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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Earlier this week, Soluna announced that it has successfully closed a $5 million loan facility with Galaxy Digital (TSX: GLXY), a financial services and investment management innovator in the digital asset and blockchain technology sectors.</li><li>CEO John Belizaire highlighted that the deal underscores the strength of the company’s project cash flow and demonstrates confidence in its ability to monetize energy through AI and Bitcoin mining.</li><li>Belizaire said, “Simply put, the assets we build are durable and very, very valuable. With this financing, we gain access to additional capital to accelerate our execution— without diluting our shareholders.”</li></ul>

Earlier this week, Soluna announced that it has successfully closed a $5 million loan facility with Galaxy Digital (TSX: GLXY), a financial services and investment management innovator in the digital asset and blockchain technology sectors.CEO John Belizaire highlighted that the deal underscores the strength of the company’s project cash flow and demonstrates confidence in its ability to monetize energy through AI and Bitcoin mining.Belizaire said, “Simply put, the assets we build are durable and very, very valuable. With this financing, we gain access to additional capital to accelerate our execution— without diluting our shareholders.”

Soluna Holdings, Inc. - Secures $5 Million in Non-Dilutive Debt Financing

<ul><li>Soluna recently announced two significant deals to grow its business.</li><li>The first deal is an expansion of its partnership with Bit Digital (BTBT), while the second deal is a successful exit of Project Kati from the Electric Reliability Council of Texas (ERCOT) planning phase.</li><li>On February 18, Soluna announced that it had successfully exited the ERCOT planning phase for its Project Kati, which is expected to unlock up to 166 MW of new Bitcoin hosting and AI JV opportunities.</li></ul>

Soluna recently announced two significant deals to grow its business.The first deal is an expansion of its partnership with Bit Digital (BTBT), while the second deal is a successful exit of Project Kati from the Electric Reliability Council of Texas (ERCOT) planning phase.On February 18, Soluna announced that it had successfully exited the ERCOT planning phase for its Project Kati, which is expected to unlock up to 166 MW of new Bitcoin hosting and AI JV opportunities.

Soluna Holdings, Inc - Progress on Project Kati and Bit Digital Partnership...

<ul><li>Belizaire discussed the strength of the 3Q24 numbers (4Q24 earnings report is due soon).</li><li>Results included a 30% Y/Y revenue increase, an adjusted EBITDA flip from a loss of $4.5 million in 3Q23 to a profit of $3.5 million in 3Q24, and the development of the Soluna Cloud (for AI computing).</li><li>For 2025, Belizaire is looking at a growing set of projects moving to operation and revenue, including a growing pipeline, hitting 2.6GW of computing power (with demand for more), flagship Dorothy, and projects Kati and Rosa.</li></ul>

Belizaire discussed the strength of the 3Q24 numbers (4Q24 earnings report is due soon).Results included a 30% Y/Y revenue increase, an adjusted EBITDA flip from a loss of $4.5 million in 3Q23 to a profit of $3.5 million in 3Q24, and the development of the Soluna Cloud (for AI computing).For 2025, Belizaire is looking at a growing set of projects moving to operation and revenue, including a growing pipeline, hitting 2.6GW of computing power (with demand for more), flagship Dorothy, and projects Kati and Rosa.

Soluna Holdings, Inc. - CEO Highlights Growth Plans for 2025

Thematic (Sector/Industry)

<ul><li>Computing, and thus data centers, are becoming more critical to nearly every business (thank AI).</li><li>In this edition of Tech Talk, we focus on green and crypto data centers, highlighting their specific needs, characteristics, market dynamics, and leading vendors.</li><li>Simply put, a green data center uses many of the standard computer systems and networking equipment of other data centers, but with a strong emphasis on minimizing environmental impact. </li></ul>

Computing, and thus data centers, are becoming more critical to nearly every business (thank AI).In this edition of Tech Talk, we focus on green and crypto data centers, highlighting their specific needs, characteristics, market dynamics, and leading vendors.Simply put, a green data center uses many of the standard computer systems and networking equipment of other data centers, but with a strong emphasis on minimizing environmental impact. 

Tech Talk: Next-Gen Data Centers Green and Crypto Data Centers

<ul><li>Soluna Cloud has entered into a three-year managed services agreement with Hewlett Packard Enterprise (HPE), with $38-80 million in expected revenue over the contract, with the first 512 GPUs available today.</li><li>Soluna will manage a hydro-powered datacenter in collaboration with its strategic OEM partner and has secured NVIDIA H100 GPUs that will allow it to offer Generative AI workloads for enterprise customers and Generative AI labs.</li><li>The Soluna Cloud subsidiary has been funded by a non-dilutive $12.5 million credit facility, which the company expects will be the first tranche of funding for the growing business line.</li></ul>

Soluna Cloud has entered into a three-year managed services agreement with Hewlett Packard Enterprise (HPE), with $38-80 million in expected revenue over the contract, with the first 512 GPUs available today.Soluna will manage a hydro-powered datacenter in collaboration with its strategic OEM partner and has secured NVIDIA H100 GPUs that will allow it to offer Generative AI workloads for enterprise customers and Generative AI labs.The Soluna Cloud subsidiary has been funded by a non-dilutive $12.5 million credit facility, which the company expects will be the first tranche of funding for the growing business line.

Soluna Holdings, Inc. - Soluna Cloud Contract Unleashes New Business Line

United States

Soluna Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, builds, owns, and operates modular data centers that eliminate wasted energy and deliver revenue to renewable energy producers. Soluna Holdings serves customers worldwide.

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Soluna Holdings (SLNH US)

Soluna Holdings, Inc. - Secures $5 Million in Non-Dilutive Debt Financing

CEO John Belizaire highlighted that the deal underscores the strength of the company’s project cash flow and demonstrates confidence in its ability...

Water Tower Research

Soluna Holdings, Inc - Progress on Project Kati and Bit Digital Partnership...

The first deal is an expansion of its partnership with Bit Digital (BTBT), while the second deal is a successful exit of Project Kati from the...

Water Tower Research

Soluna Holdings, Inc. - CEO Highlights Growth Plans for 2025

Results included a 30% Y/Y revenue increase, an adjusted EBITDA flip from a loss of $4.5 million in 3Q23 to a profit of $3.5 million in 3Q24, and...

Water Tower Research

Tech Talk: Next-Gen Data Centers Green and Crypto Data Centers

In this edition of Tech Talk, we focus on green and crypto data centers, highlighting their specific needs, characteristics, market dynamics, and...

Water Tower Research

Soluna Holdings, Inc. - Soluna Cloud Contract Unleashes New Business Line

The Soluna Cloud subsidiary has been funded by a non-dilutive $12.5 million credit facility, which the company expects will be the first tranche of...

Water Tower Research

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