Company: SLNH
Filing Date: 2025-01-15
Form Type: S-1/A
Source: 0001493152-25-002391
Chunk: 163

Company: Soluna Holdings, Inc
Filing Date: 2025-01-15
Form: S-1/A
Chunk 163
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 Company’s process to measure the fair value of the warrants and convertible notes payable. This included controls related to the evaluation of observable market information used in the determination of the expected volatility inputs. We also involved our firm’s valuation professionals with specialized skills and knowledge, who assisted in:

| ● | evaluating                                                                                         
 the expected volatility inputs by comparing them against a volatility range that was independently 
 verified in consideration of historical, implied, and peer group volatility information;           
 and                                                                                                |
| ● | developing                                                                                         
 an estimate of the convertible notes payable and warrants’ fair value using the independently      
 verified volatility range and comparing it to the value calculated by the Company.                 |

/s/ UHY LLP

We have served as the Company’s auditor since 2021.

Albany, New York

April 1, 2024

| F-3 |

<div align='center'>Soluna Holdings, Inc. and Subsidiaries

Consolidated Balance Sheets

As of December 31, 2023 and December 31, 2022</div>

(Dollars in thousands, except per share)

| Assets                                                                                                                              
 Current Assets:                                                                                                                     |     | December 31, 
 2023         |          |   |     | December 31, 
 2022         |          |   |
|:------------------------------------------------------------------------------------------------------------------------------------|:----|:-------------|---------:|:--|:----|:-------------|---------:|:--|
| Cash                                                                                                                                |     | $            |    6,368 |   |     | $            |    1,136 |   |
| Restricted cash                                                                                                                     |     |              |    2,999 |   |     |              |      685 |   |
| Accounts receivable                                                                                                                 |     |              |    2,948 |   |     |              |      320 |   |
| Notes receivable                                                                                                                    |     |              |      446 |   |     |              |      219 |   |
| Prepaid expenses and other current assets                                                                                           |     |              |    1,416 |   |     |              |    1,107 |   |
| Equipment held for sale                                                                                                             |     |              |      107 |   |     |              |      295 |   |
| Total Current Assets                                                                                                                |     |              |   14,284 |   |     |              |    3,762 |   |
| Restricted cash, noncurrent