Exhibit 99.2
1
HOLDINGS COMPUTING
March 2022
Flash
April 2022
2
Preamble
The following discussion is completely qualified by the legal disclosures on the several
pages following this one
Our goal is to share with you some of our strategic thinking and financial analysis we
are using to guide the growth of our business
The discussion is in line with our principles of being accountable and transparent with
shareholders
We operate in a hyper dynamic economic environment. That’s a fancy way of saying
things change quickly. What we are telling you here is based on our estimates and
assumptions which are our best guess. We reserve the right to revise our point of
view based on new information and changes in the business environment
Despite an uncertain, dynamic environment, we must plan and make operating and
investment decisions. This presentation lays some of that out for your review
3
Legal Disclosure & Disclaimer
This presentation includes forward-looking statements within the meaning of the Private Securities
Litigation Reform Act that reflect our current views with respect to, among other things, our operations,
business strategy, interpretation of prior development activities, plans to develop and commercialize our
products and services, potential market opportunity, financial performance and needs for additional
financing. We have used words like "anticipate," "believe," "could," "estimate," "expect," "future," "intend,"
"may," "plan," "potential," "project," "will," and similar terms and phrases to identify forward-looking
statements in this presentation.
The forward-looking statements contained in this presentation are based on management's current
expectations and are subject to substantial risks, uncertainty and changes in circumstances. Actual results
may differ materially from those expressed by these expectations due to risks and uncertainties, including,
among others, those related to our ability to obtain additional capital on favorable terms to us, or at all, the
success, timing and cost of ongoing or future operations, the lengthy and unpredictable nature of the
project development, and technology process and businesses in which we currently engage or may
engage.
These risks and uncertainties include, but may not be limited to, those described in our filings with the SEC.
Forward-looking statements speak only as of the date of this presentation, and we undertake no obligation
to review or update any forward-looking statement except as may be required by applicable law.
4
Legal Disclosure & Disclaimer
The material in this presentation has been prepared by Soluna and is general background information about Soluna’s activities, current as at the date
of this presentation and is provided for information purposes only. It should be read in conjunction with Soluna’s periodic and continuous disclosure
announcements filed with the Securities and Exchange Commission. This presentation provides information in summary form only and is not intended
to be complete. Soluna makes no representation or warranty, express or implied, as to the accuracy, completeness, fairness or reliability of any of the
information, illustrations, examples, opinions, forecasts, reports, estimates and conclusions contained in this presentation. It is not intended to be relied
upon as advice or a recommendation to investors or potential investors and does not take into account the investment objectives, financial situation,
taxation situation or needs of any particular investor. Due care and consideration should be undertaken when considering and analyzing Soluna’s
future performance and business prospects. THIS PRESENTATION IS NOT INTENDED TO SERVE AS A FORECAST OF ANY SUCH FUTURE
PERFORMANCE OR PROSPECTS. An investor must not act on any matter contained in this document but must make its own assessment of Soluna
and conduct its own investigations and analysis. Investors should assess their own individual financial circumstances and consider talking to a
financial adviser, professional adviser or consultant before making any investment decision. This document does not constitute an offer, invitation,
solicitation or recommendation with respect to the purchase or sale of any security in Soluna nor does it constitute financial product advice. This
document is not a prospectus, product disclosure statement or other offer document under United States federal or state securities law or under any
other law. This document has not been filed, registered or approved by regulatory authorities in any jurisdiction.
Any projection, forecast, estimate or other “forward-looking” statement in this presentation only illustrates hypothetical performance under specified
assumptions of events or conditions that have been clearly delineated herein. Such projections, forecasts, estimates or other “forward-looking”
statements are not reliable indicators of future performance. Hypothetical or illustrative performance information contained in these materials may not
be relied upon as a promise, prediction or projection of future performance and are subject to significant assumptions and limitations. In addition, not
all relevant events or conditions may have been considered in developing such assumptions. READERS OF THIS DOCUMENT SHOULD
UNDERSTAND THE ASSUMPTIONS AND EVALUATE WHETHER THEY ARE APPROPRIATE FOR THEIR PURPOSES. SOME EVENTS OR
CONDITIONS MAY NOT HAVE BEEN CONSIDERED IN SUCH ASSUMPTIONS. ACTUAL EVENTS OR CONDITIONS WILL VARY AND MAY DIFFER
MATERIALLY FROM SUCH ASSUMPTIONS. READERS SHOULD UNDERSTAND SUCH ASSUMPTIONS AND EVALUATE WHETHER THEY ARE
APPROPRIATE FOR THEIR PURPOSES. This presentation may include figures related to past performance or simulated past performance as well as
forecasted or simulated future performance. Soluna disclaims any obligation to update their views of such risks and uncertainties or to publicly
announce the results of any revision to the forward-looking statements made herein.
5
Legal Disclosure & Disclaimer
Use of Projections and Illustrations This presentation contains certain financial forecasts and illustrations. Neither Soluna’s
[nor Soluna Holdings] independent auditors have studied, reviewed, compiled or performed any procedures with respect to
the projections for the purpose of their inclusion in this presentation. The material in this presentation is for illustrative
purposes only and should not be relied upon as being necessarily indicative of future results.
To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use
the following non-GAAP financial measures: non-gaap revenue, cash contribution margin, cash contribution margin
excluding tornado, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this
financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information
prepared and presented in accordance with GAAP.
Use of Estimates in Monthly Presentations
Numbers presented BEFORE the release of Form 10-Q for fourth quarter ended December 31st, 2021, are monthly estimates
and subject to change upon final accounting adjustments and entries. These monthly estimates are presented as an
illustration of management’s review of key metrics that help in understanding the performance of the Company. Readers are
strongly encouraged to review this presentation in connection with the Company’s Annual Report on Form 10-K for the year
ended December 31, 2021, Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2021, Company’s
Quarterly Report on Form 10-Q for the period ended June 30, 2021, Company’s Quarterly Report on Form 10-Q for the
period ended September 30, 2021, and the Company’s Annual Report on Form 10-K for the year ended December 31,
2020.
6
Key Operating Principles
(1) Calculated as a percent of total undiluted shares
7
Batch-oriented
Computing
like cryptocurrency mining
Excess energy from
renewable sources
We buy curtailed
energy from
renewable power
plants and convert it
to clean, low-cost
global computing.
8
The
opportunity
beyond
crypto is
Batchable
Computing
9
Agenda
Business Update
March 2022 results
in detail
In this presentation, we will be covering the
following items:
10
Business
Update
11
Business Summary
On track to achieve 1.26 EH/s by the end of Q2 2022. Working on a plan to
deliver 30 days early
As of April 8th, 2022, 982.6 PH/s plugged in with more machines on the ground
and in-transit
Second quarter proprietary hashrate expected to grow over 36%
Edith facility investment hits 3x return after 22 months
Operations continue to scale. Dorothy site preparation in full swing
Project pipeline continues to be robust as Soluna becomes a leading curtailment
solutions provider to the renewable energy business
12
Our Targets For 2022
Note: 2022 Earnings Power Illustration released on January 19th, 2022. Not updated since original publication. Press release and presentation can be viewed here.
Our Energized Capacity Ramps Over 150 MW Our Hashrate Scales Over 3 EH
ü w ü w
13
We achieved our 1 EH/s goal
*Our Hosting JV Commitment is fulfilled
**Management Estimate +/- 30 days
March estimate of 714 PH/s includes impact of forced shutdown at Marie on average hashrate
982.6 PH/s installed as of
April 8th, 2022
36% Prop Mining hashrate growth over the second quarter
17.4 PH/s on the ground to be installed over the upcoming weeks
Remainder of growth
will be Prop Mining
increasing by ~36%
Over 17.4 PH/s on the
ground
14
We will review each facility
Then look at the consolidated results
Facility Results Review
15
Edith
Continue to optimize equipment mix at mature facility
Cash Contribution Margin (Non-GAAP) at $108 thousand for March
o BTC equivalent mined decreased by 5% from 4.54 in February to 4.31 in March
o Average Hashrate and MW deployed increased a bit due to optimizing mix of coins mined
As of April 8th, 2022, increased hashrate to 12.7 PH/s
o Average March 2022 hashrate was 11.8 PH/s
Note: Management estimate as of April 8th, 2022. Jan-Mar 2022 Hashrate is average of the month.
