Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 142

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 142
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1.
Nature of Operations

Description
of Business

Unless
the context requires otherwise in these notes to the consolidated financial statements, the terms “SHI,” “ the “Company,”
“we,” “us,” and “our” refer to Soluna Holdings, Inc. together with its consolidated subsidiaries,
“SDI” refers to Soluna Digital, Inc., “SCI” refers to Soluna Computing, Inc., formerly known as EcoChain, Inc.,
“Soluna Cloud” or “Cloud” refers to Soluna Cloud, Inc., and “SEI” refers to Soluna Energy, Inc.

Soluna
Holdings, Inc. (“SHI”) is a digital infrastructure company that specializes in transforming surplus renewable energy into
computing resources. The Company’s strategy is to operate modular data centers co-located with wind, solar, and hydroelectric power
plants, supporting compute-intensive applications, including Bitcoin mining, generative AI, and high-performance computing (“HPC”).
This approach aims to create a more sustainable grid while providing cost-effective and environmentally friendly computing solutions.

SHI
was originally incorporated in the State of New York in 1961 as Mechanical Technology, Incorporated and reincorporated in the State of
Nevada on March 24, 2021. On March 23, 2021, SHI’s common stock commenced trading on the Nasdaq Stock Market LLC (“Nasdaq”).
Headquartered in Albany, New York, the Company changed its name from “Mechanical Technology, Incorporated” to Soluna Holdings,
Inc. on November 2, 2021. On October 29, 2021, Soluna Callisto Holdings, Inc. (“Soluna Callisto”) merged into Soluna Computing,
Inc. (“SCI”), a private green data center development company and a subsidiary of SHI. MTI Instruments, Inc., a subsidiary
of SHI, was sold on April 11, 2022. The Company formed a wholly owned subsidiary of SHI on December 27, 2023, Soluna Digital, Inc. (“Soluna
Digital,” or “SDI”). Effective December 31, 2023, SCI transferred substantially all of its assets to SHI or its subsidiaries,
including SDI. The Company sold SCI in April 2024.

During
fiscal year 2021, the Company commenced mining operations at its Murray, Kentucky location (“Project Sophie”) and Calvert
City, Kentucky site (“Project Marie”). Project Marie was decom