2024 Q2 Form 10-Q Financial Statement

#000149315224020047 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $9.675M $12.55M $10.12M
YoY Change 367.84% 307.17% 141.88%
Cost Of Revenue $5.565M $5.615M $5.833M
YoY Change 126.4% 78.94% -8.14%
Gross Profit $4.110M $6.934M $4.285M
YoY Change -1153.85% -12482.14% -297.74%
Gross Profit Margin 42.48% 55.26% 42.35%
Selling, General & Admin $7.785M $6.397M $4.171M
YoY Change 19.49% -5.19% 10.87%
% of Gross Profit 189.42% 92.26% 97.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.500M $1.600M $3.877M
YoY Change 174.22% 153.16% -25.66%
% of Gross Profit 36.5% 23.07% 90.48%
Operating Expenses $7.785M $6.397M $6.550M
YoY Change 19.49% -5.19% 6.66%
Operating Profit -$3.675M $407.0K -$2.265M
YoY Change -48.05% -105.8% -72.74%
Interest Expense $449.0K $424.0K -$393.0K
YoY Change 2.28% -69.14% -24.28%
% of Operating Profit 104.18%
Other Income/Expense, Net -$49.00K $23.00K -$1.178M
YoY Change -79.58% 91.67% -5990.0%
Pretax Income -$9.794M -$3.092M -$5.541M
YoY Change -0.1% -61.25% -79.95%
Income Tax -$649.0K -$548.0K -$543.0K
% Of Pretax Income
Net Earnings -$10.87M -$5.254M -$4.997M
YoY Change 23.91% -25.6% -81.81%
Net Earnings / Revenue -112.38% -41.87% -49.39%
Basic Earnings Per Share -$2.97 -$2.62
Diluted Earnings Per Share -$2.97 -$2.62 -$3.71
COMMON SHARES
Basic Shares Outstanding 3.922M shares 2.841M shares 1.610M shares
Diluted Shares Outstanding 4.564M shares 2.808M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.558M $8.438M $6.368M
YoY Change 27.44% 85.33% 460.56%
Cash & Equivalents $12.51M $11.39M $10.37M
Short-Term Investments
Other Short-Term Assets $14.44M $3.824M $4.522M
YoY Change 5.4% 35.89% 41.93%
Inventory
Prepaid Expenses
Receivables $3.434M $4.428M $2.948M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.48M $17.00M $14.28M
YoY Change 21.23% 117.37% 207.71%
LONG-TERM ASSETS
Property, Plant & Equipment $41.47M $43.26M $44.57M
YoY Change 9.83% 11.48% 4.87%
Goodwill
YoY Change
Intangibles $22.33M $24.67M $27.01M
YoY Change -29.64% -27.62% -25.87%
Long-Term Investments
YoY Change
Other Assets $7.070M $5.324M $4.982M
YoY Change 76.75% 80.47% 333.22%
Total Long-Term Assets $71.20M $73.64M $76.99M
YoY Change -3.76% -3.64% -4.14%
TOTAL ASSETS
Total Short-Term Assets $27.48M $17.00M $14.28M
Total Long-Term Assets $71.20M $73.64M $76.99M
Total Assets $98.68M $90.64M $91.28M
YoY Change 2.1% 7.59% 7.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.452M $2.528M $2.099M
YoY Change -22.16% -33.86% -40.84%
Accrued Expenses $6.286M $5.957M $4.906M
YoY Change 53.35% 109.24% 80.3%
Deferred Revenue $2.391M $1.276M $1.588M
YoY Change
Short-Term Debt $7.851M $6.216M $8.474M
YoY Change -40.26% -29.89%
Long-Term Debt Due $13.01M $10.26M $10.86M
YoY Change 60.59% 32.19% 3.02%
Total Short-Term Liabilities $32.53M $32.50M $28.18M
YoY Change 96.79% 29.8% -4.54%
LONG-TERM LIABILITIES
Long-Term Debt $9.028M $0.00 $0.00
YoY Change -24.13%
Other Long-Term Liabilities $668.0K $2.056M $1.963M
YoY Change -62.89% 199.71% 583.97%
Total Long-Term Liabilities $9.696M $2.056M $1.963M
YoY Change -29.23% 199.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.53M $32.50M $28.18M
Total Long-Term Liabilities $9.696M $2.056M $1.963M
Total Liabilities $48.74M $41.79M $37.92M
YoY Change 28.18% 22.68% -2.0%
SHAREHOLDERS EQUITY
Retained Earnings -$267.1M -$256.2M -$251.0M
YoY Change 12.41% 11.97% 13.17%
Common Stock $5.000K $3.000K $3.000K
YoY Change -83.87% -88.46% -85.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.80M $13.80M $13.80M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $24.37M $21.53M $26.51M
YoY Change
Total Liabilities & Shareholders Equity $98.68M $90.64M $91.28M
YoY Change 2.1% 7.59% 7.43%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$10.87M -$5.254M -$4.997M
YoY Change 23.91% -25.6% -81.81%
Depreciation, Depletion And Amortization $1.500M $1.600M $3.877M
YoY Change 174.22% 153.16% -25.66%
Cash From Operating Activities -$7.323M $3.850M $1.413M
YoY Change 826.96% -226.11% -241.73%
INVESTING ACTIVITIES
Capital Expenditures -$220.0K $524.0K $183.0K
YoY Change -110.68% -39.07% -89.71%
Acquisitions
YoY Change
Other Investing Activities -$1.616M $343.0K -$37.00K
YoY Change -77.18% -271.5% -123.13%
Cash From Investing Activities -$1.396M -$827.0K -$210.0K
YoY Change -84.71% 90.11% -87.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.834M -$1.996M -887.0K
YoY Change -34.96% -129.73% -126.45%
NET CHANGE
Cash From Operating Activities -7.323M $3.850M 1.413M
Cash From Investing Activities -1.396M -$827.0K -210.0K
Cash From Financing Activities 9.834M -$1.996M -887.0K
Net Change In Cash 1.115M $1.027M 316.0K
YoY Change -78.56% -68.16% -57.18%
FREE CASH FLOW
Cash From Operating Activities -$7.323M $3.850M $1.413M
Capital Expenditures -$220.0K $524.0K $183.0K
Free Cash Flow -$7.103M $3.326M $1.230M
YoY Change 149.23% -185.0% -144.31%

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38000 usd
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595000 usd
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770000 usd
CY2023Q3 us-gaap Stock Issued During Period Value Stock Dividend
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656000 usd