24%
33%
(31 days) (28 days)
6%
31%
(31 days)
5%
14%
8%
16
Edith: Strong Return On Capital Investment
All Capital
Returned
~16 months
2x Capital
Achieved
~22 months
3x Capital
Anticipated
17
Edith: Non-GAAP Historical Financials
For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement
our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin,, cash
contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for,
or superior to, the financial information prepared and presented in accordance with GAAP.
($ in 000s) (Unaudited)
Actual Actual Actual Actual Actual Estimate Estimate Estimate Estimate
Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22
Revenue 891 988 277 345 284 905 324 317 222 864 3,648 150 185 181 517
Electricity/Direct Costs* 121 133 41 50 49 140 49 54 40 143 537 45 35 51 131
Overhead Costs** 101 71 18 16 28 63 19 24 22 65 300 22 19 22 63
Adjusted Cost of Cryptocurrency Revenue 1*** (Non-GAAP) $223 $204 $60 $66 $77 $203 $68 $79 $61 $208 $838 $67 $54 $73 $194
Cash Contribution Margin (Non-GAAP) $668 $784 $217 $278 $206 $702 $256 $238 $161 $656 $2,810 $83 $132 $108 $323
Cash Contribution % 75.0% 79.4% 78.5% 80.8% 72.8% 77.6% 79.1% 75.2% 72.4% 75.9% 77.0% 55.3% 71.1% 59.7% 62.5%
Selling, general and administrative expenses(a) (Non-GAAP) 5 77 38 65 20 123 36 0 50 86 291
Addback: One-time expenses 4 0 0 0 0 0 0 0 0 0 4
Adjusted EBITDA Contribution (Non-GAAP) $666 $707 $179 $213 $187 $579 $221 $238 $111 $570 $2,522
Adjusted EBITDA Contribution % 74.8% 71.6% 64.7% 61.9% 65.9% 64.0% 68.1% 75.2% 49.7% 66.0% 69.2%
*Includes Electricity costs
**Excludes $23k of project equipment repairs
***Excludes Depreciation and R&D Expenses
(a) Excludes Corporate Assessment; Includes Soluna profit share from May 2021 onward. Corporate expenses within SG&A at Edith were re-classified in 2021. Chart reflects SG&A without corporate expenses..
Key Operating Metrics: Q1 21(1) Q2 21(2) Jul 21 Aug 21 Sep 21 Q3 21(3) Oct 21 Nov 21 Dec 21 Q4 21(4) FY 21(5) Jan 22 Feb 22 Mar 22 Q1 22(6)
Avg. MW Deployed 1.63 1.76 1.79 1.77 1.74 1.77 1.78 1.78 1.75 1.77 1.73 1.60 1.46 1.57 1.54
Avg. Hashrate (SHA-256, PH/s)(7) n/a 8.69 10.18 10.38 11.44 10.67 11.85 11.63 10.60 11.36 10.24 9.57 9.01 11.78 10.12
Avg. BTC Price 45,336 46,498 34,445 45,709 45,940 42,031 57,912 60,621 49,263 55,932 47,449 41,114 40,763 41,966 41,281
BTC Equivalent Mined 19.65 21.25 8.03 7.54 6.17 21.53 5.60 5.23 4.51 15.44 76.87 3.66 4.54 4.31 12.52
(1) Average of January 2021 - March 2021
(2) Average of April 2021 - June 2021
(3) Average of July 2021 - September 2021
(4) Average of October 2021 - December 2021
(5) Average of January 2021 - December 2021
(6) Average of January 2022 - March 2022
(7) We did not track the Hashrate for the first quarter
18
Sophie
Ramped to 385.9 PH/s as of April 8th, 2022
o A 70% increase from the average hashrate of 226.6 PH/s in March
o Significant ramp up of installed machines at the end of March
Cash Contribution Margin (Non-GAAP) increased 60% to $753 thousand in March from $472
thousand in February
Margins will increase to steady-state levels as hashrate ramps
As of March 1, 2022, Sophie is on its long-term power contract which should enhance margins.
Uptime is about 85%, rate usually varies from 2.5 ¢ per kWh to 2.7 ¢ per kWh
(31 days) (28 days)
12% 3%
3%
70%
(31 days)
19%
7% 7%
Note: Management estimate as of April 8th, 2022. Jan-Mar 2022 Hashrate is average of the month. April 8th hashrate is maximum hashrate, excludes curtailment at site.
19
Sophie: Non-GAAP Historical Financials
For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement
our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash
contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for,
or superior to, the financial information prepared and presented in accordance with GAAP.
($ in 000s) (Unaudited)
Actual Actual Estimate Estimate Estimate Estimate
Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22
Revenue 543 1,048 1,181 2,772 2,772 1,294 1,132 1,382 3,808
Electricity/Direct Costs* 284 232 369 884 884 349 574 516 1,438
Overhead Costs 68 77 139 284 307 57 87 114 257
Adjusted Cost of Cryptocurrency Revenue 1** (Non-GAAP) $352 $310 $507 $1,169 $1,191 $405 $660 $629 $1,695
Cash Contribution Margin (Non-GAAP) $192 $738 $674 $1,604 $1,581 $888 $472 $753 $2,113
Cash Contribution % 35.3% 70.5% 57.0% 57.8% 57.0% 68.7% 41.7% 54.5% 55.5%
Cash Contribution Margin excluding Tornado (Non-GAAP) $192 $738 $775 $1,705 $1,683 $888 $472 $753 $2,113
Selling, general and administrative expenses(a) (Non-GAAP) 26 5 11 42 354
Addback: One-time expenses 21 0 0 21 21
Adjusted EBITDA Contribution (Non-GAAP) $186 $733 $765 $1,684 $1,350
Adjusted EBITDA Contribution % 34.2% 70.0% 64.8% 60.7% 48.7%
*Includes Electricity costs
**Excludes Depreciation and R&D Expenses
(a) Excludes Corporate Assessment
Key Operating Metrics: Oct 21 Nov 21 Dec 21 Q4 21(1) FY 21(1) Jan 22 Feb 22 Mar 22 Q1 22(2)
Avg, MW Deployed 4.43 7.63 10.12 7.39 7.39 13.83 14.10 13.29 13.74
Avg. Hashrate (SHA-256, PH/s) 42.32 77.64 157.37 92.44 92.44 205.95 211.78 226.63 214.79
Avg. BTC Price 57,912 60,621 49,263 55,932 47,449 41,114 40,763 41,966 41,281
BTC Equivalent Mined 9.38 17.29 23.97 49.56 58.42 31.47 27.77 32.93 92.23
(1) Average of October 2021 - December 2021
(2) Average of January 2022 - March 2022
Note: BTC Price in FY 21 column is the average of January 2021 to December 2021
20
Marie
Prop Mining hashrate increased 37% from average 213.2 PH/s in March to 292.0 PH/s on
April 8th
o In April, Margins and BTC equivalent mined per day will increase proportionately
In March, facility experienced a near complete shut down for several days due to failure of
electrical infrastructure outside of Soluna’s responsibility and purview
o Utilized some of this time to perform planned maintenance and reduce future planned downtime
o Some key learnings: The company needs to interject itself to inspect and assure excellence in preventive
maintenance of electrical infrastructure that feeds its facilities, even if the infrastructure is not owned or
maintained by Soluna
o Site is back online, and we continue to maximize our hashrate at this facility
14%
26% 19%
6%
(31 days)
8%
2%
30%
(28 days) (31 days)
Note: Management estimate as of April 8th, 2022. Jan-Mar 2022 Hashrate is average of the month.
