Company: SLNH
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010886
Chunk: 69

Company: Soluna Holdings, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 69
---
  
     162 
  
    Other revenue (a) 
     507  
     875 
  
    General and administrative, exclusive of depreciation and amortization (b) 
     (5,683) 
     (3,930)
  
    General and administrative, depreciation and amortization 
     (2,404) 
     (2,403)
  
    Interest expense 
     (838) 
     (424)
  
    Gain (loss) on debt extinguishment and revaluation, net 
     551  
     (3,097)
  
    Loss on sale of fixed assets 
     -  
     (1)
  
    Other (expense) income, net 
     (315) 
     23 
  
    Net loss before taxes 
    $(7,779) 
    $(3,092)

    (a)
     
    Demand response 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.

Concentrations

During
the three months ended March 31, 2025 and March 31, 2024, 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, three customers contributed more
than 10% of the Company’s total consolidated revenue constituting approximately 33% for the three months ended March 31, 2025 and
one customer contributed more than 10% of the Company’s total consolidated revenue constituting approximately 22% of the
Company’s total consolidated revenue for the three months ended March 31, 2024.

For the three months ended March 31, 2025 and 2024,
all of the Company’s cryptocurrency mining revenue was generated from Project Dorothy 1B (data center located in Silverton, Texas).

For the three months ended March 31, 2025 and March
31, 2024, approximately 57% and 67% of the Company’s data center hosting revenue was generated from Project Dorothy 1A and 43% and
33% from Project Sophie, respectively.

16. Subsequent Events

At the Market Offering

On
April 29, 2025, the Company