CY2023Q3 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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650000 usd
CY2023Q3 us-gaap Noncontrolling Interest Increase From Sale Of Parent Equity Interest
NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest
151000 usd
CY2023Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023Q4 us-gaap Profit Loss
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CY2023Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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602000 usd
CY2023Q4 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
307000 usd
CY2023Q4 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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3570000 usd
CY2023Q4 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
1520000 usd
CY2023Q4 us-gaap Noncontrolling Interest Increase From Sale Of Parent Equity Interest
NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest
8000 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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53359000 usd
CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-25
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
53359000 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
53359000 usd
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ProfitLoss
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CY2024Q1 us-gaap Profit Loss
ProfitLoss
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CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
661000 usd
CY2024Q1 SLNH Stock Issued During Period Value Warrant Exercised
StockIssuedDuringPeriodValueWarrantExercised
300000 usd
CY2024Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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1023000 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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1715000 usd
CY2024Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
2233000 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
48851000 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
48851000 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
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CY2023Q1 us-gaap Profit Loss
ProfitLoss
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CY2024Q1 us-gaap Depreciation
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1554000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
632000 usd
CY2024Q1 us-gaap Amortization Of Acquisition Costs
AmortizationOfAcquisitionCosts
2372000 usd
CY2023Q1 us-gaap Amortization Of Acquisition Costs
AmortizationOfAcquisitionCosts
2369000 usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
661000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
879000 usd
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
130000 usd
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
209000 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
61000 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
56000 usd
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CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
473000 usd
CY2024Q1 us-gaap Amortization Of Financing Costs And Discounts
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7000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs And Discounts
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501000 usd
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GainLossOnSaleOfPropertyPlantEquipment
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CY2023Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
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CY2024Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1480000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
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-41000 usd
CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
138000 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
26000 usd
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IncreaseDecreaseInOtherNoncurrentAssets
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CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
300000 usd
CY2024Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
430000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1368000 usd
CY2023Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-453000 usd
CY2024Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
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IncreaseDecreaseInOtherOperatingLiabilities
-192000 usd
CY2023Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
104000 usd
CY2024Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
499000 usd
CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities
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3850000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q1 us-gaap Payments To Acquire Property Plant And Equipment
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524000 usd
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860000 usd
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38000 usd
CY2023Q1 us-gaap Payments To Acquire Intangible Assets
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24000 usd
