Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 124

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 124
---
2,520)

62

Liquidity
and Capital Resources

Several
key indicators of our liquidity are summarized in the following table:

    (Dollars in thousands) 
    Nine Months
    Ended
    or as of  
    Nine Months
    Ended
    or as of  
    Year Ended
    or as of 

    September
    30, 2025  
    September
    30, 2024  
    December
    31, 2024 
  
    Cash 
    $51,371  
    $8,766  
    $7,843 
  
    Restricted cash 
     9,090  
     3,441  
     2,610 
  
    Working capital (deficit) 
     10,215  
     (12,820) 
     (34,378)
  
    Net loss 
     (40,921) 
     (19,782) 
     (58,300)
  
    Net cash used in operating activities 
     (3,479) 
     (3,412) 
     (5,069)
  
    Purchase of property, plant and equipment,
    including deposits 
     (18,036) 
     (7,811) 
     (13,277)

As
of September 30, 2025, we had a consolidated accumulated deficit of approximately $353.2 million and we had positive working capital
of approximately $10.2 million, in which was due to significant financings in the third quarter of 2025. As of September 30, 2025, we
had total debt outstanding of approximately $23.3 million as summarized further below in the Debt table. In addition, we had outstanding
commitments related to Soluna Digital Inc. (“SDI”) of approximately $11.9 million in capital expenditures mainly related
to Project Dorothy 2 and Project Kati. In addition, due to CloudCo’s termination of the HPE Agreement on March 24, 2025, and HPE’s
termination of the HPE Agreement on March 26, 2025, and the acceleration of the remaining unpaid amounts of the contract in accordance
with the HPE Agreement, we have recognized a liability for the remainder of the HPE Agreement on the consolidated balance sheet of approximately
$19.3 million. As of September 30,