Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 147

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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 any adjustments related to the recoverability and classification of assets or the amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.

While the financial
condition of the Company has improved substantially, other factors taken as a whole indicate that there is substantial doubt about the
Company’s ability to continue as a going concern within one year after issuance of these condensed consolidated financial statements
as of September 30, 2025, or November 14 2025.

2.
Basis of Presentation

In
the opinion of management, the Company’s condensed consolidated financial statements reflect all adjustments, which are of a normal
recurring nature, necessary for a fair statement of the results for the periods presented in accordance with United States of America’s
Generally Accepted Accounting Principles (“U.S. GAAP”). The results of operations for the interim periods presented are not
necessarily indicative of results for the full year.

Certain
information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S.
GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the
Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2024 (“the Annual Report”).

The
information presented in the accompanying condensed consolidated balance sheet as of December 31, 2024 has been derived from the Company’s
audited consolidated financial statements. All other information has been derived from the Company’s unaudited condensed consolidated
financial statements for the three and nine months ended September 30, 2025 and September 30, 2024.

Principles
of Consolidation

The
condensed consolidated financial statements include the accounts of the Company and its subsidiaries, including the Company’s variable
interest entities disclosed in Note 14. All intercompany balances and transactions are eliminated in consolidation.

Cash
and Cash Equivalents

Cash
and cash equivalents consist of cash and highly liquid short-term investments with original maturities of less than three months.

    10

Restricted
Cash

Restricted
cash relates to cash that is legally restricted as to withdrawal and usage or is being held for a specific purpose and thus not available
to the Company for immediate or general business use. As of September 30, 2025, the Company had restricted cash of approximately $9.1
million, of which $3.6 million was