Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 256

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 256
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An investment
in our securities is highly speculative and involves a high degree of risk. We face a variety of risks that may affect our operations
or financial results and many of those risks are driven by factors that we cannot control or predict. You should carefully consider the
risks described below together with all of the other information in this Annual Report, including our consolidated financial statements
and the related notes and the information described in the section entitled “Item 7. Management’s Discussion and Analysis
of Financial Condition and Results of Operations,” and in our other filings with the SEC. If any of the risks described below occur,
our business, financial condition, results of operations and prospects could be materially adversely affected. In that case, the market
price of our common stock would likely decline, and investors could lose all or a part of their investment. Only those investors who can
bear the risk of loss of their entire investment should consider an investment in our securities. Additional risks and uncertainties not
presently known to us or that we currently deem immaterial may also impair our operations.

Summary Risk Factors

●Our recurring losses from operations have raised substantial
doubt regarding our ability to continue as a going concern, and we will require additional capital to support our business and objectives
and grow our business.

●We have a limited operating history, and we may not recognize
operating income in the future.

●We have financed our strategic growth primarily by issuing new
shares of our common stock in public offerings and the issuance of debt, and plan to raise additional capital through similar offerings
in the future, and our inability to do so on favorable terms may adversely affect our operations and the market price of our securities.

●If we cannot achieve or maintain profitability, stockholders
could lose all or part of their investment.

●Our level of existing debt may negatively impact our liquidity,
restrict our operations and ability to respond to business opportunities, and increase our vulnerability to adverse economic and industry
conditions.

●We may be unable to meet our remaining obligations under the terminated HPE Agreement (as defined
                                                                                       below) which could lead to a default under that agreement.

●Joint ventures, joint ownership and strategic partner arrangements
and other projects pose unique challenges, and we may not be able to fully implement or realize synergies, expected returns or other
anticipated benefits associated with such projects.

●We may not be able to timely complete our future strategic growth
initiatives or within our anticipated costs estimates, if at all.

●Our business plan is