Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 321

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 321
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 1,212  
     821  
     3,246  
     1,694 
  
    Income tax benefit 
     (666) 
     (547) 
     (1,697) 
     (1,743)
  
    Depreciation and amortization 
     4,119  
     3,916  
     11,985  
     11,749 
  
    EBITDA 
     (21,122) 
     (3,903) 
     (27,387) 
     (8,082)

    Adjustments: Non-cash items 

    Stock-based compensation costs 
     1,882  
     1,257  
     5,671  
     3,286 
  
    Loss on sale of fixed assets and credit on
    equipment deposit 
     780  
     -  
     802  
     21 
  
    Provision for credit losses 
     -  
     367  
     -  
     611 
  
    Impairment on fixed assets 
     -  
     -  
     12  
     130 
  
    Fair value adjustment loss (gain) 
     22,047  
     (328) 
     22,165  
     5,607 
  
    Fair value on placement agent warrants financing
    fee 
     146  
     -  
     146  
     - 
  
    (Gain) loss on debt extinguishment
    and revaluation, net 
     (10,107) 
     (875) 
     (10,658) 
     1,888 
  
    Adjusted
    EBITDA 
    $(6,374) 
    $(3,482) 
    $(9,249) 
    $3,461 

Adjusted
EBITDA decreased for the three and nine months ended September 30, 2025 compared to September 30, 2024 primarily driven by increases
in general and administrative expenses, exclusive of depreciation, stock-based compensation costs, and provision for credit losses
of approximately $2.2 million and $2.7 million for the comparable periods. The general and administrative expense increase was
driven by increases in 2025 bonus expenses of $1.3 million,