Company: SLNH
Filing Date: 2025-02-05
Form Type: 424B3
Source: 0001493152-25-005030
Chunk: 102

Company: Soluna Holdings, Inc
Filing Date: 2025-02-05
Form: 424B3
Chunk 102
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 and should not be considered to be a substitute for, or superior to net income, the comparable measure calculated in accordance with U.S. GAAP. Further, Adjusted EBITDA should not be considered as an alternative to revenue growth, net income, or any other performance measure calculated in accordance with GAAP, or as an alternative to cash flow from operating activities as a measure of our liquidity. Adjusted EBITDA has limitations as an analytical tool, and you should not consider such measures either in isolation or as substitutes for analyzing our results as reported under GAAP.

Comparison of the Three and Nine Months Ended September 30, 2024 and September 30, 2023

|                                                         | (Dollars in thousands) | 2024 |                  Three 
 Months Ended September 
                    30, |   |     | 2023 |        |   |     | 2024 |                   Nine 
 Months Ended September 
                    30, |   |     | 2023 |         |   |
|:--------------------------------------------------------|:-----------------------|:-----|-----------------------:|:--|:----|:-----|-------:|:--|:----|:-----|-----------------------:|:--|:----|:-----|--------:|:--|
| Net loss                                                |                        | $    |                 (8,093 | ) |     | $    | (6,016 | ) |     | $    |                (19,782 | ) |     | $    | (22,705 | ) |
| Interest expense                                        |                        |      |                    821 |   |     |      |    495 |   |     |      |                  1,694 |   |     |      |   2,355 |   |
| Income tax (benefit) expense                            |                        |      |                   (547 | ) |     |      |    569 |   |     |      |                 (1,743 | ) |     |      |    (524 | ) |
| Depreciation and amortization                           |                        |      |                  3,916 |   |     |      |  3,579 |   |     |      |                 11,749 |   |     |      |   9,498 |   |
| EBITDA                                                  |                        |      |                 (3,903 | ) |     |      | (1,373 | ) |     |      |                 (