Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 720

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 720
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asures, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided
to certain employees, officers, and directors. Similarly, we expect that depreciation and amortization of fixed assets will continue
to be a recurring expense over the term of the useful life of the assets.

EBITDA
and Adjusted EBITDA are provided in addition to and should not be considered to be substitutes for, or superior to net income, the comparable
measure calculated in accordance with GAAP. Further, EBITDA and Adjusted EBITDA should not be considered as alternatives to revenue growth,
net income, or any other performance measure calculated in accordance with GAAP, or as alternatives to cash flow from operating activities
as a measure of our liquidity. EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider such measures
either in isolation or as substitutes for analyzing our results as reported under GAAP.

52

Reconciliations
of EBITDA and Adjusted EBITDA to net loss, the most comparable GAAP financial metric, for historical periods are presented in the table
below:

    (Dollars in thousands) 
    Years Ended  December 31, 

    2024  
    2023 

    Net loss from continuing operations 
    $(58,300) 
    $(27,703)
  
    Interest expense 
     2,527  
     2,748 
  
    Income tax (benefit) expense 
     (2,487) 
     (1,067)
  
    Depreciation and amortization 
     15,640  
     13,376 
  
    EBITDA 
     (42,620) 
     (12,646)

    Adjustments: Non-cash items 

    Stock-based compensation costs 
     5,311  
     4,312 
  
    Loss on sale of fixed assets 
     31  
     398 
  
    Loss on debt extinguishment and revaluation, net 
     7,349  
     3,904 
  
    Placement agent release expense 
     1,000  
     - 
  
    Loss on contract 
     28,593  
     - 
  
    Provision for credit losses 
     760  
     - 
  
    Convertible note inducement expense 
     388