Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1680

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1680
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) 
     (2,748)
  
    Loss on debt extinguishment and revaluation, net 
     (7,349) 
     (3,904)
  
    Loss on sale of fixed assets 
     (31) 
     (398)
  
    Other expense, net 
     (3,357) 
     (1,479)
  
    Net loss before taxes 
    $(60,787) 
    $(28,770)

(a)Demand service revenue is included as a reconciling item of total revenue and not included
as part of segment gross profit or loss

(b)The reconciling general and administrative expense, exclusive of depreciation and amortization
represent corporate and unallocated general and administrative expenses for the year.

     F-45 

Concentrations

During
the years ended December 31, 2024 and 2023, aside from the Bitcoin Mining revenue generated as a result of the Company’s participation
in a mining pool and the Company’s participation in the demand response program, two customers contributed more than 10% of the
Company’s total consolidated revenue constituting approximately 39% for the year ended December 31, 2024 and two customers contributed
more than 10% of the Company’s total consolidated revenue constituting approximately 37% of
the Company’s total consolidated revenue for the year ended December 31, 2023.

For
the year ended December 31, 2024 and 2023, approximately 100% and 65% of the Company’s cryptocurrency mining revenue was generated
from Project Dorothy 1B (data center located in Silverton, Texas), 0% and 28% from Project Sophie (data center located in Murray, Kentucky),
respectively, and 0% and 7% from Project Marie, respectively.

For
the year ended December 31, 2024 and 2023, approximately 73%
and 67%
of the Company’s data center hosting revenue was generated from Project Dorothy 1A and 27%
and 30%
from Project Sophie, and 0%
and 3%
from Project Marie, respectively.

17.
Subsequent Events

Galaxy
Loan Agreement

On
March 12, 2025, Soluna SW LLC (the “SW Borrower”), a Delaware limited liability company and subsidiary of Soluna SW Holdings
LLC (“SW Holdings”), itself a subsidiary of Soluna Digital, Inc. (“SDI