Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 712

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 712
---
 Cost
    of cryptocurrency mining, exclusive of depreciation 
    $3,358  
    $-  
    $2,206  
    $801  
    $-  
    $6,365 
  
    Cost
    of data hosting revenue, exclusive of depreciation 
     -  
     4,366  
     1,030  
     205  
     -  
     5,601 
  
    Cost
    of cryptocurrency mining revenue-depreciation 
     1,816  
     -  
     775  
     103  
     2  
     2,696 
  
    Cost
    of data hosting revenue- depreciation 
     -  
     755  
     379  
     33  
     -  
     1,167 
  
    Total
    cost of revenue 
     5,174  
     5,121  
     4,390  
     1,142  
     2  
     15,829 
  
    Gross
    profit (loss) 
    $1,675  
    $1,755  
    $1,615  
    $(97) 
    $289  
    $5,237 

48

Cryptocurrency
Mining Revenue: Cryptocurrency mining revenue increase year over year consists of revenue recognized from Soluna’s cryptocurrency
mining operations related to Project Dorothy 1B, which began energization in the third quarter of 2023. Project Marie discontinued site
operations in the second quarter of 2023 and Project Sophie converted to a hosting facility within the 2023 year.

Data
Hosting Revenue: Cryptocurrency hosting services provide energized space and operating services to third-party mining companies
who locate their mining hardware at our mining locations. Services include fees for hosting the miners which could be fixed fees or profit
sharing, as well as potential additional fees for services provided such as installation charges or other services fees. The increase
was due to a full year of revenues in Project Dorothy 1A and Project Sophie switched their business model from proprietary mining to
data hosting in the second quarter of 2023 resulting in a full year of revenue in 2024.

Demand
Response Service: We saw an increase in demand response service revenue due to a full year of service for the year ended December
31, 2024 compared to only