21
Marie: Impact of forced shutdown
*Note: Management estimate
($ in 000s)
Estimate Shutdown Estimate
Mar 22 Impact* Pro-Forma
Revenue (Non-GAAP) $1,637 $319 $1,956
Prop Mining 1,191 249 1,440
Hosted JV 446 70 515
Cash Contribution Margin (Non-GAAP) $867 $163 $1,031
Prop Mining 774 149 923
Hosted JV 93 14 107
Marie
Forced shutdown led to a reduction in revenue of $319 thousand (or 7.59 BTC equivalent mined)
and Cash Contribution Margin of $163 thousand
Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For more
information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our
consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution
margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior
to, the financial information prepared and presented in accordance with GAAP.
22
Marie: Non-GAAP Historical Financials(A)
(A) Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For details on legacy hosting, see
appendix. For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial
statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and
adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
($ in 000s) (Unaudited)
Actual Actual Actual Actual Actual Estimate Estimate Estimate Estimate
Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22
Revenue (Non-GAAP) $104 $668 $217 $598 $647 $1,463 $1,274 $1,267 $1,813 $4,354 $6,589 $1,561 $1,759 $1,637 $4,957
Prop Mining 104 668 217 494 402 1,114 793 595 1,238 2,626 4,512 1,032 1,264 1,191 3,488
Hosting 0 0 0 104 245 349 481 672 575 1,729 2,078 529 495 446 1,470
Electricity/Direct Costs* $23 $190 $76 $99 $216 $392 $336 $381 $562 $1,279 $1,884 $576 $639 $606 $1,821
Prop Mining 23 190 76 71 61 208 83 70 236 389 811 249 290 254 793
Hosting 0 0 0 28 155 184 253 312 326 890 1,074 326 349 352 1,028
Overhead Costs $0 $0 $0 $30 $24 $54 $59 $112 $118 $290 $345 $57 $97 $163 $317
Prop Mining 0 0 0 30 24 54 59 112 118 290 345 57 97 163 317
Hosting 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Cost of Cryptocurrency Revenue 2** (Non-GAAP) $23 $190 $76 $130 $240 $446 $395 $494 $681 $1,569 $2,229 $632 $736 $770 $2,138
Prop Mining 23 190 76 101 85 263 143 182 355 679 1,155 306 387 417 1,110
Hosting 0 0 0 28 155 184 253 312 326 890 1,074 326 349 352 1,028
Cash Contribution Margin (Non-GAAP) $81 $478 $141 $468 $407 $1,016 $879 $773 $1,132 $2,785 $4,361 $929 $1,023 $867 $2,819
Prop Mining 81 478 141 393 317 851 650 413 883 1,946 3,357 726 877 774 2,377
Hosting 0 0 0 75 90 166 229 360 249 839 1,004 203 146 93 442
Cash Contribution % (Non-GAAP) 78.1% 71.6% 64.8% 78.3% 62.9% 69.5% 69.0% 61.0% 62.5% 64.0% 66.2% 59.5% 58.2% 53.0% 56.9%
Prop Mining 78.1% 71.6% 64.8% 79.5% 78.9% 76.4% 82.0% 69.4% 71.3% 74.1% 74.4% 70.3% 69.4% 65.0% 68.2%
Hosting n/a n/a n/a 72.8% 36.7% 47.4% 47.5% 53.6% 43.3% 48.5% 48.3% 38.3% 29.5% 20.9% 30.1%
Cash Contribution Margin excl. Tornado & Shutdown (Non-GAAP) $81 $478 $141 $468 $407 $1,016 $879 $773 $1,166 $2,818 $4,394 $929 $1,023 $1,031 $2,983
Selling, general and administrative expenses(a) (Non-GAAP) 360 83 10 429 101 539 65 4 9 77 1,059
Addback: One-time expenses 347 37 0 400 86 486 2 0 8 10 880
Adjusted EBITDA Contribution (Non-GAAP) $68 $432 $131 $439 $393 $963 $817 $769 $1,165 $2,752 $4,215
Adjusted EBITDA Contribution % 65.7% 64.7% 60.5% 73.4% 60.6% 65.8% 64.1% 60.7% 64.3% 63.2% 64.0%
*Includes Electricity and Hosting costs
**Excludes Depreciation and R&D Expenses
(a) Excludes Corporate Assessment
23
Marie: Operating Metrics(A)
(A) Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For details on legacy hosting, see
appendix. For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial
statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and
adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Key Operating Metrics: Q1 21 Q2 21(1) Jul 21 Aug 21 Sep 21 Q3 21(2) Oct 21 Nov 21 Dec 21 Q4 21(3) FY 21(4) Jan 22 Feb 22 Mar 22 Q1 22(5)
Avg. MW Deployed 0.00 1.58 1.49 2.36 5.41 3.09 8.80 10.67 12.45 10.64 7.46 14.75 17.29 15.61 15.88
Prop Mining 0.00 1.58 1.49 2.04 1.74 1.76 2.50 2.59 4.32 3.14 2.16 6.95 8.79 7.11 7.62
Hosted MW (Legacy) - - - - - - - - - - - - - - -
Hosted JV - - - 0.32 3.67 1.99 6.30 8.08 8.13 7.50 5.30 7.80 8.50 8.50 8.27
Avg. Hashrate (SHA-256, PH/s) - 12.80 11.94 50.21 113.72 58.62 262.05 313.53 398.72 324.77 205.06 400.93 475.58 447.90 441.47
Prop Mining - 12.80 11.94 40.42 32.39 28.25 63.93 36.24 143.98 81.38 40.81 148.73 218.16 213.18 193.36
Hosted JV - - - 9.79 81.33 45.56 198.12 277.29 254.74 243.38 164.25 252.20 257.42 234.72 248.11
Avg. Hashrate (Scrypt, GH/s) 0.00 221.90 219.00 177.00 166.50 187.50 177.70 173.13 144.25 165.03 191.48 140.99 141.57 76.76 119.77
Avg. BTC Price 45,336 46,498 34,445 45,709 45,940 42,031 57,912 60,621 49,263 55,932 47,449 41,114 40,763 41,966 41,281
BTC Equivalent Mined 2.30 14.37 6.30 13.09 14.09 34.80 22.00 20.90 36.81 77.85 138.87 37.96 43.16 39.01 120.09
Prop Mining 2.30 14.37 6.30 10.82 8.75 26.49 13.69 9.81 25.13 46.94 95.08 25.10 31.01 28.39 84.48
Hosting - - - 2.27 5.34 8.31 8.31 11.08 11.68 30.91 43.79 12.86 12.15 10.62 35.60
(1) Average of April 2021 - June 2021
(2) Average of July 2021 - September 2021
(3) Average of October 2021 - December 2021
(4) Average of January 2021 - December 2021
(5) Average of January 2022 - March 2022
24
Site Consolidation
Combined installed hashrate increased by 43% to 982.6 PH/s over average 686.3 PH/s in March
Marie forced shutdown negatively impacted revenue and margins
o Issue has been resolved and team proactively managing site, including infrastructure outside of Soluna’s
responsibility and purview
On track to achieve 1.26 EH/s by the end of Q2 2022
3% 14%
13%
43%
(31 days) (28 days) (31 days)
11% 0%
1%
Note: Management estimate as of April 8th, 2022. Jan-Mar 2022 Hashrate is average of the month.