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78000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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249000 usd
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343000 usd
CY2023Q1 us-gaap Payments For Proceeds From Other Investing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 us-gaap Proceeds From Warrant Exercises
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300000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
41000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Medium Term Notes
ProceedsFromIssuanceOfMediumTermNotes
900000 usd
CY2024Q1 SLNH Payments Of Loan
PaymentsOfLoan
616000 usd
CY2023Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4000 usd
CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
215000 usd
CY2023Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
5991000 usd
CY2024Q1 us-gaap Payments To Minority Shareholders
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1680000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6713000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1027000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3225000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10367000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1821000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
11394000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5046000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
115000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
6000 usd
CY2024Q1 SLNH Interest Paid On Navitas Loan
InterestPaidOnNavitasLoan
57000 usd
CY2024Q1 SLNH Warrant Consideration In Relation To Convertible Notes And Revaluation
WarrantConsiderationInRelationToConvertibleNotesAndRevaluation
4333000 usd
CY2024Q1 us-gaap Stock Issued1
StockIssued1
1023000 usd
CY2023Q1 us-gaap Stock Issued1
StockIssued1
1394000 usd
CY2024Q1 SLNH Noncash Membership Distribution Accrual
NoncashMembershipDistributionAccrual
1069000 usd
CY2023Q1 SLNH Noncash Disposal Of Nydig Collateralized Equipment
NoncashDisposalOfNydigCollateralizedEquipment
3388000 usd
CY2023Q1 SLNH Promissory Note Conversion To Common Or Preferred Shares
PromissoryNoteConversionToCommonOrPreferredShares
401000 usd
CY2023Q1 SLNH Noncash Noncontrolling Interest Contributions
NoncashNoncontrollingInterestContributions
2767000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
397000 usd
CY2023Q1 SLNH Series B Preferred Dividend In Accrued Expense
SeriesBPreferredDividendInAccruedExpense
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CY2024Q1 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80E_eus-gaap--NatureOfOperations_zaUJcFnfqDV9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_821_zr1KViElaZ1f">Nature of Operations</span></b></span></p> <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Business</span></p> <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Unless the context requires otherwise in these notes to the consolidated financial statements, the terms “SHI,” the “Company,” “we,” “us,” and “our” refer to Soluna Holdings, Inc. together with its consolidated subsidiaries, “SDI” refers to Soluna Digital, Inc. and previously, “SCI” refers to Soluna Computing, Inc., formerly known as EcoChain, Inc.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soluna Holdings, Inc., formerly known as Mechanical Technology, Incorporated which was originally incorporated in the State of New York in 1961, reincorporated in the State of Nevada on March 24, 2021, and is headquartered in Albany, New York. Effective November 2, 2021, the Company changed its name from “Mechanical Technology, Incorporated” (or “MTI”) to “Soluna Holdings, Inc.” On October 29, 2021, Soluna Callisto merged into Soluna Computing, Inc. (“SCI”), a private green data center development company. The Company formed a wholly owned subsidiary of SHI on December 31, 2023, Soluna Digital, Inc. (“Soluna Digital”, or “SDI”). Effective December 31, 2023, SHI’s previously wholly-owned subsidiary, SCI transferred substantially all of its assets to SHI or its subsidiaries. SHI currently conducts its business through its wholly-owned subsidiary, SDI.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company is a digital infrastructure company specializing in transforming surplus renewable energy into computing resources. Our modular data centers can co-locate with wind, solar, or hydroelectric power plants and support compute intensive applications including Bitcoin Mining, Generative AI, and Scientific Computing. This pioneering approach to data centers helps energize a greener grid while delivering cost-effective and sustainable computing solutions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In fiscal year 2021, the Company began mining operations in Murray, Kentucky, (“Project Sophie”) and Calvert City, Kentucky, (“Project Marie”). Project Marie had performed hosting services and proprietary mining in which 10 megawatts were used for hosting services and 10 megawatts was used for proprietary mining through the end of February 2023, at which time the facility had been decommissioned. In the second quarter of