2024 10-Q filing, highlighting a notable increase in revenue across its cryptocurrency mining and data hosting segments. For the three months ended September 30, 2024, total revenue reached $7.525 million, up from $5.797 million in Q3 2023, driven by a 57% increase in cryptocurrency mining revenue to $2.811 million and a 6% rise in data hosting revenue to $4.271 million. For the nine months ended September 30, 2024, total revenue was $29.749 million, compared to $10.948 million in the same period of 2023.
Despite the revenue growth, the company reported an operating loss of $(9.016) million for Q3 2024, a significant increase from $(3.736) million in Q3 2023. The net loss for the quarter was $(8.093) million, compared to $(6.016) million in the prior year. For the nine-month period, the net loss decreased to $(19.782) million from $(22.705) million in 2023, indicating some improvement in overall financial performance.
General and administrative expenses surged to $5.248 million in Q3 2024, up from $2.723 million in Q3 2023, largely due to increased employee-related costs and legal fees associated with ongoing projects. The company also faced a provision for expected credit losses of approximately $346,000 related to a pricing dispute with a Bitcoin hosting customer.
Strategically, Soluna has made several operational shifts, including the transition of Project Sophie from proprietary Bitcoin mining to hosting customer operations in Q2 2023. The company has also decommissioned Project Marie and is advancing Project Dorothy, which has energized 50 MW as of June 2024, with plans for further expansion. Additionally, Soluna entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD, allowing for the potential sale of up to $25 million in common stock to support its operations and capital expenditures.
As of September 30, 2024, Soluna's total stockholders' equity was approximately $51.6 million, with an accumulated deficit of $(274.3) million. The company continues to navigate a challenging market environment, characterized by high energy costs and fluctuating Bitcoin prices, while actively seeking additional financing strategies to bolster its growth initiatives.
About Soluna Holdings, Inc
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