Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 125

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 125
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 2025, we had $51.4 million of cash available to fund our operations.

Based
on business developments, including changes in production levels, staffing requirements, and network infrastructure improvements, we
will require additional capital equipment in the foreseeable future. We are focused on developing and monetizing green, zero-carbon computing
and cryptocurrency mining facilities, as well as facilities capable of hosting customers engaged in cryptocurrency mining, and data centers
to provide specialized AI Cloud and colocation services.

We
plan to continue funding operations, including working capital and operating deficits, from operating cash flows and cash flow debt and
equity financings, including the ATM Agreement, SEPA, July 2025 Offering, and others to be closed as needed consistent with management’s
plans.

The
ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining
the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due.
In the near term, management is evaluating and implementing different strategies to obtain financing to fund the Company’s expenses
and growth to achieve a level of revenue adequate to support the Company’s current cost structure. Financing strategies may include,
but are not limited to, stock issuances, project level equity, debt borrowings, partnerships and/or collaborations. If the Company is
unable to meet its financial obligations, it could be forced to restructure or refinance, seek additional equity capital or sell its
assets. The Company might then be unable to obtain such financing or capital or sell its assets on satisfactory terms. There can be no
assurance that additional financing will be available to the Company when needed or, if available, that it can be obtained on commercially
reasonable terms. If the Company is not able to obtain the additional financing on a timely basis, if and when it is needed, it will
be forced to delay or scale down some or all of its development activities or perhaps even cease the operation of its business.

Operating
Activities

Net
cash used in operations was approximately $3.5 million during the nine months ended September 30, 2025. The Company had a net loss
for the nine months ended September 30, 2025 of approximately $40.9 million. Non-cash items included approximately $4.9 million of
depreciation expense, $7.1 million of amortization expenses, $22.0 million in fair value adjustments mainly related to warrants
being exercised, and $5.