25
Consolidated Soluna Computing Non-GAAP Historical Financials(A)
(A) Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For details on legacy hosting, see
appendix. For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial
statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and
adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
($ in 000s) (Unaudited)
Actual Actual Actual Actual Actual Estimate Estimate Estimate Estimate
Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22
Revenue (Non-GAAP) $995 $1,657 $494 $943 $931 $2,368 $2,142 $2,632 $3,216 $7,990 $13,010 $3,005 $3,077 $3,200 $9,282
Prop Mining 995 1,657 494 839 686 2,018 1,661 1,960 2,641 6,261 10,932 2,476 2,581 2,754 7,812
Hosting 0 0 0 104 245 349 481 672 575 1,729 2,078 529 495 446 1,470
Electricity/Direct Costs* $143 $324 $117 $149 $265 $532 $669 $668 $971 $2,307 $3,306 $970 $1,247 $1,173 $3,389
Prop Mining 143 324 117 121 110 348 416 356 645 1,417 2,232 643 898 820 2,361
Hosting 0 0 0 28 155 184 253 312 326 890 1,074 326 349 352 1,028
Overhead Costs $109 $72 $18 $47 $67 $132 $146 $214 $279 $639 $952 $135 $203 $299 $637
Prop Mining 109 72 18 47 67 132 146 214 279 639 952 135 203 299 637
Hosting 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Cost of Cryptocurrency Revenue 2** (Non-GAAP) $251 $396 $136 $196 $332 $664 $815 $882 $1,249 $2,946 $4,258 $1,105 $1,450 $1,472 $4,026
Prop Mining 251 396 136 168 177 481 562 570 923 2,056 3,184 779 1,101 1,119 2,999
Hosting 0 0 0 28 155 184 253 312 326 890 1,074 326 349 352 1,028
Cash Contribution Margin (Non-GAAP) $744 $1,261 $358 $747 $599 $1,703 $1,327 $1,750 $1,967 $5,044 $8,752 $1,900 $1,627 $1,728 $5,255
Prop Mining 744 1,261 358 671 509 1,538 1,098 1,390 1,718 4,206 7,748 1,698 1,481 1,635 4,813
Hosting 0 0 0 75 90 166 229 360 249 839 1,004 203 146 93 442
Cash Contribution % (Non-GAAP) 74.8% 76.1% 72.5% 79.2% 64.3% 71.9% 62.0% 66.5% 61.2% 63.1% 67.3% 63.2% 52.9% 54.0% 56.6%
Prop Mining 74.8% 76.1% 72.5% 80.0% 74.2% 76.2% 66.1% 70.9% 65.0% 67.2% 70.9% 68.6% 57.4% 59.4% 61.6%
Hosting n/a n/a n/a 72.8% 36.7% 47.4% 47.5% 53.6% 43.3% 48.5% 48.3% 38.3% 29.5% 20.9% 30.1%
Cash Contribution Margin excl. Tornado & Shutdown (Non-GAAP) $744 $1,261 $358 $747 $599 $1,703 $1,327 $1,750 $2,102 $5,179 $8,888 $1,900 $1,627 $1,891 $5,418
Selling, general and administrative expenses(a) (Non-GAAP) 563 292 68 617 346 1,031 161 297 940 1,398 3,284
Addback: One-time expenses(b) (Non-GAAP) 512 37 0 500 150 649 23 0 347 370 1,568
Addback: Non-cash stock compensation 0 0 0 0 0 0 0 0 233 233 233
Adjusted EBITDA Contribution (Non-GAAP) $693 $1,006 $290 $629 $403 $1,321 $1,190 $1,453 $1,742 $4,385 $7,405
Adjusted EBITDA Contribution % 69.6% 60.7% 58.6% 66.7% 43.2% 55.8% 55.5% 55.2% 54.2% 54.9% 56.9%
*Includes Electricity and Hosting costs
**Excludes Depreciation and R&D Expenses
(a) Excludes Corporate Assessment; (b) Management Estimate
26
Consolidated Soluna Computing Operating Metrics(A)
(A) Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For details on legacy hosting, see
appendix. For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial
statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and
adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Key Operating Metrics: Q1 21 Q2 21(1) Jul 21 Aug 21 Sep 21 Q3 21(2) Oct 21 Nov 21 Dec 21 Q4 21(3) FY 21(4) Jan 22 Feb 22 Mar 22 Q1 22(5)
Avg. MW Deployed 1.63 3.34 3.28 4.13 7.15 4.85 15.01 20.09 24.31 19.80 9.33 30.18 32.85 30.47 31.17
Prop Mining 1.63 3.34 3.28 3.81 3.48 3.52 8.71 12.01 16.18 12.30 6.39 22.38 24.35 21.97 22.90
Hosted MW (Legacy) - - - - - - - - - - - - - - -
Hosted JV - - - 0.32 3.67 1.99 6.30 8.08 8.13 7.50 5.30 7.80 8.50 8.50 8.27
Avg. Hashrate (SHA-256, PH/s) - 21.49 22.12 60.59 125.16 69.29 316.22 402.80 566.69 428.57 173.12 616.45 696.37 686.31 666.38
Prop Mining - 21.49 22.12 50.80 43.83 38.92 118.10 125.51 311.95 185.19 81.86 364.25 438.95 451.59 418.26
Hosted JV - - - 9.79 81.33 45.56 198.12 277.29 254.74 243.38 164.25 252.20 257.42 234.72 248.11
Avg. Hashrate (Scrypt, GH/s) - 221.90 219.00 177.00 166.50 187.50 177.70 173.13 144.25 165.03 191.48 140.99 141.57 76.76 119.77
Avg. BTC Price 45,336 46,498 34,445 45,709 45,940 42,031 57,912 60,621 49,263 55,932 47,449 41,114 40,763 41,966 41,281
BTC Equivalent Mined 21.95 35.64 14.34 20.62 20.27 56.33 36.99 43.42 65.29 142.85 274.18 73.09 75.47 76.25 224.84
Prop Mining 21.95 35.64 14.34 18.36 14.92 48.02 28.67 32.33 53.61 111.95 230.39 60.23 63.32 65.63 189.23
Hosting - - - 2.27 5.34 8.31 8.31 11.08 11.68 30.91 43.79 12.86 12.15 10.62 35.60
(1) Average of April 2021 - June 2021
(2) Average of July 2021 - September 2021
(3) Average of October 2021 - December 2021
(4) Average of January 2021 - December 2021
(5) Average of January 2022 - March 2022
27
A Closer Look At SG&A
(1) Includes non-recurring cash compensation, consultant fees/expenses, legal fees/expenses
Note: Non-recurring expenses are management estimates
($ in 000s) Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022
Selling, general & administrative expenses ("SG&A") (GAAP) $ 1,298 $ 2,503 $ 2,317 $ 4,633 $ 10,752
Non-recurring cash expenses:
Related to sale of Instruments business segment $ - $ - $ 51 $ 57 $ 108
Exchange registration expenses $ 250 $ 43 $ - $ - $ 293
Soluna acquisition-related expenses $ - $ 355 $ 73 $ (77) $ 351
Operations & management fees $ 170 $ - $ 482 $ 21 $ 672
Other non-recurring cash expenses(1) $ 309 $ 94 $ 193 $ 442 $ 1,037
Total Non-recurring cash expenses $ 729 $ 492 $ 798 $ 443 $ 2,462
Non-recurring non-cash expenses:
Depreciation & amortization $ - $ - $ 0 $ 1,581 $ 1,581
Non-cash stock expenses $ 29 $ 999 $ 328 $ 582 $ 1,938
Total Non-recurring non-cash expenses $ 29 $ 999 $ 328 $ 2,163 $ 3,519
Adjusted SG&A (Non-GAAP) $ 541 $ 1,011 $ 1,191 $ 2,027 $ 4,771
28
Comparing Q1 2022 Performance To Illustration
Macro factors such as BTC Price and Network Difficulty should be considered while making the
comparison
o Illustration assumed flat BTC price of $45,000
We rolled off Legacy Hosting customer at Marie earlier than anticipated, resulting in underabsorption
of overhead, thereby negatively impacting margins
We will provide further detail and comparison of our first quarter performance to the illustration
once the 10-Q is released
29
Appendix
30
Earnings
Power
Illustration:
Various BTC
Prices
Note: The three scenarios represent
changes in BTC price only
(in 000's) Q1-22 Q2-22 Q3-22 Q4-22 FY22 Q1-23
Scenario 1: BTC is $20,000
Total Revenue 6,528 7,450 12,062 20,104 46,145 25,393
Contribution Margin (Non-GAAP) 3,437 3,932 7,344 13,372 28,085 17,483
Contribution Margin % 52.6% 52.8% 60.9% 66.5% 60.9% 68.8%
Run-Rate Contribution Margin 13,747 15,728 29,377 53,487 - 69,930
Scenario 2: BTC is $45,000
Total Revenue 10,328 14,612 22,223 35,300 82,462 42,755
Contribution Margin (Non-GAAP) 7,236 11,093 17,505 28,567 64,402 34,845
Contribution Margin % 70.1% 75.9% 78.8% 80.9% 78.1% 81.5%
Run-Rate Contribution Margin 28,945 44,374 70,022 114,268 - 139,378
Scenario 3: BTC is $60,000
Total Revenue 12,667 19,220 29,164 46,394 107,445 56,334
Contribution Margin (Non-GAAP) 9,575 15,702 24,446 39,662 89,385 48,424
Contribution Margin % 75.6% 81.7% 83.8% 85.5% 83.2% 86.0%
Run-Rate Contribution Margin 38,301 62,808 97,785 158,647 - 193,697
Combined Gross PH/s 1,000 1,261 2,001 3,008 3,008 4,000
(1) 2022 Earnings Power Illustration released on January 19th, 2022. Not updated since original publication. Press release and presentation can be viewed here.
