Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 113

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 113
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 capital expenditures of $12.5 million, less cash proceeds from sale of equipment of $2.3 million.

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Financing Activities

Net cash provided by financing activities was approximately $12.9 million consisting mainly of proceeds from financing of approximately $14.5 million in which $13.75 million was from 2024 secured loan financing in June and July, and $720 thousand was drawn down for equipment financing. In addition, there was $2.3 million in warrants exercised, as well as $5.1 million in contributions of non-controlling membership interest. Offsetting the net cash provided by financing activities was $6.7 million in cash distributions to non-controlling interest members, and payments of $2.3 million relation to Navitas loan and deferred financing charges. Net cash provided by financing activities was approximately $22.8 million during the nine months ended September 30, 2023, which consisted of cash contributions for non-controlling interest of approximately $19.7 million. The Company also received net proceeds of approximately $817 thousand from the subsequent SPA offerings, in addition to proceeds from debt issuances of $3.1 million less debt payment costs of $510 thousand and $350 thousand for payment on the Company’s line of credit.

Comparison of the Years Ended December 31, 2023 and December 31, 2022

|                                                                       | (Dollars in thousands) | Years Ended December 31, |    2023 |   |     |   |     2022 |   |
|:----------------------------------------------------------------------|:-----------------------|:-------------------------|--------:|:--|:----|:--|---------:|:--|
| Cash                                                                  |                        | $                        |   6,368 |   |     | $ |    1,136 |   |
| Restricted cash                                                       |                        |                          |   3,999 |   |     |   |      685 |   |
| Working capital (deficit)                                             |                        |                          | (13,891 | ) |     |   |  (26,049 | ) |
| Net loss from continuing operations                                   |                        |                          | (27,703 | ) |     |   | (107,016 | ) |
| Net income from discontinued operations                               |                        |                          |       - |   |     |   |    7,921 |   |
| Net cash used in operating activities                                 |                        |                          |  (2,987 |