Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 289

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 289
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, resulted in a hashrate of approximately 990 PH/s. For the year ended December 31, 2024, D1A consumed over 45,700
MWh of Curtailed Energy and for the three and nine months ended September 30, 2025, D1A consumed over 700 and 24,400 MWh of Curtailed
Energy.

D1A
was constructed in partnership with SLC, a leading venture capital firm focused on sustainability solutions. SLC owns approximately 85%
of the Class B Membership Units of D1A, while we own 15% of the Class B Membership Units of D1A and own 100% of the Class A Membership
Units of D1A. After SLC achieves an 18% Internal Rate of Return hurdle, Soluna retains 50% of the profits on D1A.

47

Project
Dorothy 1B

D1B
is focused on proprietary Bitcoin Mining. There are approximately 6,800 Bitmain Antminer S19s, S19j Pro and S19j Pro+ machines installed,
including a September 2025 addition of S19 XP, resulting in an installed hashrate of 726 PH/s for the three months ended September 30,
2025. For the year ended December 31, 2024, D1B consumed over 44,600 MWh of Curtailed Energy and for the three and nine months ended
September 30, 2025, D1B consumed over 500 MWh and 24,700 MWh of Curtailed Energy. D1B is co-owned by Navitas, which owns approximately
49% of D1B, while we own the remaining 51%.

In
November 2023, we completed registration of Project Dorothy in one of the ERCOT’s Demand Response Services (“DRS”)
programs. This designation positioned Project Dorothy as a contributor to grid flexibility and resilience in the Texas power market,
while also enabling us to diversify our revenue streams.

Under
the DRS program, we commit to maintaining a specified level of curtailment capacity—measured as load reduction availability—on
a monthly basis. When called upon by ERCOT, we are required to reduce the facility’s power consumption by the committed amount.
In exchange, we receive compensation for maintaining this curtailment readiness, regardless of whether an actual dispatch occurs.

Participation
in the program allows us to generate incremental revenue