Repeated From Our Earnings Power Illustration(1)
31
Our data centers are named after catalyzers
TNT
Anaconda
Python
Edith
Sophie
Marie
Marie Curie was a fearless seeker of truth—a pioneer in the field of
radioactivity. She won two Nobel Prizes. In pursuit of the truth, Soluna is
constructing a data center with complete transparency to help make the grid
stable. Why such transparency? So, everyone can see & know what must
happen, to do the right things. Including the players that have typically had a
dark & controlling influence, making reckless decisions. But no longer.
Sophie Wilson is a detailed oriented designer who helped invent and deploy
ARM technology. This was key to unlocking the mobile and custom chip
revolution. She found ways to use processors in more simple ways. We’re
building a data center to help the grid. We’re using Sophie’s methods to blend
details and simplicity for our first greenfield project.
Edith Clarke was a pioneer in electrical engineering & power transmission. She
was a first in so many ways. The first woman to earn an MSc degree at MIT in
1919. The first woman employed as an electrical engineer at General Electric in
1921. The first full-time electrical engineering professor in 1947, at University
of Texas. We’re influenced by Edith’s firsts. It drives us to help make renewable,
affordable energy the world’s primary power source.
Renamed to
Renamed to
Renamed to
32
Impact of Tornado on December 2021 site-level economics
Estimate
($ in 000s) Edith Combined
Estimate Tornado Estimate Estimate Tornado Estimate Estimate Pro-Forma
Dec 21 Impact* Pro-Forma Dec 21 Impact* Pro-Forma Dec 21 Dec 21
Revenue (Non-GAAP) $1,181 $185 $1,366 $1,840 $56 $1,895 $222 $3,484
Prop Mining 1,181 185 1,366 1,238 40 1,278 222 2,866
Hosted JV - - - 602 16 618 - 618
Cash Contribution Margin (Non-GAAP) $657 $102 $759 $1,181 $34 $1,215 $164 $2,138
Prop Mining 657 102 759 905 28 933 164 1,856
Hosted JV - - - 276 5 281 - 281
Sophie Marie
Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For more
information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our
consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution
margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior
to, the financial information prepared and presented in accordance with GAAP.
*Estimate
33
Consolidated Soluna Computing Non-GAAP Historical Financials With Legacy Hosting
For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement
our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: contribution margin, adjusted cost of cryptocurrency
revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and
presented in accordance with GAAP.
($ in 000s) (Unaudited)
Actual Actual Actual Actual Actual Estimate Estimate Estimate Estimate
Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22
Revenue $995 $1,657 $494 $1,366 $1,264 $3,124 $2,437 $2,811 $3,321 $8,569 $14,345 $3,057 $3,077 $3,200 $9,333
Prop Mining 995 1,657 494 839 686 2,018 1,661 1,960 2,641 6,261 10,932 2,476 2,581 2,754 7,812
Hosting 0 0 0 527 579 1,106 776 851 680 2,307 3,413 580 495 446 1,521
Electricity/Direct Costs* $143 $324 $117 $640 $671 $1,428 $1,025 $947 $1,191 $3,164 $5,059 $1,095 $1,333 $1,296 $3,724
Prop Mining 143 324 117 190 171 479 468 415 710 1,593 2,539 720 989 911 2,620
Hosting 0 0 0 450 500 950 557 532 481 1,570 2,520 375 344 385 1,104
Overhead Costs $109 $72 $18 $37 $81 $136 $129 $174 $246 $549 $865 $140 $208 $267 $615
Prop Mining 109 72 18 37 81 136 129 174 246 549 865 140 208 267 615
Hosting 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Cost of Cryptocurrency Revenue 1** (Non-GAAP) $251 $396 $136 $677 $752 $1,564 $1,154 $1,121 $1,437 $3,712 $5,923 $1,236 $1,541 $1,563 $4,339
Prop Mining 251 396 136 227 252 615 597 589 956 2,142 3,403 860 1,197 1,178 3,234
Hosting 0 0 0 450 500 950 557 532 481 1,570 2,520 375 344 385 1,104
Contribution Margin (Non-GAAP) $744 $1,261 $358 $689 $513 $1,560 $1,283 $1,690 $1,884 $4,856 $8,422 $1,821 $1,536 $1,637 $4,994
Prop Mining 744 1,261 358 612 434 1,404 1,064 1,371 1,685 4,119 7,529 1,616 1,385 1,576 4,577
Hosting 0 0 0 77 79 156 219 319 199 737 893 205 151 61 417
Contribution % (Non-GAAP) 74.8% 76.1% 72.5% 50.5% 40.5% 49.9% 52.6% 60.1% 56.7% 56.7% 58.7% 59.6% 49.9% 51.2% 53.5%
Prop Mining 74.8% 76.1% 72.5% 72.9% 63.3% 69.6% 64.1% 70.0% 63.8% 65.8% 68.9% 65.3% 53.6% 57.2% 58.6%
Hosting n/a n/a n/a 14.7% 13.6% 14.1% 28.2% 37.5% 29.3% 31.9% 26.2% 35.3% 30.5% 13.6% 27.4%
Selling, general and administrative expenses(a) (Non-GAAP) 563 292 68 617 346 1,031 161 297 940 1,398 3,284
Addback: One-time expenses(b) (Non-GAAP) 512 37 0 500 150 649 23 0 347 370 1,568
Addback: Non-cash stock compensation 0 0 0 0 0 0 0 0 233 233 233
Adjusted EBITDA Contribution (Non-GAAP) $693 $1,006 $290 $572 $317 $1,178 $1,145 $1,393 $1,524 $4,062 $6,939
Adjusted EBITDA Contribution % 69.6% 60.7% 58.6% 41.9% 25.0% 37.7% 47.0% 49.5% 45.9% 47.4% 48.4%
*Includes Electricity and Hosting costs
**Excludes Depreciation and R&D Expenses
(a) Excludes Corporate Assessment; (b) Management Estimate
34
Consolidated Operating Metrics With Legacy Hosting
For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement
our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: contribution margin, adjusted cost of cryptocurrency
revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and
presented in accordance with GAAP.
