Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 708

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 708
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 develop a 2MW AI/HPC data center to be co-located with the same windfarm as Project Dorothy that will be the first construction
of Soluna’s proprietary Helix design that remains in the concept design phase.

Consolidated
Results of Operations

Results
of Operations for the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023. 

The
following table summarizes changes in the various components of our net loss during the year ended December 31, 2024 compared to the
year ended December 31, 2023.

    (Dollars in thousands) 
    Year Ended December 31, 2024  
    Year Ended December 31, 2023  
    $ Change  
    % Change 
  
    Cryptocurrency mining revenue 
    $17,027  
     10,602  
     6,425  
     61%
  
    Data hosting revenue 
     18,838  
     10,196  
     8,642  
     85%
  
    High-performance computing service revenue 
     16  
     -  
     16  
     100%
  
    Demand response service revenue 
     2,140  
     268  
     1,872  
     699%
  
    Operating costs and expenses: 

    Cost of cryptocurrency mining revenue, exclusive of depreciation 
     7,499  
     6,365  
     1,134  
     18%
  
    Cost of data hosting revenue, exclusive of depreciation 
     9,377  
     5,601  
     3,776  
     67%
  
    Cost of high-performance computing service revenue 
     5,724  
     -  
     5,724  
     100%
  
    Cost of cryptocurrency mining revenue- depreciation 
     4,292  
     2,696  
     1,596  
     59%
  
    Cost of data hosting revenue- depreciation 
     1,735  
     1,167  
     568  
     49%
  
    General and administrative expenses, exclusive of depreciation and amortization 
     18,581  
     15,390  
     3,191  
     21%
  
    Depreciation and