Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 64

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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 result of the
Company’s participation in a mining pool and the Company’s participation in the demand response program, three customers
each contributed more than 10% of the Company’s total consolidated revenue constituting approximately 40%
for the three months ended June 30, 2025 and two customers contributed more than 10% of the Company’s total consolidated
revenue constituting approximately 41%
of the Company’s total consolidated revenue for the three months ended June 30, 2024. 

During
the six months ended June 30, 2025 and June 30, 2024, aside from the Bitcoin Mining revenue generated as a result of the
Company’s participation in a mining pool and the Company’s participation in the demand response program, three customers
each contributed more than 10% of the Company’s total consolidated revenue constituting approximately 37%
for the six months ended June 30, 2025 and two customers contributed more than 10% of the Company’s total consolidated revenue
constituting approximately 36%
of the Company’s total consolidated revenue for the six months ended June 30, 2024.

For
the three and six months ended June 30, 2025 and 2024, all of the Company’s cryptocurrency mining revenue was generated from Project
Dorothy 1B (data center located in Silverton, Texas).

For
the three months ended June 30, 2025 and June 30, 2024, approximately 53% and 73% of the Company’s data center hosting revenue
was generated from Project Dorothy 1A, 40% and 27% from Project Sophie, and 7% and 0% from Project Dorothy 2, respectively. For the six
months ended June 30, 2025 and June 30, 2024, approximately 55% and 70% of the Company’s data center hosting revenue was generated
from Project Dorothy 1A, 41% and 30% from Project Sophie, and 4% and 0% from Project Dorothy 2, respectively.

    38

16. Subsequent Events

July
2025 Public Offering

On
July 15, 2025, the Company entered into a securities purchase agreement with the purchasers signatory thereto, pursuant to which the
Company sold in a public offering (the “July 2025 Offering”) an aggregate of (i) 8,794,544 shares of common stock