Key Operating Metrics: Q1 21 Q2 21(1) Jul 21 Aug 21 Sep 21 Q3 21(2) Oct 21 Nov 21 Dec 21 Q4 21(3) FY 21(4) Jan 22 Feb 22 Mar 22 Q1 22(5)
Avg. MW Deployed 1.63 3.34 3.28 14.32 15.67 11.09 22.21 24.61 27.36 24.73 9.79 31.44 32.85 30.47 31.59
Prop Mining 1.63 3.34 3.28 3.81 3.48 3.52 8.71 12.01 16.18 12.30 4.79 22.38 24.35 21.97 22.90
Hosted MW (Legacy) - - - 10.18 8.52 9.35 7.20 4.52 3.05 4.92 6.69 1.26 0.00 0.00 0.42
Hosted JV - - - 0.32 3.67 1.99 6.30 8.08 8.13 7.50 5.30 7.80 8.50 8.50 8.27
Avg. Hashrate (SHA-256, PH/s) - 21.49 22.12 60.59 125.16 69.29 316.22 402.80 566.69 428.57 173.12 616.45 696.37 686.31 666.38
Prop Mining - 21.49 22.12 50.80 43.83 38.92 118.10 125.51 311.95 185.19 81.86 364.25 438.95 451.59 418.26
Hosted JV - - - 9.79 81.33 45.56 198.12 277.29 254.74 243.38 164.25 252.20 257.42 234.72 248.11
Avg. Hashrate (Scrypt, GH/s) 0.00 221.90 219.00 177.00 166.50 187.50 177.70 173.13 144.25 165.03 143.61 140.99 141.57 76.76 119.77
Avg. BTC Price 45,336 46,498 34,445 45,709 45,940 42,031 57,912 60,621 49,263 55,932 47,449 41,114 40,763 41,966 41,281
BTC Equivalent Mined 21.95 35.64 14.34 29.88 27.52 74.33 42.08 46.37 67.42 153.20 302.33 74.35 75.47 76.25 226.09
Prop Mining 21.95 35.64 14.34 18.36 14.92 48.02 28.67 32.33 53.61 111.95 230.39 60.23 63.32 65.63 189.23
Hosting - - - 11.53 12.60 26.31 13.40 14.04 13.81 41.25 71.93 14.12 12.15 10.62 36.85
(1) Average of April 2021 - June 2021
(2) Average of July 2021 - September 2021
(3) Average of October 2021 - December 2021
(4) Average of January 2021 - December 2021
(5) Average of January 2022 - March 2022
35
Marie: Non-GAAP Historical Financials With Legacy Hosting
For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement
our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: contribution margin, adjusted cost of cryptocurrency
revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and
presented in accordance with GAAP.
($ in 000s) (Unaudited)
Actual Actual Actual Actual Actual Estimate Estimate Estimate Estimate
Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 Mar 22 Q1 22
Revenue $104 $668 $217 $1,021 $981 $2,219 $1,569 $1,446 $1,918 $4,933 $7,925 $1,612 $1,759 $1,637 $5,009
Prop Mining 104 668 217 494 402 1,114 793 595 1,238 2,626 4,512 1,032 1,264 1,191 3,488
Hosting 0 0 0 527 579 1,106 776 851 680 2,307 3,413 580 495 446 1,521
Electricity/Direct Costs* $23 $190 $76 $590 $622 $1,288 $693 $660 $783 $2,136 $3,637 $701 $724 $730 $2,155
Prop Mining 23 190 76 140 122 338 135 128 302 566 1,117 326 381 345 1,051
Hosting 0 0 0 450 500 950 557 532 481 1,570 2,520 375 344 385 1,104
Overhead Costs $0 $0 $0 $20 $38 $58 $42 $72 $86 $200 $258 $61 $102 $131 $295
Prop Mining 0 0 0 20 38 58 42 72 86 200 258 61 102 131 295
Hosting 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Cost of Cryptocurrency Revenue 1** (Non-GAAP) $23 $190 $76 $610 $660 $1,347 $734 $733 $869 $2,336 $3,895 $763 $827 $860 $2,450
Prop Mining 23 190 76 161 160 397 177 201 388 766 1,375 387 483 476 1,346
Hosting 0 0 0 450 500 950 557 532 481 1,570 2,520 375 344 385 1,104
Contribution Margin (Non-GAAP) $81 $478 $141 $411 $321 $873 $835 $713 $1,049 $2,597 $4,030 $850 $933 $777 $2,559
Prop Mining 81 478 141 334 242 717 616 394 850 1,860 3,136 645 781 716 2,142
Hosting 0 0 0 77 79 156 219 319 199 737 893 205 151 61 417
Contribution % (Non-GAAP) 78.1% 71.6% 64.8% 40.2% 32.7% 39.3% 53.2% 49.3% 54.7% 52.6% 50.8% 52.7% 53.0% 47.4% 51.1%
Prop Mining 78.1% 71.6% 64.8% 67.5% 60.3% 64.4% 77.6% 66.3% 68.7% 70.8% 69.5% 62.5% 61.8% 60.1% 61.4%
Hosting n/a n/a n/a 14.7% 13.6% 14.1% 28.2% 37.5% 29.3% 31.9% 26.2% 35.3% 30.5% 13.6% 27.4%
Selling, general and administrative expenses(a) (Non-GAAP) 360 83 10 429 101 539 65 4 9 77 1,059
Addback: One-time expenses 347 37 0 400 86 486 2 0 8 10 880
Adjusted EBITDA Contribution (Non-GAAP) $68 $432 $131 $382 $307 $820 $772 $709 $1,049 $2,531 $3,851
Adjusted EBITDA Contribution % 65.7% 64.7% 60.5% 37.4% 31.3% 36.9% 49.2% 49.1% 54.7% 51.3% 48.6%
*Includes Electricity and Hosting costs
**Excludes Depreciation and R&D Expenses
(a) Excludes Corporate Assessment
36
Reconciliation of non-GAAP
results of operations to the
nearest comparable GAAP
measures
37
Reconciliation Of Non-GAAP Results
Reconciliation from GAAP Revenue to Non-GAAP Revenue
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $517 $5,009 $3,808 $0 $9,333
less Legacy Hosting Revenue 0 52 0 0 52
Revenue (Non-GAAP) $517 $4,957 $3,808 $0 $9,282
Q1 2022
Soluna Computing
38
Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $517 $5,009 $3,808 $0 $9,333
Cost of cryptocurrency revenue (GAAP):
Electricity/Direct costs* 131 2,155 1,438 0 3,724
Overhead costs 155 1,962 1,820 0 3,936
Total cost of cryptocurrency revenue (GAAP) $285 $4,118 $3,258 $0 $7,660
Depreciation 91 1,668 1,563 0 3,322
Project Equipment Repairs 0 0 0 0 0
Adjusted Non-GAAP Cost of Revenue 1** $194 $2,450 $1,695 $0 $4,339
less Legacy Hosting Cost of Revenue 0 54 0 0 54
less Prepaid Lease Cost 0 258 0 0 258
Adjusted Non-GAAP Cost of Revenue 2** $194 $2,138 $1,695 $0 $4,026
*Includes Hosting costs
**Excluding Depreciation and R&D Expenses
Q1 2022
Soluna Computing
Reconciliation Of Non-GAAP Results
39
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $517 $5,009 $3,808 $0 $9,333
Cost of cryptocurrency revenue (GAAP) 285 4,118 3,258 0 7,660
Depreciation 91 1,668 1,563 0 3,322
Project Equipment Repairs 0 0 0 0 0
Contribution Margin (Non-GAAP)* $323 $2,559 $2,113 $0 $4,994
plus Prepaid Lease Cost 0 258 0 0 258
plus Legacy Hosting Contribution Margin 0 2 0 0 2
Cash Contribution Margin (Non-GAAP)* $323 $2,819 $2,113 $0 $5,255
