Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 319

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 319
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. We are providing these non-GAAP financial
measures to disclose additional information to facilitate the comparison of past and present operations by providing perspective on results
absent one-time or significant non-cash items. We utilize these measures in the business planning process to understand expected operating
performance and to evaluate results against those expectations. We believe that these non-GAAP financial measures, when considered together
with our GAAP financial results, provide management and investors with an additional understanding of our business operating results
regarding factors and trends affecting our business and provide a reasonable basis for comparing our ongoing results of operations.

These
non-GAAP financial measures are provided as supplemental measures to our performance measures calculated in accordance with GAAP and
therefore, are not intended to be considered in isolation or as a substitute for comparable GAAP measures. Further, these non-GAAP financial
measures have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles.
Because of the non-standardized definitions of non-GAAP financial measures, we caution investors that the non-GAAP financial measures
as used by us in this quarterly report have limits in their usefulness to investors and may be calculated differently from, and therefore
may not be directly comparable to, similarly titled measures used by other companies. Further, investors should be aware that when evaluating
these non-GAAP financial measures, these measures should not be construed as an inference that our future results will be unaffected
by unusual or non-recurring items. In addition, from time to time in the future there may be items that we may exclude for purposes of
our non-GAAP financial measures, and we may in the future cease to exclude items that we have historically excluded for purposes of our
non-GAAP financial measures. Likewise, we may determine to modify the nature of the adjustments to arrive at our non-GAAP financial measures.
Investors should review the non-GAAP reconciliations provided below and not rely on any single financial measure to evaluate our business.

60

EBITDA
and Adjusted EBITDA

In
addition to financial measures calculated in accordance with GAAP, we also use “EBITDA” and “Adjusted EBITDA.”
“EBITDA” is defined as earnings before interest, taxes, and depreciation and amortization. “Adjusted EBITDA”
is defined as EBITDA adjusted for stock-based compensation costs, loss on sale of fixed assets, loss on debt extinguishment and revaluation,
placement agent release expense, loss on