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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>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

<ul><li>214MW of new projects to more than double the existing 75MW in operation and further builds on Soluna’s impressive corporate turnaround.</li><li>In the past year, Soluna has launched its flagship Project Dorothy with both hosting (1A) and propriety mining (1B), moved to more profitable hosting contracts at its 25MW Project Sophie, began diversifying revenue through AI hosting at Project Sophie, and launched a new AI cloud venture and the Helix AI datacenter design.</li><li>In addition, the company has been adjusted EBITDA positive for the past two quarters, while the balance sheet has improved. </li></ul>

214MW of new projects to more than double the existing 75MW in operation and further builds on Soluna’s impressive corporate turnaround.In the past year, Soluna has launched its flagship Project Dorothy with both hosting (1A) and propriety mining (1B), moved to more profitable hosting contracts at its 25MW Project Sophie, began diversifying revenue through AI hosting at Project Sophie, and launched a new AI cloud venture and the Helix AI datacenter design.In addition, the company has been adjusted EBITDA positive for the past two quarters, while the balance sheet has improved. 

Soluna Holdings, Inc. - Major Milestones Reached in Expansion

<ul><li>New subsidiary Soluna Cloud to partner with leading AI GPU-Server OEM to grow AI Cloud hosting service.</li><li>The companies have signed an agreement to deliver an initial cluster of NVIDA H100 GPUs, which Soluna expects should represent substantial annual revenue for Soluna Cloud when deployed.</li><li>In addition, the companies will partner to deliver powerful, energy- efficient supercomputers for large-scale AI projects.</li></ul>

New subsidiary Soluna Cloud to partner with leading AI GPU-Server OEM to grow AI Cloud hosting service.The companies have signed an agreement to deliver an initial cluster of NVIDA H100 GPUs, which Soluna expects should represent substantial annual revenue for Soluna Cloud when deployed.In addition, the companies will partner to deliver powerful, energy- efficient supercomputers for large-scale AI projects.

Soluna Holdings, Inc. - Launch of AI Cloud Service to Accelerate Additional Growth Opportunities

<ul><li>YE results and recent operating update show continued execution on all fronts.</li><li>Soluna reported $1 million of adjusted EBITDA in 4Q23, up from $405K in 3Q23 and negative EBITDA in 4Q22, as Project Sophie and Project Dorothy 1A&amp;B again delivered solid results.</li><li>4Q23 revenue of $10.1 million was up 75% from 3Q23, helped by a combination of new contracts and also a full quarter of Project Dorothy 1.</li></ul>

YE results and recent operating update show continued execution on all fronts.Soluna reported $1 million of adjusted EBITDA in 4Q23, up from $405K in 3Q23 and negative EBITDA in 4Q22, as Project Sophie and Project Dorothy 1A&amp;B again delivered solid results.4Q23 revenue of $10.1 million was up 75% from 3Q23, helped by a combination of new contracts and also a full quarter of Project Dorothy 1.

Soluna Holdings, Inc. - Continued Strong Operating Results; New Projects Moving Ahead

<ul><li>Announces hosting agreement with GPU startup for AI computing.</li><li>Soluna announced a co-location agreement with an AI-focused GPU startup that will locate its GPU units in Soluna’s existing modular data center at the 25MW Project Sophie in Kentucky.</li><li>New contract is another milestone in the company’s growth into AI.</li></ul>

Announces hosting agreement with GPU startup for AI computing.Soluna announced a co-location agreement with an AI-focused GPU startup that will locate its GPU units in Soluna’s existing modular data center at the 25MW Project Sophie in Kentucky.New contract is another milestone in the company’s growth into AI.

Soluna Holdings, Inc. - New Hosting Deal Expands AI Initiative

United States

Synchronoss Technologies, Inc. provides e-commerce transaction management solutions to the communications services marketplace.

SeaChange International, Inc. develops video server systems and software to manage, store, and distribute digital video for television operators and telecommunications companies. The Company's turnkey systems automate the distribution of short and long form video streams, including advertisements, movies, news updates, and other video programming requiring continuous execution

Virnetx Holding Corporation operates as a holding company. The Company, through its subsidiaries, develops software and technology solutions for securing real-time communications over the Internet. Virnetx Holding encrypts and secures Internet messaging, voice over Internet protocol, steaming video, file transfer, and remote desktop applications for businesses around the world.

