Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 35

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 35
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 short-term power prices may fluctuate substantially
due to a variety of factors outside of our control, including, but not limited to:

●increases and decreases in generation capacity;

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●changes in power transmission or fuel transportation capacity
constraints or inefficiencies;

●volatile weather conditions, particularly unusually hot or mild
summers or unusually cold or warm winters;

●technological shifts resulting in changes in the demand for
power or in patterns of power usage, including the potential development of demand-side management tools, expansion and technological
advancements in power storage capability and the development of new fuels or new technologies for the production or storage of power;

●federal and state power, market and environmental regulation
and legislation; and

●changes in capacity prices and capacity markets.

If we are unable to secure power supply at
prices or on terms acceptable to us, it would have a material adverse effect on our business, financial condition, operating
results, and prospects.

The development and acceptance of competing
blockchain platforms or technologies may cause consumers to use alternative distributed ledgers or other alternatives.

The development and acceptance of competing blockchain
platforms or technologies may cause consumers to abandon Bitcoin. As we exclusively mine Bitcoin, and expect to exclusively mine Bitcoin
in the future, we could face difficulty adapting to emergent digital ledgers, blockchains or alternatives thereto. This could prevent
us from realizing the anticipated profits from our investments. Such circumstances could have a material adverse effect on our business,
prospects, or operations and potentially the value of any Bitcoin we mine or otherwise acquire or hold for our own account and therefore
harm investors.

We have an evolving business model which is
subject to various uncertainties.

As crypto assets and blockchain technologies
become more widely available, we expect the services and products associated with them to evolve. Future regulations may require us
and our co-hosting customers to change our or their business in order to comply fully with federal and state laws regulating
crypto asset (including Ethereum and Bitcoin) mining. In order to stay current with the industry, our business model may need to
continue to evolve as well. From time to time, we may modify aspects of our business model relating to our strategy. We cannot offer
any assurance that these or any other modifications will be successful or will not result in harm to our business.

Risks Related to our Company Generally

Our business has and
is expected to continue to have significant customer concentration.

We generate a large portion
of our revenue from a small number