Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 87

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 87
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    and administrative expenses for the nine months ended September 30, 2025 and 2024.

Concentrations

During
the three months ended September 30, 2025 and September 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, two customers each
contributed more than 10% of the Company’s total consolidated revenue constituting approximately 40% for the three months ended
September 30, 2025 and two customers contributed more than 10% of the Company’s total consolidated revenue constituting approximately
49% of the Company’s total consolidated revenue for the three months ended September 30, 2024.

During
the nine months ended September 30, 2025 and September 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 42% for the nine months ended September 30,
2025 and two customers contributed more than 10% of the Company’s total consolidated revenue constituting approximately 39% of
the Company’s total consolidated revenue for the nine months ended September 30, 2024.

For
the three and nine months ended September 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 September 30, 2025 and September 30, 2024, approximately 31% and 82% of the Company’s data center hosting
revenue was generated from Project Dorothy 1A, 27% and 18% from Project Sophie, and 42% and 0% from Project Dorothy 2, respectively.
For the nine months ended September 30, 2025 and September 30, 2024, approximately 43% and 74% of the Company’s data center hosting
revenue was generated from Project Dorothy 1A, 34% and 26% from Project Sophie, and 22% and 0% from Project Dorothy 2, respectively.

16.
Subsequent Events

On November
7, 2025, the Company held a Special Meeting of Stockholders