Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 8

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 8
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 in our Annual Report on Form 10-K for the year ended December 31, 2024, we terminated our agreement with HPE.

We are currently developing new infrastructure projects intended to support AI and HPC workloads. These efforts include engagement with potential joint venture partners, conducting site and feasibility studies, securing access to power and land, and performing other early-stage development activities.

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 fiscal year 2024 and the nine months ended September 30, 2025, 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 three and nine months ended September 30, 2025, our Demand Response Business represented approximately 5% and 5% of total revenue. For the three and nine months ended September 30, 2024, our Demand Response Business represented approximately 6% and 5% 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 supplement, 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,