Company: SLNH
Filing Date: 2025-09-26
Form Type: S-3
Source: 0001493152-25-015742
Chunk: 5

Company: Soluna Holdings, Inc
Filing Date: 2025-09-26
Form: S-3
Chunk 5
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 to curtailment. At the same time, there is a critical shortage of power for energy-intensive infrastructure like Artificial Intelligence (“AI”), HPC, and Bitcoin mining. Renewable Computing™ bridges this gap-unlocking stranded renewable energy and turning it into scalable computing power.

We build, own or co-own, and operate data centers co-located with wind, solar, and hydroelectric plants. Our modular and scalable design supports high-throughput, batchable applications such as Bitcoin, and soon, HPC/AI workloads. These facilities are managed by MaestroOS™, our proprietary operating system (“MaestroOS”), which continuously analyzes signals like local power pricing, weather, grid demand, and market conditions to optimize performance and economics.

This intelligent orchestration enables long-term asset monetization and attractive returns on invested capital. Our approach is purpose-built for the energy transition. We specialize in curtailment solutions, working closely with leading renewable energy developers to access underutilized, low-cost power. Our behind-the-meter model allows us to draw energy directly from the plant or the grid, while also providing demand response services-reducing costs and enhancing grid resilience.

A key strategic advantage is our model of co-locating data centers directly with renewable power generation assets. By building behind the meter, we are able to bypass long interconnection queues and source electricity directly from the generation site. This structure not only improves power economics, but also accelerates time-to-market-an increasingly important factor for companies with large, time-sensitive computing workloads such as AI and HPC.

With a repeatable strategy and a growing pipeline of projects, we are scaling a new category of digital infrastructure-one that energizes the grid, lowers computing costs, and advances a more sustainable future.

| 2 |

We operate across multiple business lines and generate revenue from four primary sources, as described below:

| ● | Bitcoin                                                                                   
 Mining Business – We mine Bitcoin through proprietary operations and joint ventures       
 located at our data centers.                                                              |
| ● | Bitcoin                                                                                   
 Hosting Business – We provide hosting services to third-party Bitcoin mining customers    
 at our data centers.                                                                      |
| ● | High                                                                                      
 Performance Computing Business – We offer colocation and hosting services for companies   
 seeking to train large language models (LLMs), fine-tune existing artificial intelligence 
 models, and deploy other compute-intensive AI or HPC workloads.                           |
| ● | Demand                                                                                    
 Response Business – We leverage our data center infrastructure to provide demand          
 response services to grid operators.                                                      |

Lines of Business