Company Boosts Balance Sheet, Optimizes Operations
ALBANY, N.Y.–(BUSINESS WIRE)–Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing applications, reported financial results for the second quarter ended June 30, 2023.
John Belizaire, CEO of Soluna Holdings, said, “Our progress executing the 3-step plan I shared in my letter to shareholders in the first half of the year has resulted in a stronger balance sheet and improved cash flows. This sets us up for continued growth in the second half of 2023 as we complete our transition focused on monetizing our sites through hosting and joint ventures. I am proud of our operating teams and thankful for our investors’ continued support.”
Finance and Operational Highlights:
The cash balance as of June 30, 2023, was $7.5 million compared to $1.1 million as of December 31, 202
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