Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 2552

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 2552
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4  
    2023 

    Year ended December 31, 

    2024  
    2023 
  
    Segment operating (loss) income 
    $(23,736) 
    $2,770 

    Reconciling Items: 

    Elimination of intercompany costs 
     630  
     273 
  
    Other revenue (a) 
     2,140  
     268 
  
    General and administrative, exclusive of depreciation and amortization (b) 
     (16,944) 
     (14,039)
  
    General and administrative, depreciation and amortization 
     (9,613) 
     (9,513)
  
    Interest expense 
     (2,527) 
     (2,748)
  
    Loss on debt extinguishment and revaluation, net 
     (7,349) 
     (3,904)
  
    Loss on sale of fixed assets 
     (31) 
     (398)
  
    Other expense, net 
     (3,357) 
     (1,479)
  
    Net loss before taxes 
    $(60,787) 
    $(28,770)

(a)Demand service revenue is included as a reconciling item of total revenue and not included
as part of segment gross profit or loss

(b)The reconciling general and administrative expense, exclusive of depreciation and amortization
represent corporate and unallocated general and administrative expenses for the year.

     F-45 

Concentrations

During
the years ended December 31, 2024 and 2023, aside from the Bitcoin Mining revenue generated as a result of the Company’s participation
in a mining pool and the Company’s participation in the demand response program, two customers contributed more than 10% of the
Company’s total consolidated revenue constituting approximately 39% for the year ended December 31, 2024 and two customers contributed
more than 10% of the Company’s total consolidated revenue constituting approximately 37% of
the Company’s total consolidated revenue for the year ended December 31, 2023.

For
the year ended December 31, 2024 and 2023, approximately 100% and 65% of the Company’s cryptocurrency mining revenue was generated
from Project Dorothy 1B (data center located in Silverton, Texas), 0% and