Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 139

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 139
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 ended June 30, 2025 was approximately $2.0 million compared to the $873 thousand
for the six months ended June 30, 2024. See table below noting the difference mainly relates to the new loans entered into in fiscal
year 2024 and 2025 (June and July SPA, Galaxy Loan, and equipment loan), which includes amortization of deferred financing costs, offset
with the payoff of the Navitas loan.

    (Dollars in thousands) 
    Six months ended June 30, 

    2025  
    2024 

    NYDIG equipment financing 
    $719  
    $722 
  
    Navitas term loan 
     2  
     100 
  
    Green Cloud secured loan and Additional CloudCo secured loan 
     777  
     - 
  
    Galaxy loan 
     277  
     - 
  
    Spring Lane financing cost 
     121  
     - 
  
    Equipment loan 
     138  
     51 
  
    Interest expense 
    $2,034  
    $873 

Gain
(Loss) on Debt Extinguishment and Revaluation, net: For the six months ended June 30, 2025, there was a gain on extinguishment
of debt of approximately $551 thousand. The gain was in relation to the Assignment and Assumption Agreement for the Additional Notes
on March 14, 2025.

For
the six months ended June 30, 2024, the Company had a loss on debt extinguishment and revaluation of approximately $8.7 million due to
the entering into of the Fourth Amendment with the Noteholders on February 28, 2024, pursuant to which the Company lowered the conversion
price, issued new warrants, and repriced additional warrants with certain exercise features. The issuance and reprice of warrants created
a loss of extinguishment of debt of approximately $5.8 million which was offset by a gain on debt revaluation of the convertible debt
of approximately $1.3 million as of February 28, 2024 (date of Fourth Amendment) and March 31, 2024 due to several factors including
assumptions on conversions and payouts, annual volatility, and stock price conditions on the dates of valuations. In addition, there was
a revaluation of the warrant liability which created a gain on revaluation of approximately $1.