Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 158

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 158
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 Balance Sheets as of September 30, 2024 and December 31, 2023                                                                  | F-51 |
| Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and September 30, 2023                         | F-52 |
| Consolidated Statements of Stockholders’ Equity for the Year Ended December 31, 2023 and the Three and Nine Months Ended September 30, 2024 | F-53 |
| Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and September 30, 2024                                   | F-55 |
| Notes to Consolidated Financial Statements                                                                                                  | F-56 |

| F-1 |

<div align='center'>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Board of Directors and

Stockholders of Soluna Holdings, Inc. and Subsidiaries

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Soluna Holdings, Inc. and Subsidiaries (the Company) as of December 31, 2023 and 2022, and the related consolidated statements of operations, changes in equity, and cash flows for each of the years in the two-year period ended December 31, 2023, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Substantial Doubt about the Company’s Ability to Continue as a Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and has a significant accumulated deficit and negative working capital that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We