Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 123

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 123
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    $(6,374) 
    $(3,482) 
    $(9,249) 
    $3,461 

Adjusted
EBITDA decreased for the three and nine months ended September 30, 2025 compared to September 30, 2024 primarily driven by increases
in general and administrative expenses, exclusive of depreciation, stock-based compensation costs, and provision for credit losses
of approximately $2.2 million and $2.7 million for the comparable periods. The general and administrative expense increase was
driven by increases in 2025 bonus expenses of $1.3 million, professional and legal fees of $0.5 million, and investor relations of
$0.5 million for the three months ended September 30, 2025 compared to the three months ended September 30, 2024. For the nine
months ended September 30, 2025 compared to the nine months ended September 30, 2024, the 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