Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 146

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 146
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 of 

    June 30,  
    June 30,  
    December 31, 

    2025  
    2024  
    2024 
  
    Cash 
    $9,878  
    $9,558  
    $7,843 
  
    Restricted cash 
     5,275  
     1,951  
     2,610 
  
    Working capital (deficit) 
     (30,874) 
     (5,046) 
     (34,378)
  
    Net loss 
     (15,134) 
     (11,689) 
     (58,300)
  
    Net cash used in operating activities 
     (1,273) 
     (3,473) 
     (5,069)
  
    Purchase of property, plant and equipment 
     (12,365) 
     (278) 
     (9,160)

As
of June 30, 2025, we had a consolidated accumulated deficit of approximately $329.2 million and we had negative working capital of approximately
$30.9 million. As of June 30, 2025, we had total debt outstanding of approximately $23.3 million as summarized further below in the Debt
table. In addition, we had outstanding commitments related to Soluna Digital Inc. (“SDI”) of approximately $10.1 million
in capital expenditures mainly related to Project Dorothy 2 and Project Kati. In addition, due to CloudCo’s termination of the
HPE Agreement on March 24, 2025, and HPE’s termination of the HPE Agreement on March 26, 2025, and the acceleration of the remaining
unpaid amounts of the contract in accordance with the HPE Agreement, we have recognized a liability for the remainder of the HPE Agreement
on the consolidated balance sheet of approximately $19.3 million. As of June 30, 2025, we had $9.9 million of cash available to fund
our operations.

Based
on business developments, including changes in production levels, staffing requirements, and network infrastructure improvements, we
will require additional capital equipment in the foreseeable future. We are focused on developing and monetizing green, zero-carbon computing
and cryptocurrency mining facilities, as well as facilities capable of hosting customers engaged in cryptocurrency mining, and data centers
to