Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 111

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 111
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 compared to a net loss attributable to non-controlling interest for
the three months ended September 30, 2024 of $903 thousand, a change of approximately $928 thousand increase in net loss attributable
to non-controlling interest. The increase in net loss attributable to non-controlling interest was mainly due to a loss on $1.7 million
associated with the satisfaction of equipment loan through membership interest at Project Kati, in addition Project Kati costs of approximately
$608 thousand, in which no revenue had been generated yet for the three months ended September 30, 2025, and no comparable costs were
noted for the three months ended September 30, 2024. The change at Project Dorothy 2 was a gain of approximately $1.2 million, due to
D2 had a loss on non-controlling interest due to the satisfaction of equipment loan at Project Dorothy 2, creating a loss of approximately
$1.4 million for the 3 months ended September 30, 2024, as such for Project Dorothy 2, there was a gain between the comparable periods,
and with site energization beginning in the second quarter of 2025, the project site began to see revenue growth. Project D1A had a comparable
gain of approximately $200 thousand and D1B had a comparable net loss of approximately $56 thousand, due to the margins compared to the
three months ended September 30, 2024.

55

Consolidated
Results of Operations for the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024.

The
following table summarizes changes in the various components of our net loss during the nine months ended September 30, 2025 compared
to the nine months ended September 30, 2024.

    (Dollars in thousands) 
    Nine
                                            months ended  September
                                            30, 2025  
    Nine
                                            months ended  September
                                            30, 2024  
    $ Change  
    % Change 
  
    Cryptocurrency mining revenue 
    $8,630  
    $13,691  
    $(5,061) 
     (37)%
  
    Data hosting revenue 
     10,795  
     14,446  
     (3,651) 
     (25)%
  
    Demand response service revenue 
     1,057