Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 130

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 130
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2025 compared to approximately $1.4 million in relation
    to the three months ended June 30, 2024, an increase of approximately $500 thousand. This increase primarily related to additional
    grants issued to directors and officers in June of 2025 and September and December of 2024 in addition to a change in the forfeiture
    rate from 10% to 5%. The increase was partially offset by grants that stopped vesting from prior years during the quarter and grants
    that had  portion which immediately vested during the 2024 quarter. 

    ●
    Salaries
    and benefits decreased approximately $175 thousand due to reduction in bonus expenses  for  2025, offset with
    cost of living adjustment raises for management and employees.

    ●
    Provision
    for credit losses decreased approximately $264 thousand as no losses were noted in three months ended June 30, 2025 compared to the
    three months ended June 30, 2024.

    ●

    Investor
    relations decreased approximately $176 thousand in relation to fewer investor campaigns run in the current quarter over the prior
    quarter.

    ●
    Other
    changes in general and administrative expenses were not material.

48

Depreciation
and Amortization associated with general and administrative expenses: Depreciation and amortization expense was comparable for
the three months ended June 30, 2025 and three months ended June 30, 2024 in which the balances totaled approximately $2.4 million, respectively.
The balances mainly related to amortization expense related to the strategic pipeline contract that was acquired in October 2021.

Interest
expense: Interest expense for the three months ended June 30, 2025 was approximately $1.2 million compared to the $449 thousand
for the three months ended June 30, 2024. See table below noting the difference mainly relates to the new loans entered into in fiscal
year 2024 and 2025 (June SPA, Galaxy Loan, and equipment loan), which includes amortization of deferred financing costs.

    (Dollars in thousands) 
    Three months ended June 30, 

    2025  
    2024 

    NYDIG equipment financing 
    $361  
    $361 
  
    Navitas term loan 
     -  
     37 
  
    Green Cloud secured loan 
     354  
     -