Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 66

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 66
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 of this prospectus for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Overview and Recent Developments

We are a digital infrastructure company specializing in transforming surplus renewable energy into computing resources. Our modular data centers can co-locate with wind, solar, hydroelectric and other renewable power plants and support compute intensive applications including Bitcoin Mining, Generative AI, Scientific Computing and other forms of HPC. This pioneering approach to data centers helps energize a greener grid while delivering cost-effective and sustainable computing solutions.

Our mission is to make renewable energy a global superpower using computing as a catalyst.

SHI through its subsidiaries operates across several business lines:

| ● | Bitcoin                                                                                                                            
 Hosting - we host Bitcoin Mining customers at our data centers.                                                                    |
| ● | Proprietary                                                                                                                        
 Bitcoin Mining - we mine Bitcoin through joint ventures at our data centers.                                                       |
| ● | AI                                                                                                                                 
 Cloud and Hosting Services - we provide GPU-as-a-Service and provide colocation services at our data centers for companies seeking 
 to train large language models, tune existing AI models, and deploy advanced AI-powered applications or other HPC workloads.       |
| ● | Demand                                                                                                                             
 Responses Services - we utilize our data centers to deliver demand response services to grid operators.                            |

Operations and Project Pipeline

We currently operate 75 MW of facilities at two locations. We have another 405 MW of facilities in development or near shovel ready in the United States. In addition, we have a 2 GW+ pipeline of renewable-energy powered projects. A summary of our pipeline, current and anticipated operating locations are as follows (as of December 31, 2024):

| Project 
 Name    |     | Location    |     |  MW |     | Status          |     | Business     
 Model        |     | Power   
 Source  |
| Sophie  |     | Murray,     
 KY          |     |  25 |     | Operating       |     | Bitcoin      
 Hosting      |     | Grid    
 / Hydro |
| Dorothy 
 1A      |     | Silverton,  
 TX          |     |  25 |     | Operating       |     | Bitcoin      
 Hosting      |     | Wind    |
| Dorothy 
 1B      |     | Silverton,  
 TX          |     |  25 |     | Operating       |     | Bitcoin      
 Mining       |     | Wind    |
|