Company: SLNH
Filing Date: 2025-07-21
Form Type: DEF 14A
Source: 0001641172-25-020351
Chunk: 31

Company: Soluna Holdings, Inc
Filing Date: 2025-07-21
Form: DEF 14A
Chunk 31
---
 $7,376,778. In comparison, net loss increased 110% from $(27,703,000) to $(58,300,000) and total shareholder return fell 15% from $62 to $53. In 2023, the compensation actually paid to the PEO increased 110% from ($3,645,896) to $377,705 and the average compensation actually paid to the non-PEO NEOs increased (dropped) 169% from $117,286 to $316,018. In comparison, net loss decreased 72% from $(99,005,000) to $(27,703,000) and total stockholder return fell 73% from $228 to $62. In 2022, the compensation actually paid to the PEO increased (dropped) 163% from $5,776,211 to ($3,645,896) and the average compensation actually paid to the non-PEO NEOs increased (dropped) (83)% from $685,276 to $117,286. In comparison, net loss increased 1,783% from $(5,261,000) to $(99,095,000) and total shareholder return increased 97% from $6 to $228.

| 22 |

<div align='center'>REPORT OF THE AUDIT COMMITTEE*</div>

The undersigned members of the Audit Committee of the Board of Soluna Holdings, Inc. (the “Company”) submit this Proxy Statement in connection with the committee’s review of the financial reports for the fiscal year ended December 31, 2024 as follows:

| 1. | The                                                                                                                                   
 Audit Committee has reviewed and discussed with management the audited financial statements for the Company for the fiscal year ended 
 December 31, 2024.                                                                                                                    |
|:---|:--------------------------------------------------------------------------------------------------------------------------------------|
| 2. | The                                                                                                                                   
 Audit Committee has discussed with representatives of UHY LLP, the independent public accounting firm, the matters required to be     
 discussed by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) and the Securities                
 and Exchange Commission.                                                                                                              |
| 3. | The                                                                                                                                   
 Audit Committee has discussed with UHY LLP, the independent public accounting firm, the auditors’ independence from management        
 and the Company has received the written disclosures and the letter from the independent auditors required by applicable requirements 
 of the PCAOB.                                                                                                                         |

In addition, the Audit Committee considered