Customer Deployment Initiated in Project Dorothy 2: Phase 1, Project Sophie Hits Historic 1.0 EH/s

Albany, New York – Soluna Holdings, Inc. (NASDAQ: SLNH), which focuses on Green Data Centers for high-demand computing applications like Bitcoin mining and AI, has announced updated site-level operations and developments for May 2025.

Here are some highlights from the company:

Key Company Metrics:

Monthly metrics can be reviewed for details.

Company Highlights:

• Q1-25 Results: Soluna reports a revenue of $5.9 million for Q1. They are also developing a new 220MW project.
• First Solar Data Center: Term sheet signed for a 75 MW Project Annie, expanding their pipeline, which now exceeds 773 MW across renewable energy projects.
• Fireside Chat: CEO John Belizaire and CFO John Tunison will discuss Q1’25 results in an upcoming conversation.
• Latest AMA: CFO John Tunison responds to frequently asked questions from shareholders in the latest installment of the “Ask Me Anything” series.

Main Project Updates:

Project Dorothy 1A and 1B:

• Successfully completed the ERCOT 4 CP program for the third consecutive year to help stabilize grid demand.
• Implemented cooling and insulation measures for power infrastructure in preparation for summer.

Project Dorothy 2:

• Phase 1 completed in early May, with customer deployments now in progress.
• Commissioning of Phase 2 is anticipated to begin shortly, likely wrapping up by August.
• Construction on Phase 3’s mechanical structure is currently taking place.

Project Sophie:

• The site has returned to full capacity after an expansion, achieving a milestone 1.05 EH/s.
• New firmware and BTC mining model tests have been conducted.

Project Kati:

• The bidding process for the first phase (83 MW) of Bitcoin Hosting has been finalized, aiming to finalize capital formation.

Customer Success:

• Deployment of about 476 Next Generation S21+ Miners has been completed in partnership with Blockware, with around 5 MW to be finalized by June.
• Customer growth initiatives alongside Project Sophie are continuing to expand.
• Contracts for Project Dorothy 2 are moving forward with negotiations set until September 2025.
• Participation in the Bitcoin 2025 Conference yielded positive feedback on Soluna’s hosting services from customers and industry players.

For additional terminology used by Soluna, please check their glossary online.

Forward-Looking Statements

This announcement includes forward-looking statements, made under the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. These projections, identifying future expectations and plans, may differ from actual outcomes due to various factors. It’s important to review the risk factors related to these statements, particularly as filed with the SEC.

About Soluna Holdings, Inc.

Soluna aims to utilize computing as a means to elevate renewable energy to a global scale. They specialize in designing and operating digital infrastructures that harness excess renewable energy to provide extensive computing resources, focusing on applications like Bitcoin mining and AI. For more insights, visit their website.