Company: SLNH
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010886
Chunk: 239

Company: Soluna Holdings, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 239
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     838  
     424 
  
    Income tax benefit 
     (425) 
     (548)
  
    Depreciation and amortization 
     3,879  
     3,926 
  
    EBITDA 
     (3,062) 
     1,258 

    Adjustments: Non-cash items 

    Stock-based compensation costs 
     1,847  
     661 
  
    Loss on sale of fixed assets 
     -  
     1 
  
    (Gain) loss on debt extinguishment and revaluation, net 
     (551) 
     3,097 
  
    Fair value adjustment on SEPA draws 
     118  
     - 
  
    Impairment on fixed assets 
     -  
     130 
  
    Adjusted EBITDA 
    $(1,648) 
    $5,147 

Adjusted EBITDA decreased primarily driven by a decrease
in revenue of $6.3 million decline in Cryptocurrency mining and data hosting revenue following the April 2024 Bitcoin halving and a customer
ram-up of 20 MW through the first quarter of 2025, partially offset by approximately $900 thousand decline in cost of data hosting revenue,
excluding depreciation. General and administrative expenses, excluding stock-based compensation, increased approximately $700 thousand
mainly related to legal fees associated with the SEPA and other consulting fees.

47

The following
table represents the EBITDA and Adjusted EBITDA activity between each three-month period from January 1, 2024 through March 31, 2025
(unaudited).

    (Dollars in thousands) 
    Three months ended March 31, 2024  
    Three months ended June 30, 2024  
    Three months ended September 30, 2024  
    Three months ended December 31, 2024  
    Three months ended March 31, 2025 

    Net loss from continuing operations 
    $(2,544) 
    $(9,145) 
    $(8,093) 
    $(38,518) 
    $(7,354)
  
    Interest expense, net 
     424  
     449  
     821  
     833  
     838 
  
    Income tax benefit from continuing operations 
     (548)