fiscal year 2023, Project Sophie entered into hosting contracts with Bitcoin miners, which marked a shift in the Company’s business model at the Company’s modular data centers at Project Sophie from proprietary mining to hosting Bitcoin miners for the customers for 25 MW. Currently, all of Project Sophie is performing data hosting, including hosting an AI customer in the first quarter of 2024. The Company has sold all of its existing Bitcoin miners at the Project Sophie site and redeployed capital. On September 17, 2022, the Company sold specified assets consisting mainly of mining equipment and other general equipment items to a buyer at its Wenatchee, Washington location, (“Project Edith”). Soluna has committed to providing certain facilities contracts at cost plus a markup to facilitate the continued operations for the sold mining assets, on behalf of the new ownership. Our Texas site (“Project Dorothy”) is located at a wind farm and has a potential for up to 100 MWs, of which the Company obtained approval from the ERCOT and energized 25 MW in May 2023 and has energized another 25 MW in October 2023. The Company as of March 31, 2024, has a <span id="xdx_903_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DVSLComputeCoLLCMember_zD2D8M0BNwO5" title="Ownership percentage">14.6</span>% ownership interest in Soluna DVSL ComputeCo, LLC (“DVSL”), and <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--DVComputeCoLLCMember_zaNuoMNozBhh" title="Ownership percentage">53.3</span>% ownership interest in Soluna DV ComputeCo, LLC (“DVCC”) in which are included within the Project Dorothy site, as discussed further in Note 15.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going Concern and Liquidity</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s condensed financial statements as of March 31, 2024 have been prepared using generally accepted accounting principles in the United States of America (“U.S. GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As shown in the accompanying condensed financial statements, the Company was in a net loss, has negative working capital, and has significant outstanding debt as of March 31, 2024. These factors, among others indicate that there is substantial doubt about the Company’s ability to continue as a going concern within one year after issuance of these condensed financial statements as of March 31, 2024, or <span>May 15, 2024</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soluna MC Borrowing 2021-1 (the “Borrower”), received a Notice of Acceleration and Repossession (the “NYDIG Notice”) from NYDIG ABL LLC (“NYDIG”) with respect to the Master Equipment Finance Agreement, dated as of December 30, 2021 (the “MEFA”), by and between Borrower and NYDIG. The NYDIG Notice states that (a) Borrower failed to observe or perform certain covenants, conditions or agreements contained in the MEFA and such failure continued unremedied for a period of ten days after Borrower’s knowledge of such breach, which resulted in an event of default under the MEFA, and (b) Borrower defaulted under the guaranty, collateral agreement, or other support agreement, which resulted in an event of default under the MEFA. In addition, the NYDIG Notice states that Borrower failed to pay certain payments of principal and interest under the MEFA when due, which failure also constituted an event of default under the MEFA. As a result of the foregoing events of default, and pursuant to the MEFA, NYDIG (x) declared the principal amount of all loans due and owing under the MEFA and all accompanying Loan Documents (as defined in the MEFA) to be due and immediately payable, (y) imposed a default rate of interest on any outstanding principal amount of each loan (together with all then unpaid interest accruing thereon) and all other obligations under the MEFA and the Loan Documents, and (z) demanded the return of all equipment subject to the MEFA and the Loan Documents. The obligations of Borrower under the MEFA and reflected in the NYDIG Notice were ring-fenced to Borrower and its direct parent company, Soluna MC LLC.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 23, 2023, NYDIG proceeded to foreclose on all of the collateral securing the MEFA, which resulted in a reportable disposition of all of the Company’s mining assets at the site and certain of the operating assets of Project Marie. The total net book value of the collateralized assets that were repossessed totaled approximately $<span id="xdx_90D_eus-gaap--ForeclosedAssets_iI_pn5n6_c20230223__dei--LegalEntityAxis__custom--NYDIGABLLLCMember_zlTcxKfUYAo6" title="Value of collateralized assets repossessed">3.4</span> million. Additionally, NYDIG has stated its intention to pursue SCI, the parent company of Soluna MC, LLC (“Guarantor”), under a piercing of the corporate veil claim relating to the Guarantor together with Borrower, (“NYDIG Defendants”) debts and liabilities under the loan documents. SCI denies any such liability and has filed a complaint for a declaratory judgment against NYDIG in the Eighth Judicial District Court in Clark County, Nevada on March 16, 2023, seeking a declaratory judgment as to such matter. NYDIG filed a