Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 221

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 221
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 and the Company’s participation in the demand response program, three customers each contributed
more than 10% of the Company’s total consolidated revenue constituting approximately 42% for the nine months ended September 30,
2025 and two customers contributed more than 10% of the Company’s total consolidated revenue constituting approximately 39% of
the Company’s total consolidated revenue for the nine months ended September 30, 2024.

For
the three and nine months ended September 30, 2025 and 2024, all of the Company’s cryptocurrency mining revenue was generated from
Project Dorothy 1B (data center located in Silverton, Texas).

For
the three months ended September 30, 2025 and September 30, 2024, approximately 31% and 82% of the Company’s data center hosting
revenue was generated from Project Dorothy 1A, 27% and 18% from Project Sophie, and 42% and 0% from Project Dorothy 2, respectively.
For the nine months ended September 30, 2025 and September 30, 2024, approximately 43% and 74% of the Company’s data center hosting
revenue was generated from Project Dorothy 1A, 34% and 26% from Project Sophie, and 22% and 0% from Project Dorothy 2, respectively.

16.
Subsequent Events

On November
7, 2025, the Company held a Special Meeting of Stockholders
(the “Special Meeting”) at which, among other matters of business acted upon, the Company’s stockholders approved an
amendment to the Company’s Articles of Incorporation, as amended, to increase the Company’s authorized shares of common stock
from 75,000,000 shares to 375,000,000 shares (the “Certificate of Amendment”). On November 7, 2025, the Company filed the
Certificate of Amendment with the Secretary of State of the State of Nevada, and such amendment became effective immediately.

43

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Unless
the context requires otherwise in these condensed consolidated financial statements, the terms “SHI,” “Soluna,”
the “Company,” “we,” “us,” and “our” refer to Soluna Holdings, Inc. together with its
consolidated subsidiaries, “SDI” refers to Soluna Digital, Inc. “SCI” refers to Soluna Computing