Ebix, Inc. supplies software and electronic commerce solutions to the insurance industry. The Company provides a series of application software ranging from carrier systems, agency systems, and exchanges to custom software development for all entities involved in the insurance and financial industries. Ebix offers products, support, and consultancy to customers on several continents.

Upland Software Inc provides cloud-based enterprise work management software. The Company offers software applications that enable organizations to plan, manage and execute projects and work.

Remark Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides software development services. Remark Holdings offers a platform that enables businesses and organizations to solve problems, reduce risk, and deliver positive outcomes. Remark Holdings owns and operates digital media properties that deliver relevant content and e-commerce solutions.

Avaya Holdings Corp. operates as a holding company. The Company, through its subsidiaries, Avaya, Inc. provides business collaboration and communications software solutions. The Company offers unified communications, contact centers, real-time video, and collaboration services. Avaya serves clients worldwide.

Park City Group, Inc. provides software and consulting services for business productivity.  The Company provides its ActionManager family of software products to companies in the retail and hospitality industries around the world.

American Software, Inc. provides demand-driven supply chain management and enterprise software solutions. The Company offers a software and services that brings business value to enterprises by supporting their operations over intranets, extranets, and servers. American Software serves clients worldwide.

Domo, Inc. designs and develops enterprise software. The Company offers a cloud-based executive management platform that gives users direct and real-time access to business information in one place for several industries including media and marketing, telecommunication, retail, travel and leisure, technology, and financial services. Domo conducts business in the State of Utah.

Reckon Limited distributes, publishes, supports and markets financial management software in Australia.  The Company's products are developed locally by the Group or republished under license from Intuit.  The Company's software targets personal financial management, SME financial management and financial planning and are sold under the "Quicken" brand.

Jedat Inc. develops and sells software products which help to design electronic circuits, semiconductor integrated circuits, and liquid crystal modules.  The Company also provides consulting services.

DigitalX Ltd operates as a software solutions company. The Company operates in the global digital payments systems industry through disruptive fintech solutions in the remittance and value chain sectors, and allows consumers to make secure and cost-effective money transfers worldwide..

Cheetah Mobile Inc develops internet and mobile enhancement software and applications. The Company develop and operates and internet browser, and internet security, memory saving, power optimization, mobile games, and photo collage applications. Cheetah Mobile operates in China.

DAIWA COMPUTER CO., LTD. mainly designs application and web-related systems, develops software, and sells peripheral equipment and products.  The Company also offers system consulting and CMMI (Capability Maturity Model Integration) consulting services.

Rexit Bhd, through its subsidiaries, provides business application solutions. The Company's services range from conceptual development and project management, to overall systems implementation.  Rexit has developed and owns software application solutions, such as insurance management, imaging and workflow systems, and wireless radio frequency identification tracking systems.

CRI Middleware Co., Ltd. is engaged in the research and development for middleware, and sells licenses.

Fun Yours Technology Co. Ltd. develops and sells role-playing computer games in Taiwan.

System Technology-i Co., Ltd. specialized in developing self learning computer software for IT engineers.  The Company also provides computer-training classes certified by Oracle Co. Japan and IBM Japan.  System Technology-i also develops and sells development tools for Oracle related application software.

TOSE CO., LTD. develops gaming software and creates online contents for smartphones and the Internet. The Company also provides arcade games and mobile apps.

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. - 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

Soluna Holdings, Inc. - Major Milestones Reached in Expansion

We see Soluna as being well positioned to execute on these growth opportunities with its leading suite of technological offerings and a team with a...

Water Tower Research

Soluna Holdings, Inc. - Launch of AI Cloud Service to Accelerate Additional Growth Opportunities

The companies have signed an agreement to deliver an initial cluster of NVIDA H100 GPUs, which Soluna expects should represent substantial annual...

Water Tower Research

Soluna Holdings, Inc. - Continued Strong Operating Results; New Projects Moving Ahead

4Q23 revenue of $10.1 million was up 75% from 3Q23, helped by a combination of new contracts and also a full quarter of Project Dorothy 1.

Water Tower Research

Soluna Holdings, Inc. - New Hosting Deal Expands AI Initiative

Soluna announced a co-location agreement with an AI-focused GPU startup that will locate its GPU units in Soluna’s existing modular data center at...

Water Tower Research

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