motion to dismiss in response to SCI’s declaratory judgment complaint on April 13, 2023. SCI filed a response in opposition to NYDIG’s motion to dismiss on April 27, 2023. The court heard oral arguments on May 16, 2023. On June 22, 2023, the court issued an order granting NYDIG’s motion to dismiss, on the basis that the case was not ripe for decision, without prejudice. SCI intends to continue to vigorously defend any allegations regarding liability on account of NYDIG Defendants’ debts and liabilities to NYDIG under their loan documents and intends to refile a declaratory judgment complaint against NYDIG. As of March 31, 2024, the Borrower has an outstanding principal balance of approximately $<span id="xdx_908_eus-gaap--DebtCurrent_iI_pn5n6_c20240331__dei--LegalEntityAxis__custom--NYDIGABLLLCMember_z49I2lBbgHR1" title="Outstanding principal balance">9.2</span> million and accrued interest and penalties of approximately $<span id="xdx_900_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_pn5n6_c20240331__dei--LegalEntityAxis__custom--NYDIGABLLLCMember_zWJvcvYmYVKl" title="Accrued interest and penalities">1.2</span> million. See Note 10 for further information in relation to the NYDIG litigation matter.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. In the near term, management is evaluating and implementing different strategies to obtain financing to fund the Company’s expenses and growth to achieve a level of revenue adequate to support the Company’s current cost structure. Financing strategies may include, but are not limited to, stock issuances, project level equity, debt borrowings, partnerships and/or collaborations. If the Company is unable to meet its financial obligations, it could be forced to restructure or refinance, seek additional equity capital or sell its assets. The Company might then be unable to obtain such financing or capital or sell its assets on satisfactory terms. There can be no assurance that additional financing will be available to the Company when needed or, if available, that it can be obtained on commercially reasonable terms. If the Company is not able to obtain the additional financing on a timely basis, if and when it is needed, it will be forced to delay or scale down some or all of its development activities or perhaps even cease the operation of its business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the Company’s cash on hand for available use of approximately $<span id="xdx_907_eus-gaap--Cash_iI_pn5n6_c20240331_zGwVcXOUyN64" title="Cash in hand">8.4</span> million as of March 31, 2024, the Company will need additional capital raising activities, to meet its capital expenditure needs for its current pipeline and other operational needs. The Company in fiscal year 2024 will continue to look to evaluate different strategies to obtain financing to fund operations. However, management cannot provide any assurances that the Company will be successful in accomplishing additional financing or any of its other plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Cash
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8400000 usd
CY2023Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-25
CY2023Q4 us-gaap Conversion Of Stock Description
ConversionOfStockDescription
every 25 issued and outstanding shares of the Company common stock was converted automatically into one share of the Company’s common stock without any change in the par value per share
CY2023Q4 us-gaap Share Price
SharePrice
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CY2024Q1 us-gaap Restricted Cash
RestrictedCash
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CY2024Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
2000000.0 usd
CY2024Q1 us-gaap Restricted Cash Noncurrent
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1000000.0 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
4000000.0 usd
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
3000000.0 usd
CY2023Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1000000.0 usd
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DepositsAssets
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CY2023Q4 us-gaap Deposits Assets
DepositsAssets
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CY2024Q1 us-gaap Deposits
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CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_845_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zESm6FPf0Tw2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_ziiiuycohrg">Reclassification</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations or net assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-10.30
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-10.30
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-9.54
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EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-19.74
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EarningsPerShareBasic
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EarningsPerShareDiluted
-5.96
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-24.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-24.16