plus Tornado Impact (Management Estimate) 0 0 0 0 0
plus Forced Shutdown (Management Estimate) 0 163 0 0 163
Cash Contribution Margin (Non-GAAP)
excluding Tornado & Shutdown*
$323 $2,983 $2,113 $0 $5,418
*Excludes R&D Expenses, SG&A Expenses
Q1 2022
Soluna Computing
Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash
Contribution Margin
(Non-GAAP)
Reconciliation Of Non-GAAP Results
40
Reconciliation Of Non-GAAP Results
Reconciliation from GAAP Revenue to Non-GAAP Revenue
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345
less Legacy Hosting Revenue 0 1,335 0 0 1,335
Revenue (Non-GAAP) $3,648 $6,590 $2,772 $0 $13,010
FY 2021
Soluna Computing
41
Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345
Cost of cryptocurrency revenue (GAAP):
Electricity/Direct costs* 611 3,712 884 0 5,207
Overhead costs 563 1,280 1,020 0 2,863
Total cost of cryptocurrency revenue (GAAP) $1,174 $4,992 $1,904 $0 $8,070
Depreciation 314 1,096 713 0 2,123
Project Equipment Repairs 23 0 0 0 23
Adjusted Non-GAAP Cost of Revenue 1** $837 $3,896 $1,191 $0 $5,924
less Legacy Hosting Cost of Revenue 0 1,360 0 0 1,360
less Prepaid Lease Cost 0 307 0 0 307
Adjusted Non-GAAP Cost of Revenue 2** $837 $2,229 $1,191 $0 $4,258
*Includes Hosting costs
**Excluding Depreciation and R&D Expenses
FY 2021
Soluna Computing
Reconciliation Of Non-GAAP Results
42
Reconciliation Of Non-GAAP Results
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345
Cost of cryptocurrency revenue (GAAP) 1,174 4,992 1,904 0 8,070
Depreciation 314 1,096 713 0 2,123
Project Equipment Repairs 23 0 0 0 23
Contribution Margin (Non-GAAP)* $2,810 $4,030 $1,581 $0 $8,421
plus Prepaid Lease Cost 0 307 0 0 307
plus Legacy Hosting Contribution Margin 0 25 0 0 25
Cash Contribution Margin (Non-GAAP)* $2,810 $4,361 $1,581 $0 $8,752
plus Tornado Impact (Management Estimate) 0 34 102 0 135
Cash Contribution Margin (Non-GAAP) excluding
Tornado & Shutdown*
$2,810 $4,394 $1,682 $0 $8,887
*Excludes R&D Expenses, SG&A Expenses
FY 2021
Soluna Computing
Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash
Contribution Margin (Non-GAAP)
43
Reconciliation Of Non-GAAP Results
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $3,648 $7,925 $2,772 $0 $14,345
Cost of cryptocurrency revenue (GAAP) 1,174 4,992 1,904 0 8,070
Depreciation 314 1,096 713 0 2,123
Project Equipment Repairs 23 0 0 0 23
plus Prepaid Lease Cost 0 307 0 0 307
plus Legacy Hosting Contribution Margin 0 25 0 0 25
plus Tornado Impact (Management Estimate) 0 34 102 0 135
minus SG&A 294 1,056 354 1,580 3,284
plus one-time SG&A expenses 4 880 21 663 1,568
plus non-cash stock expenses 0 0 0 233 233
Adjusted EBITDA (Non-GAAP) $2,520 $4,218 $1,349 ($683) $7,404
Reconciliation from Revenue and Cost of Revenue to Adjusted EBITDA (Non-GAAP)
FY 2021
Soluna Computing
Note: Adjusted EBITDA with Legacy Hosting Customer can be calculated by excluding the “Prepaid Lease Cost”, “Legacy Hosting Contribution Margin” and “Tornado Impact
(Management Estimate)” lines from the schedule above.
44
Reconciliation Of Non-GAAP Results
Reconciliation from GAAP Revenue to Non-GAAP Revenue
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569
less Legacy Hosting Revenue 0 579 0 0 579
Revenue (Non-GAAP) $864 $4,354 $2,772 $0 $7,990
Q4 2021
Soluna Computing
45
Reconciliation Of Non-GAAP Results
Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569
Cost of cryptocurrency revenue (GAAP):
Electricity/Direct costs* 143 2,136 884 0 3,164
Overhead costs 156 1,138 997 0 2,291
Total cost of cryptocurrency revenue (GAAP) $299 $3,274 $1,881 $0 $5,455
Depreciation 91 938 713 0 1,742
Project Equipment Repairs 0 0 0 0 0
Adjusted Non-GAAP Cost of Revenue 1** $208 $2,336 $1,169 $0 $3,712
less Legacy Hosting Cost of Revenue 0 590 0 0 590
less Prepaid Lease Cost 0 177 0 0 177
Adjusted Non-GAAP Cost of Revenue 2** $208 $1,569 $1,169 $0 $2,946
*Includes Hosting costs
**Excluding Depreciation and R&D Expenses
Q4 2021
Soluna Computing
46
Reconciliation Of Non-GAAP Results
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569
Cost of cryptocurrency revenue (GAAP) 299 3,274 1,881 0 5,455
Depreciation 91 938 713 0 1,742
Project Equipment Repairs 0 0 0 0 0
Contribution Margin (Non-GAAP)* $656 $2,597 $1,604 $0 $4,856
plus Prepaid Lease Cost 0 177 0 0 177
plus Legacy Hosting Contribution Margin 0 11 0 0 11
Cash Contribution Margin (Non-GAAP)* $656 $2,785 $1,604 $0 $5,044
plus Tornado Impact (Management Estimate) 0 34 102 0 135
Cash Contribution Margin (Non-GAAP) excluding
Tornado*
$656 $2,818 $1,705 $0 $5,179
*Excludes R&D Expenses, SG&A Expenses
Soluna Computing
Q4 2021
Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash
Contribution Margin (Non-GAAP)
47
Reconciliation Of Non-GAAP Results
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total
Cryptocurrency revenue (GAAP) $864 $4,933 $2,772 $0 $8,569
Cost of cryptocurrency revenue (GAAP) 299 3,274 1,881 0 $5,455
Depreciation 91 938 713 0 $1,742
Project Equipment Repairs 0 0 0 0 $0
plus Prepaid Lease Cost 0 177 0 0 $177
plus Legacy Hosting Contribution Margin 0 11 0 0 $11
plus Tornado Impact (Management Estimate) 0 34 102 0 $135
minus SG&A 86 77 42 1,192 $1,398
plus one-time SG&A expenses 0 10 21 339 $370
plus non-cash stock expense 0 0 0 233 $233
Adjusted EBITDA (Non-GAAP) $570 $2,752 $1,684 ($621) $4,384
Reconciliation from Revenue and Cost of Revenue to Adjusted EBITDA (Non-GAAP)
Q4 2021
Soluna Computing
Note: Adjusted EBITDA with Legacy Hosting Customer can be calculated by excluding the “Prepaid Lease Cost”, “Legacy Hosting Contribution Margin” and “Tornado Impact
(Management Estimate)” lines from the schedule above.
