Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 11

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 11
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the survey and ordered destruction of previously collected data. Although the EIA indicated in July 2024 that it intended to restart
the survey, no formal restart has occurred as of the date of this filing.

In
January 2025, President Donald Trump issued an executive order establishing a presidential working group focused on regulatory clarity
for digital assets, and on March 6, 2025, he signed an executive order establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset
Stockpile. Legislative bodies in both chambers of Congress have also announced a bipartisan working group with the stated objective of
drafting comprehensive legislation to regulate digital assets, and multiple hearings have been held on the subject of fair access to
financial services for digital asset companies.

Although
recent regulatory signals appear favorable, the long-term trajectory of regulation remains uncertain. For example, in November 2022,
the State of New York enacted legislation prohibiting new fossil fuel permits for power plants hosting proof-of-work mining, underscoring
the risk of geographically targeted restrictions. While we do not operate in New York, similar measures elsewhere could materially affect
our business model.

We
continue to monitor evolving regulatory frameworks and potential impacts to our operations. Future legislation or rulemaking—whether
related to energy consumption, environmental compliance, or digital asset classification—could have a material adverse effect on
our business, financial condition, or results of operations. For additional information on regulatory risks, see the section titled “Risk
Factors” in this Annual Report.

13

Human Capital Resources

As of December 31, 2024, we had forty-eight (48)
employees, including forty-seven (47) full-time employees and one full-time consultant. Of these employees, thirteen were in finance,
twenty-two in operations, two in corporate development, six in information technology and engineering, one in sales, one in human
capital, one in power, and two executives. The operations personnel include both individuals directly involved in the strategy of
our data centers as well as data center maintenance and supervisory roles. Certain positions within our organization require
industry-specific technical knowledge. We have been successful in attracting and retaining qualified technical personnel for these
positions.

None of our employees are subject to a collective
bargaining agreement and we believe our relations with our employees to be positive, as reflected in our low voluntary turnover rate.

Diversity, Equity, and Inclusion

We support diversity and inclusion by ensuring a workplace
where employees can thrive, and our policies are designed to promote equality