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
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CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2948000 usd
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
4428000 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2948000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
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CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
48864000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5232000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4292000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
43264000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2024Q1 us-gaap Depreciation
Depreciation
1600000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
632000 usd
CY2024Q1 us-gaap Gains Losses On Sales Of Assets
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1000 usd
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78000 usd
CY2024Q1 us-gaap Assets Held For Sale Not Part Of Disposal Group
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79000 usd
CY2023Q1 us-gaap Gains Losses On Sales Of Assets
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82000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
213000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
36000 usd
CY2024Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
130000 usd
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
209000 usd
CY2023Q4 us-gaap Assets Held For Sale Not Part Of Disposal Group Current
AssetsHeldForSaleNotPartOfDisposalGroupCurrent
107000 usd
CY2024Q1 SLNH Equipment Held For Sale Balance
EquipmentHeldForSaleBalance
79000 usd
CY2024Q1 SLNH Outstanding On Equipment Held For Sale
OutstandingOnEquipmentHeldForSale
28000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
47587000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
22914000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24673000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
47550000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
20543000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
27007000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2400000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2400000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
7115000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
9487000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
7907000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
9000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
9000 usd
CY2024Q1 SLNH Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
146000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24673000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0821 pure
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0966 pure
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-547000 usd
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
36800000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
36800000 usd
CY2024Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
6216000 usd
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
8474000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1400000 usd
CY2023Q1 us-gaap Debt Conversion Original Debt Amount1
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11600000 usd
CY2023Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
10400000 usd
CY2024Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
1000000.0 usd
CY2024Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
7700000 usd
CY2024Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
7500000 usd
CY2024Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
6200000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023Q1 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
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CY2023Q1 us-gaap Debt Default Longterm Debt Amount
DebtDefaultLongtermDebtAmount
617000 usd
CY2023Q1 us-gaap Debt Default Longterm Debt Amount
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617000 usd
CY2023Q2 SLNH Extension Fee
ExtensionFee
250000 usd
CY2023Q2 SLNH Percentage Of Principal Outstanding
PercentageOfPrincipalOutstanding
0.14 pure
CY2023Q2 us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
0.0499 pure
CY2024Q1 SLNH Debt Instrument Prepayment Penalty Percentage
DebtInstrumentPrepaymentPenaltyPercentage
0.20 pure
CY2024Q1 SLNH Debt Instrument Prepayment Penalty Description
DebtInstrumentPrepaymentPenaltyDescription
Under the new Transaction Documents, in the event the prepayment occurs between February 15, 2024 and July 24, 2024, prepayment penalty is reduced to 10%
CY2024Q1 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1500000 usd
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price Increase
DebtInstrumentConvertibleConversionPriceIncrease
5.00
CY2024Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
50000 shares
CY2024Q1 us-gaap Derivative Description Of Terms
DerivativeDescriptionOfTerms
ATM Floor Price means $10 per share initially, which is reduced to $8 per share six months after the ATM is effective and $6 per share 12 months after the after the effective date of the ATM.
