Company: SLNH
Filing Date: 2025-04-29
Form Type: 424B5
Source: 0001641172-25-006672
Chunk: 7

Company: Soluna Holdings, Inc
Filing Date: 2025-04-29
Form: 424B5
Chunk 7
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-stage development activities.

| S-2 |

Our first planned AI/HPC colocation project is Project Kati, which is in advanced development. Additional projects, including the announced Project Rosa, are also in progress. For the year ended December 31, 2024, we generated minimal revenue from our HPC Business.

Demand Response Business

We provide demand response services to grid operators and utilities by leveraging our data centers as dispatchable energy resources. In select states where we operate, our data centers are enrolled in ancillary services programs that support grid reliability.

Under these programs, we commit to reducing a facility’s power consumption to a predetermined level when called upon by the grid operator. In return, we receive compensation for maintaining this dispatch capability, provided we meet specific performance criteria. For example, to qualify for compensation in a given period-typically monthly-the data center must meet minimum uptime and availability requirements.

For the year ended December 31, 2024, our Demand Response Business represented approximately 6% of total revenue.

Implications of Being a Smaller Reporting Company

We qualify as a “smaller reporting company” under applicable SEC regulations. A smaller reporting company may take advantage of reduced reporting requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

| ● | being                                                                                                                          
 permitted to present only two years of audited financial statements and only two years of related “Management’s Discussion     
 and Analysis of Financial Condition and Results of Operations” disclosure in our periodic reports and registration statements, 
 including this prospectus, and reduced disclosure about our executive compensation arrangements;                               |

| ● | not                                                                                                                                           
 being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, as amended, on the effectiveness 
 of our internal controls over financial reporting; and                                                                                        |

| ● | reduced                                                                                                                                     
 disclosure obligations regarding executive compensation arrangements in our periodic reports, proxy statements and registration statements, 
 including this prospectus.                                                                                                                  |

We will continue to be a smaller reporting company as long as we have a public float (determined as of the end of our second fiscal quarter) of less than $250 million or have annual revenues of less than $100 million as of the last fiscal year for which we have audited financial statements and a public float of less than $700 million.

We have elected to take advantage of certain of the reduced disclosure obligations in the registration statement of which this prospectus is a part and may elect to take advantage of other reduced