Company: SLNH
Filing Date: 2025-02-03
Form Type: S-1/A
Source: 0001493152-25-004555
Chunk: 258

Company: Soluna Holdings, Inc
Filing Date: 2025-02-03
Form: S-1/A
Chunk 258
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 Project Marie and currently from Project Sophie and Project Dorothy.

For the year December 31, 2023 and 2022, approximately 0% and 5% of the Company’s cryptocurrency mining revenue was generated from Project Edith (data center located in Wenatchee, Washington), 7% and 41% from Project Marie (former data center located in Calvert City, Kentucky), 28% and 54% from Project Sophie (data center located in Murray, Kentucky), and 65% and 0% from Project Dorothy (data center located in Texas), respectively. For the year ended December 31, 2023 and 2022, approximately 3% and 100% of the Company’s data center hosting revenue was generated from Project Marie from hosting with customers, 30% and 0% was generated from Project Sophie, and 67% and 0% was generated from Project Dorothy (data center located in Texas).

The Company evaluates performance based on profit or loss from operations before income taxes, accounting changes, items management does not deem relevant to segment performance, and interest income and expense. Inter-segment sales and expenses are not significant. Non-cash items of depreciation and amortization are included within both costs of sales and selling, general and administrative expenses.

The following table details revenue and cost of revenues for the Company’s reportable segments for years ended December 31, 2023 and 2022, and reconciles to net loss on the consolidated statements of operations:

Schedule of Segment Reporting Information

| (Dollars in thousands)                                                                       
 Reportable segment revenue:                                                                  |     | 2023               
 Years              
 Ended December 31, 
 2023               |         |   |     | 2022 
 2022 |          |   |
|:---------------------------------------------------------------------------------------------|:----|:-------------------|--------:|:--|:----|:-----|---------:|:--|
| Cryptocurrency mining revenue                                                                |     | $                  |  10,602 |   |     | $    |   24,409 |   |
| Data hosting revenue                                                                         |     |                    |  10,196 |   |     |      |    4,138 |   |
| Demand response service revenue                                                              |     |                    |     268 |   |     |      |        - |   |
| Total segment and consolidated revenue                                                       |     |                    |  21,066 |   |     |      |   28