$26M Run Rate Revenue at Projects Sophie and Dorothy

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, announced today that it has successfully installed more than 14,600 Bitcoin mining machines at its Project Dorothy site in Texas and Project Sophie site in Kentucky. This execution for Soluna’s customers comes within months after announcing the agreements at Project Sophie and Project Dorothy. The following is a summary of the current operations and financial projections.

Project Sophie (Hosting):

• On April 6, 2023 Soluna announced a 25 MW hosting contract with a sustainability focused hosting customer.
• Since then, Soluna has made significant progress deploying more than 7,600 machines for its hosting customer filling 23 MW of capacity, with approximately 812 PH/s installed hash rate.
• The site holds great revenue potential, estimated at $11.8 million on an annualized run-rate basis.

Dorothy 1A (Hosting):

• On May 10, 2023 Soluna announced it had signed a contract to fill its 25 MW capacity at Project Dorothy 1A with two strategic hosting partners, including Compass Mining.
• More than 7,000 machines from the agreements have been deployed on the site filling 18 MW adding approximately 669 PH/s to the site's hash rate.
• More machines are being shipped from Soluna’s partners to fill the entire capacity by the end of June.
• The impeccable performance of MaestroOS, Soluna's proprietary platform, ensures seamless management of Project Dorothy's power consumption, optimizing it automatically by monitoring grid telemetry, wind farm production, and data center power consumption.
• The revenue potential for this site, operating at 25 MW, is projected to reach $14.2 million on an annualized run-rate basis.

Dorothy 1B (Prop-Mining):

• Signed $14 million Prop-Mining Joint Venture with Navitas Global.
• Construction continues on the buildings with the first five scheduled to come online by the middle of June.

John Belizaire, CEO of Soluna Holdings, commented, “After we announced our agreements to bring Project Sophie and Project Dorothy 1A each to capacity, we were all hands on deck to get machines delivered and installed for our customers. Ramping up these facilities in a safe, and timely manner continues our push to be cash flow positive from operations during the second half of 2023.”

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Soluna Holdings, Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.

About Soluna Holdings, Inc (SLNH)

Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI, and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’

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