Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 13

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 in the aggregate amount of up to $64.5 million, subject to the approval of the Lender
and the Agent, for project-level financing of eligible projects. On September 12, 2025, the Borrowers borrowed approximately $12.6 million
under the Credit Agreement, comprised of Tranche A-1 loans and Tranche A-3 loans. Proceeds from the Generate Credit Agreement will be
used to finance, refinance, develop and construct the Company’s Dorothy 1A, Dorothy 2 and Kati data center projects, fund a debt
service reserve account, and pay fees and expenses. Refer to Note 8 for details.

The Company, in 2025, will continue to look to evaluate
additional strategies to obtain financing to fund operations, and capital expenditures related to its project portfolio. However, management
cannot provide any assurances that the Company will be successful in accomplishing additional financing or any of its other plans. These
financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.

While the financial
condition of the Company has improved substantially, other factors taken as a whole indicate that there is substantial doubt about the
Company’s ability to continue as a going concern within one year after issuance of these condensed consolidated financial statements
as of September 30, 2025, or November 14 2025.

2.
Basis of Presentation

In
the opinion of management, the Company’s condensed consolidated financial statements reflect all adjustments, which are of a normal
recurring nature, necessary for a fair statement of the results for the periods presented in accordance with United States of America’s
Generally Accepted Accounting Principles (“U.S. GAAP”). The results of operations for the interim periods presented are not
necessarily indicative of results for the full year.

Certain
information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S.
GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the
Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K
for the year ended December 31, 2024 (“the Annual Report”).

The
information presented in the accompanying condensed consolidated balance sheet as of December 31, 2024 has been derived from the Company’s
audited consolidated financial statements. All