Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1190

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 1190
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, 2024 and 2023
    F-3

    Statements of Operations for the Years Ended December 31, 2024 and 2023
    F-4

    Statements of Changes in Equity for the Years Ended December 31, 2024 and 2023
    F-5

    Statements of Cash Flows for the Years Ended December 31, 2024 and 2023
    F-6

    Notes to Consolidated Financial Statements
    F-7
    to F-46

 F-1 

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Board of Directors and
Stockholders of Soluna Holdings, Inc. and Subsidiaries

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheets of Soluna Holdings, Inc. and Subsidiaries (the Company) as of December 31,
2024 and 2023, and the related consolidated statements of operations, changes in equity, and cash flows for each of the years in the
two-year period ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and
2023, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2024, in conformity
with accounting principles generally accepted in the United States of America.

Substantial
Doubt about the Company’s Ability to Continue as a Going Concern

The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company was in a net loss, has negative working capital, and has significant outstanding debt that
raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described
in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis
for Opinion

These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (PCAOB) and are