Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 162

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 162
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 1-for-25 that became effective 
 October 13, 2023. See Note 2, “Accounting Policies,” for details.                                                                     |

The accompanying notes are an integral part of these consolidated financial statements.

| F-4 |

<div align='center'>Soluna Holdings, Inc. and Subsidiaries

Consolidated Statements of Operations

For the Years Ended December 31, 2023 and 2022</div>

(Dollars in thousands, except per share)

|                                                                            |     |       2023 
 Year Ended |           |   |     | 2022 |          |   |
|:---------------------------------------------------------------------------|:----|-----------:|----------:|:--|:----|-----:|---------:|:--|
|                                                                            |     |   December 
        31, |           |   |     |      |          |   |
|                                                                            |     |       2023 |           |   |     | 2022 |          |   |
| Cryptocurrency mining revenue                                              |     |          $ |    10,602 |   |     |    $ |   24,409 |   |
| Data hosting revenue                                                       |     |            |    10,196 |   |     |      |    4,138 |   |
| Demand response services                                                   |     |            |       268 |   |     |      |        - |   |
| Total revenue                                                              |     |            |    21,066 |   |     |      |   28,547 |   |
| Operating costs:                                                           |     |            |           |   |     |      |          |   |
| Cost of cryptocurrency mining revenue, exclusive of depreciation           |     |            |     6,365 |   |     |      |   14,226 |   |
| Cost of data hosting revenue, exclusive of depreciation                    |     |            |     5,601 |   |     |      |    3,572 |   |
| Costs of revenue-depreciation                                              |     |            |     3,863 |   |     |      |   18,708 |   |
| Total costs of revenue                                                     |     |            |    15,829 |   |     |      |   36,506 |   |
| Operating expenses:                                                        |     |            |           |   |     |      |          |   |
| General and administrative expenses, exclusive of