Soluna Holdings, Inc 8-K, filed Sep 13, 2021
Soluna Holdings, Inc (SLNH)
About this 8-K
Soluna Holdings, Inc filed this 8-K on September 13, 2021.
Items reported
- Item 2.02: Financial results
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 2.02 Results of Operations and Financial Condition
On September 13, 2021, Mechanical Technology, Incorporated (the “Company”) issued a press release announcing its financial and business highlights for the month ended August 31, 2021. The press release is attached hereto as Exhibit 99.1 under Item 9.01 of this Current Report on Form 8-K (this “Form 8-K”) and is incorporated by reference herein.
Additionally, on September 13, 2021, the Company delivered to the Company’s stockholders a presentation of the Company’s results for the month ended August 31, 2021. The Company released presentation materials that incorporate the Company’s monthly results, a discussion of each business segment and recent business highlights. The materials of the presentation are available at the Company’s website, specifically located at https://ecochainmining.com/news/monthlyflashseptember2021 /.
Item 8.01 Other Events
Reference is made to the disclosure in Item 2.02 of this Form 8-K, which disclosure is incorporated herein by reference.
The information contained in this Form 8-K provided under Item 8.01 and Exhibit 99.1 attached hereto are furnished to, but shall not be deemed filed with, the Securities and Exchange Commission (the “SEC”) or incorporated by reference into the Company's filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.
Forward-Looking Statements
This Form 8-K and Exhibit 99.1 contain forward-looking statements. Forward-looking statements include, but are not limited to, statements that express the Company’s intentions, beliefs, expectations, strategies, predictions or any other statements related to the Company’s future activities, or future events or conditions. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by its management. These statements are not guarantees of future performances and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including those risks that may be included in documents that the Company files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 8-K, except as required by law.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit
No. |
Description | |
| 99.1 | Press Release of Mechanical Technology, Incorporated dated September 13, 2021. |
https://www.mechtech.com/investors/
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: September 13, 2021 | MECHANICAL TECHNOLOGY, INCORPORATED | ||
| By: | /s/ Jessica L. Thomas | ||
Name: Jessica L. Thomas Title: Chief Financial Officer |
|||
Exhibit 99.1
EcoChain, Inc. Announces August Site Level Financials
August
Cash Contribution Margin More than Doubles vs July with an Annual Run
Rate of $8.9 million
August Hashrate up 174% over July
ALBANY, N.Y., September 13, 2021 -- EcoChain, Inc. (“EcoChain”), a wholly-owned subsidiary of Mechanical Technology, Incorporated (“MTI” or the “Company”), (NASDAQ: MKTY), a cryptocurrency mining business powered by renewable energy, today announced the release of its August site level financials.
Michael Toporek, CEO of MTI stated, "We are pleased to report our continued execution with another strong month of growth as our cash contribution margin more than doubled and installed hashrate in August increased by 174%. We have continued to invest in computing resources and infrastructure and are well positioned for additional growth in 2021 towards our stated goal of 50MW under management by the end of 2021.”
Key August Milestones:
| ✓ | Contribution Margin ($) more than doubled from July |
| o | $358k in July, $748k in August |
| o | Annual run-rate of $8.97 million |
| ✓ | Anaconda facility going live in September |
| o | Scaling up through Q4 |
| ✓ | Hosting JV went live in August |
| o | ROIC on infrastructure investment at about 1 year payback |
| ✓ | Took over management of Python facility |
Margins Set to Expand:
Toporek further commented, “It’s great to see our Python facility ramping up. As it hits capacity in January or February of next year, margins will expand as power costs decline by about 20% and we are able to amortize our labor and overhead costs over the output of a fully ramped facility. We believe the most important metric for performance is return on invested capital, how much did we spend on our facility and computing resources and what is the cash level generated. Beginning with Q1’22, we will report that for Python as we have for TNT where we have returned all capital invested in under 12 months.”
Key Summary Highlights for August 2021 EcoChain Flash Revenue:
| ($ in 000s; Unaudited) | Q1 2021 | Q2 2021 | Jul 21 | Aug 21 | YTD Aug 2021 |
| Revenue | $995 | $1,657 | $494 | $943 | $4,088 |
| Contribution Margin | $744 | $1,261 | $358 | $748 | $3,112 |
| Annualized Revenue | $3,980 | $6,628 | $5,928 | $11,316 | $6,134 |
| Annualized | $2,976 | $5,044 | $4,276 | $8,976 | $4,668 |
| Contribution Margin |
A presentation and corresponding video is available on the Company’s website at https://ecochainmining.com/news/monthlyflashseptember2021/
About EcoChain, Inc.
EcoChain, Inc., a wholly-owned subsidiary of Mechanical Technology, Incorporated, is engaged in developing and operating ultra-low cost green data centers focused on cryptocurrency mining. For more information about EcoChain, please visit www.ecochainmining.com.
Forward Looking Statement
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.
Contact Information:
Lisa Brennan
lbrennan@mtiinstruments.com
Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com