CY2024Q1 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.02 pure
CY2024Q1 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
3.78
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
850000 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.01
CY2024Q1 us-gaap Debt Instrument Description
DebtInstrumentDescription
For every one $6.00 Repriced Warrant exercised by a Purchaser, such Purchaser shall receive 1.36 new five-year warrants with an exercise price of $0.01, 1.6 new five-year warrants with an exercise price of $4.20, and 1.6 new five-year warrants with an exercise price of $5.70
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
3.78
CY2024Q1 SLNH Warrant Repriced Price Per Share
WarrantRepricedPricePerShare
6.00
CY2024Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
5800000 usd
CY2024Q1 us-gaap Warrants And Rights Outstanding
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386000 usd
CY2024Q1 SLNH Debt Instrument Issuance Percentage
DebtInstrumentIssuancePercentage
0.20 pure
CY2024Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
5000000 usd
CY2024Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
50000 shares
CY2024Q1 SLNH Warrant Repriced Price Per Share
WarrantRepricedPricePerShare
6.00
CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
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68000 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.01
CY2024Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
5800000 usd
CY2024Q1 us-gaap Debt Instrument Maturity Date Description
DebtInstrumentMaturityDateDescription
April 25, 2023 thru January 25, 2027
CY2024Q1 us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
12% thru 15
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
237.50
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
19.00
CY2024Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.14 pure
CY2021Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000.0 usd
CY2021Q3 us-gaap Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
0.0075 pure
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
350000 usd
CY2023 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
350000 usd
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of the Company’s common stock is entitled to one vote on all matters submitted to stockholders.
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2841490 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
2505620 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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51873 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
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5732 shares
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
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2165010 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
971526 shares
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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3194141 shares
CY2024Q1 us-gaap Income Loss From Continuing Operations
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CY2023Q1 us-gaap Income Loss From Continuing Operations
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CY2024Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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2710000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2024Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Dividends Preferred Stock Stock
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386000 usd
CY2023Q1 us-gaap Dividends Preferred Stock Stock
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131000 usd
CY2024Q1 SLNH Cumulative Preferred Dividends In Arrears
CumulativePreferredDividendsInArrears
1722000 usd
CY2023Q1 SLNH Cumulative Preferred Dividends In Arrears
CumulativePreferredDividendsInArrears
1722000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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2592454 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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747847 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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215101 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
116167 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2807555 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2807555 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
864922 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
864922 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
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0.0975 pure
CY2024Q1 us-gaap Operating Lease Cost
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61000 usd
CY2023Q1 us-gaap Operating Lease Cost
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56000 usd
CY2024Q1 us-gaap Lease Cost
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61000 usd
CY2023Q1 us-gaap Lease Cost
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56000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M14D
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y5M4D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0810 pure
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0791 pure
CY2024Q1 us-gaap Operating Lease Payments Use
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61000 usd
CY2023Q1 us-gaap Operating Lease Payments Use
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54000 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
397000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
186000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
79000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
29000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
29000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
29000 usd
CY2024Q1 SLNH Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
116000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
468000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
85000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
383000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
194000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
189000 usd
CY2024Q1 us-gaap Other Commitments Description
OtherCommitmentsDescription
The Company has a potential contingency associated with an agreement with Spring Lane of up to $250 thousand which would be reduced by a proportion of funding received from Spring Lane up to the $35.0 million aggregate contribution cap. The Company considers the probability of a payment for the contingency to be remote.
