Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 144

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 144
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 compensation and provision for credit losses, decreased approximately $272 thousand for the three months ended June 30, 2025
compared to the three months ended June 30, 2024 mainly due to declines in bonus expenses and investor relation fees, offset by legal
fees. General and administrative expenses, excluding stock-based compensation and provision for credit losses for the six months ended
June 30, 2025 compared to June 30, 2024 increased approximately $527 thousand mainly related to legal fees associated with the SEPA and
other consulting fees.

54

The
following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2025 through June 30, 2025.

    (Dollars in thousands) 
    Three months ended March
31, 2025  
    Three months ended June
30, 2025 

    Net loss from continuing operations) 
    $(7,354) 
    $(7,780)
  
    Interest expense, net 
     838  
     1,196 
  
    Income tax benefit from continuing operations 
     (425) 
     (608)
  
    Depreciation and amortization 
     3,879  
     3,989 
  
    EBITDA 
     (3,062) 
     (3,203)

    Adjustments: Non-cash items 

    Stock-based compensation costs 
     1,847  
     1,942 
  
    Loss on sale of fixed assets 
     -  
     22 
  
    Impairment on fixed assets 
     -  
     12 
  
    Fair value adjustment on SEPA draws 
     118  
     - 
  
    Gain on debt extinguishment and revaluation, net 
     (551) 
     - 
  
    Adjusted EBITDA 
    $(1,648) 
    $(1,227)

The
following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2024 through December 31, 2024.

    (Dollars in thousands) 
    Three
                                                                               months ended March
31, 2024  
    Three
                                                                               months ended June
30, 2024  
    Three
                                                                               months ended September
30, 2024  
    Three
                                                                               months ended December