Soluna Holdings Inc., a developer of green data centers for intensive computing applications, has announced significant financial results for the year 2024. The company reported an impressive revenue growth of over 80%, reaching $38 million, and achieved positive cash flow from its Bitcoin Hosting business. This substantial increase in revenue indicates that Soluna's business model is proving effective. The company also reported that Project Dorothy 1A and 1B have been brought into full-year operation, and the launch of their Demand Response Services $(DRS)$ has generated $2.1 million in new revenue. Additionally, Project Dorothy 2 has seen a 64% hosting capacity expansion and is expected to reach 48 MW by the end of the year. Looking forward, Soluna Holdings has outlined its strategic plans, including breaking ground on Project Kati for hybrid Bitcoin and AI workloads, advancing Project Rosa-a 187 MW site for large-scale computing-and expanding its pipeline to over 2.8 GW of AI and Bitcoin hosting capacity. The company aims to form new joint ventures to efficiently deploy capital and strengthen its balance sheet by reducing debt and owning larger stakes in high-performing projects. These developments position Soluna Holdings to lead in the renewable energy and computing sector, with a focus on converting curtailed renewable energy into reliable, low-cost power for Bitcoin and AI workloads.
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