CY2024Q1 us-gaap Settlement Liabilities Current
SettlementLiabilitiesCurrent
358000 usd
CY2024Q1 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
9200000 usd
CY2024Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
109000 usd
CY2023 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
110000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.0975 pure
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.2375 pure
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.2375 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
Third Amended and Restated 2021 Plan will, among other things, (a) increase the number of shares of our Common Stock reserved for issuance thereunder, on a quarterly basis, to 18.75% of the shares of our Common Stock outstanding on the measurement date and (b) allow us to grant awards of shares of our 9.0% Series A Cumulative Perpetual Preferred Stock (“Series A Preferred Stock”) (with and without restrictions). Subject to certain adjustments as provided in the Third Amended and Restated 2021 Plan, the maximum aggregate number of shares of our Common Stock that may be issued under the Third Amended and Restated 2021 Plan (excluding the number of shares of our Common Stock subject to Specified Awards (as defined below)) (i) pursuant to the exercise of stock options, (ii) as unrestricted or restricted Common Stock, and (iii) in settlement of RSUs shall be limited to, beginning with the first quarter of our fiscal year ending December 31, 2023 (or January 1, 2023), 18.75% of the number of shares of our Common Stock outstanding as of the first trading day of each quarter. Subject to certain adjustments as provided in the Third Amended and Restated 2021 Plan, the maximum aggregate number of shares of our Series A Preferred Stock that may be issued under the Third Amended and Restated 2021 Plan as unrestricted or restricted Series A Preferred Stock shall equal $3,600,000 valued as of the effective date of the Third Amended and Restated 2021 Plan as determined at the lower of the closing price of our Series A Preferred Stock on Nasdaq on such date or the average of the daily volume weighted average price of our Series A Preferred Stock on Nasdaq as reported by Bloomberg L.P. for a period of five (5) consecutive trading days ending on such date. Subject to certain adjustments as provided in the Third Amended and Restated 2021 Plan, (i) shares of our Common Stock and Series A Preferred Stock, as applicable, subject to the Third Amended and Restated 2021 Plan shall include shares of our Common Stock and Series A Preferred Stock, as applicable, which revert back to the Third Amended and Restated 2021 Plan in a prior quarter or fiscal year, as applicable, pursuant to the paragraph below, and (ii) the number of shares of our Common Stock and Series A Preferred Stock, as applicable, that may be issued under the Third Amended and Restated 2021 Plan may never be less than the number of shares of our Common Stock and Series A Preferred Stock, as applicable, that are then outstanding under (or available to settle existing) 2021 Plan Award grants. For purposes of the Third Amended and Restated 2021 Plan, “Specified Awards” means (i) 2021 Plan Awards issued to Eligible Persons who are not employed or engaged by us or any of our subsidiaries as of the last day of any fiscal quarter, commencing with the fiscal quarter ending March 31, 2023, and (ii) 2021 Plan Awards that have a grant date at least three (3) years prior to the last day of any fiscal quarter, commencing with the fiscal quarter ending March 31, 2023. The exclusion of Specified Awards from the determination of the maximum aggregate number of shares of our Common Stock available for issuance under the Third Amended and Restated 2021 Plan could have material effect on the number of shares of our Common Stock available for issuance thereunder and could have a material dilutive effect on our stockholders.
CY2023 SLNH Collateral Amount
CollateralAmount
740000 usd
CY2024Q1 us-gaap Insurance Recoveries
InsuranceRecoveries
32000 usd
CY2022Q3 us-gaap Other Commitments Description
OtherCommitmentsDescription
Pursuant to the Dorothy Contribution Agreement, the Company committed to a capital contribution of up to approximately $26.3 million to DVSL (the “Company Commitment”), and on August 5, 2022, the Company was deemed to have contributed approximately $8.1 million, through payment of capital expenditures and development costs made on behalf of DVSL by the Company prior to August 5, 2022. Further under the Agreement, Spring Lane committed to a capital contribution of up to $12.5 million to DVSL (the “Spring Lane Dorothy Commitment”), and as of December 31, 2022, Spring Lane had actually contributed approximately $4.8 million.
CY2022Q3 SLNH Capital Expenditure
CapitalExpenditure
8100000 usd
CY2023Q2 us-gaap Other Commitments Description
OtherCommitmentsDescription
the Company had contributed capital expenditures for the data center. Soluna and Navitas amended and restated the Initial LLCA (the “Existing LLCA”) to reflect Navitas’ contribution of $4,500,000 and its receipt of 4,500 Membership Interests, constituting 26.5% of the outstanding Membership Interests of the Company. On June 2, 2023, Soluna and Navitas amended and restated the Existing LLCA to (a) reflect (i) Navitas’s additional capital contribution of $7,596,970 and receipt of an additional 7,597 Membership Interests, for a total of 12,097 Membership Interests and 49% ownership of DVCC, and (ii) Soluna’s additional capital contribution of $1,340,000 and receipt of an additional 1,340 Membership Interests, for a total of 12,590 Membership Interests and 51% ownership of DVCC, and (b) describe the respective rights and obligations of the Members and the management of DVCC. As of March 31, 2024, Navitas owns 46.7% and Soluna owns 53.3% of DVCC.
CY2024Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
0 segment

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