Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1311

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 1311
---
 results as reported under GAAP.

52

Reconciliations
of EBITDA and Adjusted EBITDA to net loss, the most comparable GAAP financial metric, for historical periods are presented in the table
below:

    (Dollars in thousands) 
    Years Ended  December 31, 

    2024  
    2023 

    Net loss from continuing operations 
    $(58,300) 
    $(27,703)
  
    Interest expense 
     2,527  
     2,748 
  
    Income tax (benefit) expense 
     (2,487) 
     (1,067)
  
    Depreciation and amortization 
     15,640  
     13,376 
  
    EBITDA 
     (42,620) 
     (12,646)

    Adjustments: Non-cash items 

    Stock-based compensation costs 
     5,311  
     4,312 
  
    Loss on sale of fixed assets 
     31  
     398 
  
    Loss on debt extinguishment and revaluation, net 
     7,349  
     3,904 
  
    Placement agent release expense 
     1,000  
     - 
  
    Loss on contract 
     28,593  
     - 
  
    Provision for credit losses 
     760  
     - 
  
    Convertible note inducement expense 
     388  
     - 
  
    Impairment on fixed assets 
     130  
     575 
  
    Adjusted EBITDA 
    $942 
    $(3,457)

The
following table represents the EBITDA and 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 31, 2024  
    Year ended December 31, 2024 

    Net loss from continuing operations 
    $(2,544) 
    $(9,145) 
    $(8,093) 
    $(38,518) 
    $(58