Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 263

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 263
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 general and administrative increase was
driven by increases in the bonus and salary of approximately $1.1 million, professional and legal fees of $1.6 million, and investor
relations of $0.3 million. We also incurred other financing costs for the three and nine months ended September 30, 2025 of $4.7
million and $5.2 million, due to Preferred B holder consent fees for draws under the ATM, the SEPA, and July 2025 Financing, in which
no similar fees occurred in the prior comparable periods.

In
addition, for the nine months ended September 30, 2025 compared to nine months ended September 30, 2024 , there was a decrease in revenue
of approximately $9.2 million primarily in Cryptocurrency mining and data hosting revenue following the April 2024 Bitcoin halving and
a customer ramp-up of 20 MW through the first quarter of 2025, partially offset by approximately $4.5 million decline in cost of revenue
e, excluding depreciation, in which is largely due to no costs associated with high-performance computing services for 2025. We did have
a gross profit excluding depreciation increase for the three months ended September 30, 2025 compared to three months ended September
30, 2024 largely due to no costs associated with high-performance computing services which was approximately $2.9 million in the prior
period.

61

The
following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2025 through September 30, 2025.

    (Dollars in thousands) 
    Three
                                            months ended March
                                            31, 2025  
    Three
                                            months ended June
                                            30, 2025  
    Three
                                            months ended September
                                            30, 2025 

    Net loss 
    $(7,354) 
    $(7,780) 
    $(25,787)
  
    Interest expense, net 
     838  
     1,196  
     1,212 
  
    Income tax (benefit) expense 
     (425) 
     (608) 
     (666)
  
    Depreciation and amortization 
     3,879  
     3,989  
     4,119 
  
    EBITDA 
     (3,062)