Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 4

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 4
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 million from a public offering of common stock. See Subsequent Events:
Note 16 for further details on the public offering.

The
Company, in 2025, will continue to look to evaluate different strategies to obtain financing to fund operations. 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.

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 other information has been derived from the Company’s unaudited condensed consolidated
financial statements for the three and six months ended June 30, 2025 and June 30, 2024.

Principles
of Consolidation

The
condensed consolidated financial statements include the accounts of the Company and its subsidiaries, including the Company’s variable
interest entities disclosed in Note 14. All intercompany balances and transactions are eliminated in consolidation.

Cash
and Cash Equivalents

Cash
and cash equivalents consist of cash and highly liquid short-term investments with original maturities of less than three months.

    10

Restricted
Cash

Restricted
cash relates to cash that is legally restricted as to withdrawal and usage or is being held for a specific purpose and thus not available
to the Company for immediate or general business use. As of June 30, 2025, the Company had restricted cash of approximately $