Revenue Growth - Cryptocurrency mining revenue increased to $6,396,000 for Q1 2024, up 129% from $2,796,000 in Q1 2023[33] - Data hosting revenue surged to $5,278,000 in Q1 2024, compared to $286,000 in Q1 2023, representing a growth of 1,748%[33] - Total revenue for Q1 2024 reached $12,549,000, a significant increase of 307% from $3,082,000 in Q1 2023[33] Operating Performance - Operating income for Q1 2024 was $407,000, a turnaround from an operating loss of $7,012,000 in Q1 2023[33] - Net loss attributable to Soluna Holdings, Inc. was $5,254,000 in Q1 2024, an improvement from a net loss of $7,062,000 in Q1 2023[33] - Basic and diluted loss per share improved to $2.62 in Q1 2024 from $10.30 in Q1 2023[33] Assets and Liabilities - Total current assets increased to $16,996,000 as of March 31, 2024, up from $14,284,000 as of December 31, 2023[30] - Total liabilities rose to $41,786,000 as of March 31, 2024, compared to $37,917,000 as of December 31, 2023[31] - Total stockholders' equity decreased to $48,851,000 as of March 31, 2024, down from $53,359,000 as of December 31, 2023[31] Cash Flow and Financial Position - The company reported net cash provided by operating activities of $3.850 million for the three months ended March 31, 2024, compared to a net cash used in operating activities of $3.053 million in the same period of 2023[41] - As of March 31, 2024, cash and restricted cash totaled $11.394 million, an increase from $5.046 million at the beginning of the period[41] - The company has approximately $8.4 million in cash on hand and required additional capital raising activities to meet operational needs[52] Financing and Debt - The outstanding principal balance under the NYDIG loan was approximately $9.2 million, with accrued interest and penalties totaling approximately $1.2 million[50] - Convertible notes payable amounted to $6,216,000 as of March 31, 2024, with an interest rate of 18% and a maturity date of July 25, 2024[90] - The company is evaluating various financing strategies, including stock issuances and debt borrowings, to support its operations and growth[51] Stock and Equity - The company reported a weighted average of 2,807,555 shares outstanding for basic and diluted calculations in Q1 2024[33] - The Series B Preferred Stock was sold for $5,000,000, convertible into 46,211 shares of common stock at a price of $135.25 per share, representing a 20% premium[125][126] - The Company accumulated approximately $10.3 million in dividends in arrears on Series A Preferred Stock through March 31, 2024[129] Legal and Regulatory Matters - The Company is involved in legal proceedings related to the EPA Demand Letter, seeking approximately $358 thousand plus interest, but considers the likelihood of a material adverse outcome to be remote[141] - Atlas Technology Group filed a complaint against Soluna MC for breach of contract, seeking the return of pre-paid fees of approximately $464 thousand and additional damages of not less than $7.9 million[144] - The court granted NYDIG's motion to dismiss SCI's declaratory judgment complaint, stating the case was not ripe for decision[143] Strategic Initiatives - The company plans to continue its market expansion and product development strategies, focusing on enhancing user engagement and technology innovation[37] - The company has shifted its business model at Project Sophie from proprietary mining to hosting Bitcoin miners, currently hosting an AI customer[47] - The Company has committed to a capital contribution of up to approximately $26.3 million to DVSL for Project Dorothy, with $8.1 million already contributed as of August 5, 2022[181] Impairments and Write-offs - The Company performed an impairment analysis and determined that approximately $2.4 million of equipment and leasehold improvements associated with Project Marie were impaired as of December 31, 2022[174] - The Company fully impaired its investment in HEL, writing it down from $750 thousand to $0 as of December 31, 2022[158] Accounting and Compliance - The Company is evaluating the impact of recent accounting updates, including ASU 2023-07, which requires enhanced disclosures of significant segment expenses effective after December 15, 2023[167] - ASU 2023-08 establishes accounting guidance for crypto assets, effective for fiscal years beginning after December 15, 2024, which may impact the Company's financial statements if crypto assets are held[168]

Financial Performance - The company reported a significant increase in revenue, reaching $1.2 billion, representing a 25% year-over-year growth[30]. - The company anticipates a revenue growth of 20% for the next fiscal year, driven by new product launches and market expansion[30]. User Growth - User data showed a 15% increase in active users, totaling 5 million users by the end of the quarter[30]. Investment and Expansion - Investment in new technologies, particularly in AI and high-performance computing, is expected to exceed $200 million in the upcoming year[30]. - The company plans to expand its data center capacity by 30%, increasing from 100 megawatts (MW) to 130 MW to support growing demand[30]. - Future capital expenditures are projected to be around $300 million, focusing on infrastructure and technology upgrades[30]. Strategic Moves - A strategic acquisition of a smaller tech firm was completed for $50 million, aimed at enhancing the company's AI capabilities[30]. - The company is exploring new markets in Europe and Asia, with a target to increase international revenue contribution to 40% by 2025[30]. Operational Efficiency - The company reported a Power Usage Effectiveness (PUE) ratio of 1.2, indicating efficient energy use in its data centers[30]. Market Trends - The hashprice for Bitcoin mining has increased by 10% over the last quarter, positively impacting miner profitability[30].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Nevada 14-1462255 State or other jurisdiction (I.R.S. Employer of incorporation or organization Identification No.) 325 Washington Avenue Extension, Albany, New York 12205 (Address of principal executive offices) (Zip Code) For the quarterly period ended September 30, 2023 OR ☐ TRANSI ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission File Number: 001-40261 Soluna Holdings, Inc. (Exact name of registrant as specified in its charter) Nevada 14-1462255 State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission File Number: 001-40261 Soluna Holdings, Inc. (Exact name of registrant as specified in its charter) Nevada 14-1462255 State or other jurisdictio ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission File Number: 001-40261 Soluna Holdings, Inc. (Exact name of registrant as specified in its charter) Nevada 14-1462255 State or other jurisdiction (I. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission File Number: 001-40261 Soluna Holdings, Inc. (Exact name of registrant as specified in its charter) Nevada 14-1462255 State or other jurisdi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Washington, D.C. 20549 FORM 10-Q Nevada 14-1462255 State or other jurisdiction (I.R.S. Employer of incorporation or organization Identification No.) 325 Washington Avenue Extension, Albany, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission File Number: 001-40261 Soluna Holdings, Inc. (Exact name of registrant as specified in its charter) Nevada 14-1462255 State or other jurisdictio ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission File Number: 001-40261 Soluna Holdings, Inc. (Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR Nevada 14-1462255 State or other jurisdiction (I. ...