Company: SLNH
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010886
Chunk: 14

Company: Soluna Holdings, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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     (9,864)
  
    Property, plant and equipment,
    net 
    $49,585  
    $47,283 

Depreciation expense was approximately $1.5 million
and $1.6 million for the three months ended March 31, 2025 and 2024, respectively.

    11

5. Intangible Assets, net

Intangible assets consist of the following as of March 31, 2025:

Schedule of Intangible Assets

    (Dollars in thousands) 
    Intangible Assets  
    Accumulated Amortization  
    Total 

    Strategic pipeline contract 
    $46,885  
    $32,038  
    $14,847 
  
    Assembled workforce 
     500  
     342  
     158 
  
    Patents 
     311  
     24  
     287 
  
    Total 
    $47,696  
    $32,404  
    $15,292 

Intangible assets consist of the following as of December
31, 2024:

    (Dollars in thousands) 
    Intangible Assets  
    Accumulated Amortization  
    Total 

    Strategic pipeline contract 
    $46,885  
    $29,694  
    $17,191 
  
    Assembled workforce 
     500  
     317  
     183 
  
    Patents 
     266  
     20  
     246 
  
    Total 
    $47,651  
    $30,031  
    $17,620 

Amortization expense for the each of the three months ended March 31, 2025
and 2024 was approximately $2.4 million, respectively.

The strategic pipeline contract relates to supply
of a critical input to our digital mining and hosting business. The Company has analyzed this strategic pipeline contract similar to a
permit for future benefit. The strategic pipeline contract relates to potential renewable energy datacenters that fit in the alignment
of the Company structure to expand operations of the Company’s new focus in their business.

The Company expects to record amortization expense of intangible assets
over the next five years and thereafter as follows:

Schedule of Amortization Expense of Intangible Assets

    (Dollars in thousands) 

    Year 
    2025