Company: SLNH
Filing Date: 2025-01-15
Form Type: S-1/A
Source: 0001493152-25-002391
Chunk: 165

Company: Soluna Holdings, Inc
Filing Date: 2025-01-15
Form: S-1/A
Chunk 165
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22,460 |   |
| Distribution to Non-Controlling interest                 |     |           |         — |     |        | — |     |        |      — |     |        | — |     |        |         — |     |        | — |     |   |     |             |       — |   |     |             | —        |   |     |          |      — |     |        | —       |   |     |                 | (1,519 | ) |     |                     |  (1,519 | ) |
| December 31, 2023                                        |     |           | 3,061,245 |     | $      | 3 |     |        | 62,500 |     | $      | — |     |        | 2,546,361 |     | $      | 3 |     |   |     | $           | 291,276 |   |     | $           | (250,970 | ) |     |          | 40,741 |     | $      | (13,798 | ) |     | $               | 26,845 |   |     | $                   |  53,359 |   |
| Balance                                                  |     |           | 3,061,245 |     | $      | 3 |     |        | 62,500 |     | $      | — |     |        | 2,546,361 |     | $      | 3 |     |   |     | $           | 291,276 |   |     | $           | (250,970 | ) |     |          | 40,741 |     | $      | (13,798 | ) |     | $               | 26,845 |   |     | $                   |  53,359 |   |

| (1) | Prior                                                                                                                                 
 period results have been adjusted to reflect the Reverse Stock Split of the Common Stock at a ratio of 1-for-25 that became effective 
 October 13, 2023. See Note 2, “Accounting Policies,” for details.                                                                     |

The accompanying notes are an integral part of these consolidated financial statements.

| F-6 |

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

Consolidated Statements of Cash Flows

For the Year Ended December 31, 2023 and 2022

(Dollars in thousands)</div