Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 238

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 238
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000 shares of common stock; and (ii)
a common warrant to purchase up to 2,000,000 shares of common stock (collectively, the “Generate Warrants”).

Chief Financial Officer Resignation and Appointment

On August 5, 2025, John Tunison, the Company’s prior Chief Financial Officer, notified the Company that, effective
August 21, 2025, he will resign from his position as Chief Financial Officer and Treasurer of the Company. In connection with Mr. Tunison’s
resignation, on August 8, 2025, David C. Michaels, a member of the Company’s Board of Directors, was appointed as the Company’s
interim Chief Financial Officer and Treasurer, effective August 21, 2025.

Project
Specific Developments

Project
Fei

Project
Fei is a 100 MW data center in development co-located with a 240 MW utility-scale solar farm, Soluna’s second solar-based project
to date. Developed in partnership with a global leader in energy infrastructure investment, Project Fei will convert underutilized solar
energy into clean, high-performance computing power. The project is currently advancing through land acquisition, power contract negotiation,
and ERCOT interconnection planning.

Project
Gladys

Project
Gladys is a 150 MW facility in development, which will be co-located with a 226 MW wind farm and developed in partnership with a prominent
U.S.-based independent power producer (“IPP”) managing over $40 billion in assets and more than 80 energy facilities nationwide.
The project is currently advancing through land acquisition, power contract negotiation, and ERCOT interconnection planning.

51

Project
Sophie hosting partnership with KULR

On
October 9, 2025, we announced a new hosting partnership with KULR Technology Group, Inc. (“KULR”) (NYSE American: KULR),
a Bitcoin+ treasury company that builds a portfolio of frontier technology businesses ranging from high-performance energy systems to
AI Robotics. Under this agreement, Soluna will operate approximately 3.3 MW of Bitcoin mining capacity for KULR at its Project Sophie
facility in Kentucky. The partnership marks the first time Soluna has partnered with a Bitcoin treasury-focused company, expanding the
Company’s customer base beyond traditional Bitcoin miners and hyperscalers. The agreement reflects Soluna’s strategy to adapt
its renewable-powered hosting model to meet the developing demand profiles of Bitcoin mining and adjacent industries