Company: SLNH
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010886
Chunk: 173

Company: Soluna Holdings, Inc
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 173
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 revenue includes insurance, outside service costs and margins, and general costs.

The following table presents
the reconciliation of segment operating income (loss) to net income (loss) before taxes:

    For the three months ended March 31, 

    2025  
    2024 
  
    Segment operating income 
    $338  
    $5,703 

    Reconciling Items: 

    Elimination of intercompany costs 
     65  
     162 
  
    Other revenue (a) 
     507  
     875 
  
    General and administrative, exclusive of depreciation and amortization (b) 
     (5,683) 
     (3,930)
  
    General and administrative, depreciation and amortization 
     (2,404) 
     (2,403)
  
    Interest expense 
     (838) 
     (424)
  
    Gain (loss) on debt extinguishment and revaluation, net 
     551  
     (3,097)
  
    Loss on sale of fixed assets 
     -  
     (1)
  
    Other (expense) income, net 
     (315) 
     23 
  
    Net loss before taxes 
    $(7,779) 
    $(3,092)

    (a)
     
    Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss

    (b)
     
    The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the year.

Concentrations

During
the three months ended March 31, 2025 and March 31, 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 contributed more
than 10% of the Company’s total consolidated revenue constituting approximately 33% for the three months ended March 31, 2025 and
one customer contributed more than 10% of the Company’s total consolidated revenue constituting approximately 22% of the
Company’s total consolidated revenue for the three months ended March 31, 2024.

For the three months ended March 31, 2025 and 2024,
all of the Company’s cryptocurrency mining revenue was generated from