48
Reconciliation from GAAP Revenue to Non-GAAP Revenue
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total MTII Corporate Consolidated
Product revenue (GAAP) $0 $0 $0 $0 $0 $1,949 $0 $1,949
Cryptocurrency revenue (GAAP) $905 $2,219 $0 $0 $3,124 $0 $0 $3,124
less Legacy Hosting Revenue 0 757 0 0 757 0 0 757
Revenue (Non-GAAP) $905 $1,463 $0 $0 $2,368 $1,949 $0 $4,317
Q3 2021
Soluna Computing
Reconciliation Of Non-GAAP Results
49
Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total MTII Corporate Consolidated
Product revenue (GAAP) $0 $0 $0 $0 $0 $1,949 $0 $1,949
Cryptocurrency revenue (GAAP) $905 $2,219 $0 $0 $3,124 $0 $0 $3,124
Cost of product revenue (GAAP) 0 0 0 0 0 661 0 661
Cost of cryptocurrency revenue (GAAP):
Electricity/Direct costs* 140 1,288 0 0 1,428 0 0 1,428
Overhead costs 166 134 15 0 315 0 0 315
Total cost of cryptocurrency revenue (GAAP) $306 $1,422 $15 $0 $1,743 $0 $0 $1,743
Cost of revenue (GAAP) $306 $1,422 $15 $0 $1,743 $661 $0 $2,404
Depreciation 81 75 0 0 156 19 0 175
Project Equipment Repairs 23 0 0 0 23 0 0 23
Adjusted Non-GAAP Cost of Revenue 1** $203 $1,347 $15 $0 $1,564 $642 $0 $2,206
less Legacy Hosting Cost of Revenue 0 770 0 0 770 0 0 770
less Prepaid Lease Cost 0 130 0 0 130 0 0 130
Adjusted Non-GAAP Cost of Revenue 2** $203 $446 $15 $0 $664 $642 $0 $1,306
*Includes Hosting costs
**Excluding Depreciation and R&D Expenses
Q3 2021
Soluna Computing
Reconciliation Of Non-GAAP Results
50
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total MTII Corporate Consolidated
Product revenue (GAAP) $0 $0 $0 $0 $0 $1,949 $0 $1,949
Cryptocurrency revenue (GAAP) $905 $2,219 $0 $0 $3,124 $0 $0 $3,124
Cost of product revenue (GAAP) 0 0 0 0 0 661 0 661
Cost of cryptocurrency revenue (GAAP) 306 1,422 15 0 1,743 0 0 1,743
Cost of revenue (GAAP) $306 $1,422 $15 $0 $1,743 $661 $0 $2,404
Depreciation 81 75 0 0 156 19 0 175
Project Equipment Repairs 23 0 0 0 23 0 0 23
Contribution Margin (Non-GAAP)* $702 $873 ($15) $0 $1,560 $1,307 $0 $2,867
plus Prepaid Lease Cost 0 130 0 0 130 0 0 130
plus Legacy Hosting Contribution Margin 0 13 0 0 13 0 0 13
Cash Contribution Margin (Non-GAAP)* $702 $1,016 ($15) $0 $1,703 $1,307 $0 $3,010
Q3 2021
Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash Contribution Margin (Non-GAAP)
Soluna Computing
Reconciliation Of Non-GAAP Results
51
Reconciliation Of Non-GAAP Results
Reconciliation from Operating (Loss) Income to Adjusted EBITDA Contribution (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total MTII Corporate Consolidated
Net (Loss) Income (GAAP) $581 $259 ($217) ($1,089) ($466) $678 ($822) ($610)
Interest (GAAP) $0 $0 $0 $149 $149 $0 ($149) $0
Depreciation (GAAP) $81 $75 $0 $0 $156 $19 $1 $176
One-time SG&A expenses $0 $486 $164 $0 $649 $0 $150 $799
Project Equipment Repairs $23 $0 $0 $0 $23 $0 $0 $23
Corporate Assessment $0 $0 $0 $667 $667 ($354) $313 $627
Adjusted EBITDA Contribution (Non-GAAP) $684 $820 ($53) ($273) $1,178 $343 ($506) $640
Q3 2021
Soluna Computing
52
Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total MTII Corporate Consolidated
Product revenue (GAAP) $0 $0 $0 $0 $0 $1,647 $0 $1,647
Cryptocurrency revenue (GAAP) $988 $669 $0 $0 $1,657 $0 $0 $1,657
Cost of product revenue (GAAP) 0 0 0 0 0 502 0 502
Cost of cryptocurrency revenue (GAAP):
Electricity/Direct costs* 208 265 0 0 472 0 0 472
Overhead costs 71 0 1 0 73 0 0 73
Total cost of cryptocurrency revenue (GAAP) $279 $264 $1 $0 $545 $0 $0 $545
Cost of revenue (GAAP) $279 $264 $1 $0 $545 $502 $0 $1,047
Depreciation 74 74 0 0 149 17 0 166
Adjusted Non-GAAP Cost of Revenue 1** $204 $190 $1 $0 $396 $485 $0 $881
*Includes Hosting costs
**Excluding Depreciation and R&D Expenses
Q2 2021
Soluna Computing
Reconciliation Of Non-GAAP Results
53
Reconciliation from Revenue and Cost of Revenue to Contribution Margin (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total MTII Corporate Consolidated
Product revenue (GAAP) $0 $0 $0 $0 $0 $1,647 $0 $1,647
Cryptocurrency revenue (GAAP) $988 $669 $0 $0 $1,657 $0 $0 $1,657
Cost of product revenue (GAAP) 0 0 0 0 0 502 0 502
Cost of cryptocurrency revenue (GAAP) 279 264 1 0 545 0 0 545
Cost of revenue (GAAP) $279 $264 $1 $0 $545 $502 $0 $1,047
Depreciation 74 74 0 0 149 17 0 166
Contribution Margin (Non-GAAP)* $784 $478 ($1) $0 $1,261 $1,162 $0 $2,423
*Excludes R&D Expenses, SG&A Expenses
Soluna Computing
Q2 2021
Reconciliation Of Non-GAAP Results
54
Reconciliation from Operating (Loss) Income to Adjusted EBITDA Contribution (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total MTII Corporate Consolidated
Net (Loss) Income (GAAP) $554 $321 ($38) ($126) $710 ($270) ($1,614) ($1,174)
Other Income (Expense) $0 $0 $0 $0 $0 $5 ($3) $2
Interest (GAAP) $0 $0 $0 $26 $26 $0 ($26) $0
Depreciation (GAAP) $74 $74 $0 $0 $149 $17 $0 $165
One-time SG&A expenses $0 $37 $0 $1 $38 $0 $1,445 $1,483
Corporate Assessment $0 $0 $0 $84 $84 $488 ($572) $0
Adjusted EBITDA Contribution (Non-GAAP) $629 $432 ($38) ($15) $1,006 $240 ($770) $474
Q2 2021
Soluna Computing
Reconciliation Of Non-GAAP Results
55
Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total MTII Corporate Consolidated
Product revenue (GAAP) $0 $0 $0 $0 $0 $1,337 $0 $1,337
Cryptocurrency revenue (GAAP) $891 $104 $0 $0 $995 $0 $0 $995
Cost of product revenue (GAAP) 0 0 0 0 0 452 0 452
Cost of cryptocurrency revenue (GAAP):
Electricity/Direct costs* 120 23 0 0 143 0 0 143
Overhead costs 170 9 6 0 185 0 0 185
Total cost of cryptocurrency revenue (GAAP) $290 $31 $7 $0 $328 $0 $0 $328
Cost of revenue (GAAP) $290 $31 $7 $0 $328 $452 $0 $780
Depreciation 68 8 0 0 76 17 0 93
Adjusted Non-GAAP Cost of Revenue 1** $222 $23 $7 $0 $251 $435 $0 $687
*Includes Hosting costs
**Excluding Depreciation and R&D Expenses
Q1 2021
Soluna Computing
Reconciliation Of Non-GAAP Results
56
Reconciliation from Revenue and Cost of Revenue to Contribution Margin (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total MTII Corporate Consolidated
Product revenue (GAAP) $0 $0 $0 $0 $0 $1,337 $0 $1,337
Cryptocurrency revenue (GAAP) $891 $104 $0 $0 $995 $0 $0 $995
Cost of product revenue (GAAP) 0 0 0 0 0 452 0 452
Cost of cryptocurrency revenue (GAAP) 290 31 7 0 328 0 0 328
Cost of revenue (GAAP) $290 $31 $7 $0 $328 $452 $0 $780
Depreciation 68 8 0 0 76 17 0 93
Contribution Margin (Non-GAAP)* $669 $81 ($7) $0 $744 $902 $0 $1,645
*Excludes R&D Expenses, SG&A Expenses
Soluna Computing
Q1 2021
Reconciliation Of Non-GAAP Results
57
Reconciliation from Operating (Loss) Income to Adjusted EBITDA Contribution (Non-GAAP)
($ in 000s) (Unaudited)
Edith Marie Sophie Corporate Total MTII Corporate Consolidated
Operating (Loss) Income (GAAP) $566 ($287) ($170) ($48) $62 ($402) ($331) ($671)
Depreciation (GAAP) $68 $8 $0 $0 $76 $17 $0 $93
One-time SG&A expenses $4 $347 $161 $0 $512 $0 $249 $761
Corporate Assessment $0 $0 $0 $42 $42 $361 ($403) $0
Adjusted EBITDA Contribution (Non-GAAP) $638 $68 ($9) ($45) $693 ($24) ($485) $183
Q1 2021
Soluna Computing
Reconciliation Of Non-GAAP Results
58
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