Company: SLNH
Filing Date: 2025-04-25
Form Type: 424B3
Source: 0001641172-25-006194
Chunk: 6

Company: Soluna Holdings, Inc
Filing Date: 2025-04-25
Form: 424B3
Chunk 6
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 and scalable design supports high-throughput, batchable applications
such as AI, Bitcoin, and-soon-HPC workloads. These facilities are managed by MaestroOS™, our proprietary operating system
(“MaestroOS”), which continuously analyzes signals like local power pricing, weather, grid demand, and market conditions to
optimize performance and economics.

This intelligent orchestration enables long-term asset
monetization and attractive returns on invested capital. Our approach is purpose-built for the energy transition. We specialize in curtailment
solutions, working closely with leading renewable energy developers to access underutilized, low-cost power. Our behind-the-meter model
allows us to draw energy directly from the plant or the grid, while also providing demand response services-reducing costs and enhancing
grid resilience.

A key strategic advantage is our model of co-locating
data centers directly with renewable power generation assets. By building behind the meter, we are able to bypass long interconnection
queues and source electricity directly from the generation site. This structure not only improves power economics, but also accelerates
time-to-market-an increasingly important factor for companies with large, time-sensitive computing workloads such as AI and HPC.

With a repeatable strategy and a growing pipeline
of projects, we are scaling a new category of digital infrastructure-one that energizes the grid, lowers computing costs, and advances
a more sustainable future.

We operate across multiple business lines and generate
revenue from four primary sources, as described below:

| ● | Bitcoin Mining Business - We mine Bitcoin through proprietary operations and joint ventures located at our data centers.                                                                                                                               |
| ● | Bitcoin Hosting Business - We provide hosting services to third-party Bitcoin mining customers at our data centers.                                                                                                                                    |
| ● | High Performance Computing Business - We offer colocation and hosting services for companies seeking to train large language models (LLMs), fine-tune existing artificial intelligence models, and deploy other compute-intensive AI or HPC workloads. |
| ● | Demand Response Business - We leverage our data center infrastructure to provide demand response services to grid operators.                                                                                                                           |

| 1 |

Lines of Business

Bitcoin Mining Business

We engage in proprietary Bitcoin mining, a process
that verifies transactions and secures the Bitcoin blockchain. This process involves the use of specialized computing equipment to solve
complex cryptographic algorithms. Miners compete to solve these algorithms; the first to do so is awarded a predetermined number of newly
issued Bitcoins (the “Block Reward”) and any transaction fees associated