Company: SLNH
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010886
Chunk: 96

Company: Soluna Holdings, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 96
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2025

    2024

    2024

    Cash
     
    $9,161

    $8,438

    $7,843

    Restricted cash

    5,287

    2,956

    2,610

    Working capital (deficit)

    (31,802
    )

    (15,502
    )

    (34,378
    )
  
    Net loss

    (7,354
    )

    (2,544
    )

    (58,300
    )
  
    Net cash (used in) provided by operating activities

    (177
    )

    3,850

    (5,069
    )
  
    Purchase of property, plant and equipment

    (3,808
    )

    (524
    )

    (9,160
    )

As of March
31, 2025, we had a consolidated accumulated deficit of approximately $321.9 million and we had negative working capital of approximately
$31.8 million. As of March 31, 2025, we had total debt outstanding of approximately $24.0 million as summarized further below
in the Debt table. In addition, we had outstanding commitments related to Soluna Digital Inc. (“SDI”) of approximately $10.4
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 March 31, 2025, we had $9.2 million of cash
available to fund our operations.

Based on business developments, including changes
in production levels, staffing requirements, and network infrastructure improvements, we will require additional capital equipment in
the foreseeable future. We are focused on developing and monetizing green, zero-carbon computing and cryptocurrency mining facilities,
as well as facilities capable of hosting customers engaged in cryptocurrency mining, and data centers to provide specialized AI Cloud
and colocation services.

48

We plan to continue funding operations, including
working capital and operating deficits, from operating cash flows and cash flow