Soluna Holdings, Inc. 10-Q 季度報告（截至2026年3月31日）

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Table of contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____to _____
Commission File Number: 001-40261
Soluna Holdings, Inc.
(Exact name of registrant as specified in its charter)
_______________________________________________________________________

Nevada14-1462255
State or other jurisdiction
of incorporation or organization(I.R.S. Employer
Identification No.)

325 Washington Avenue Extension, Albany, New York 12205
(Address of principal executive offices) (Zip Code)
(516) 216-9257
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading symbol(s)Name of each exchange on which
registered
Common Stock, par value $0.001 per shareSLNHThe Nasdaq Stock Market LLC

9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per shareSLNHPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of May 12, 2026, the Registrant had 157,747,354 shares of common stock outstanding.

Table of contents

SOLUNA HOLDINGS, INC. AND SUBSIDIARIES
INDEX

Glossary of Abbreviations and Acronyms

PART I. FINANCIAL INFORMATION
4

Item 1.
Financial Statements
4

Condensed Consolidated Balance Sheets As of March 31, 2026 (Unaudited) and December 31, 2025
4

Condensed Consolidated Statements of Operations (Unaudited) For the Three Months Ended March 31, 2026 and 2025
5

Condensed Consolidated Statements of Changes in Equity For the Year Ended December 31, 2025 and the Three Months Ended March, 2026 (Unaudited)
6

Condensed Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, 2026 and 2025
8

Notes to Condensed Consolidated Financial Statements (Unaudited)
9

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
42

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
64

Item 4.
Controls and Procedures
64

PART II. OTHER INFORMATION
65

Item 1.
Legal Proceedings
65

Item 1A.
Risk Factors
65

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
65

Item 3.
Defaults Upon Senior Securities
65

Item 4.
Mine Safety Disclosures
65

Item 5.
Other Information
66

Item 6.
Exhibits
67

SIGNATURES
68

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Glossary of Abbreviations and Acronyms for Selected References
The following list defines various abbreviations and acronyms used throughout this Quarterly report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Condensed Consolidated Financial Statements, the Condensed Notes to Consolidated Financial Statements and the Condensed Financial Statement Schedules.
This glossary covers essential terms related to Bitcoin mining, high-performance computing, Artificial Intelligence (“AI”) and related fields, providing valuable context for readers of the Form 10-Q. A number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q are also utilized throughout this report, to assist readers seeking additional information related to a particular subject.
Artificial Intelligence (“AI”): The simulation of human intelligence processes by machines, especially computer systems. These processes include learning (the acquisition of information and rules for using the information), reasoning (using rules to reach approximate or definite conclusions), and self-correction. AI applications include expert systems, natural language processing, speech recognition, and machine vision.
Bitcoin: A decentralized digital currency created in 2009 by an unknown person or group of people using the name Satoshi Nakamoto. It operates on a peer-to-peer network, allowing direct transactions without intermediaries. Transactions are verified by network nodes through cryptography and recorded on a publicly distributed ledger called a blockchain.
Bitcoin Halving: An event occurring approximately every four years where the reward for mining new Bitcoin blocks is halved. This reduces the number of new Bitcoins generated by miners, impacting their profitability and potentially affecting Bitcoin’s value. Bitcoin Halving is part of Bitcoin’s deflationary monetary policy, designed to control supply.
Bitcoin Mining: The process of adding new transactions to the Bitcoin blockchain. It involves solving complex cryptographic puzzles to discover a new block, rewarding miners with transaction fees and newly created Bitcoins. This process secures and verifies transactions on the network.
Curtailment (“Curtailed” or “Curtailments”): In energy management, the reduction in electrical power supply by power plants to balance the grid or avoid excess generation. In Bitcoin mining or other computing activities, curtailment - pausing computing activities and related energy usage - can occur during peak demand periods or insufficient energy supply.
Data Center Colocation: A service where businesses can be provided with services and infrastructure such as electrical power and network connectivity for servers and other computing hardware at a third-party provider’s data center. This arrangement allows for cost savings, better infrastructure, and enhanced security compared to private data centers.
Electric Reliability Council of Texas (“ERCOT”): An independent system operator that manages the flow of electric power to more than 26 million Texas customers, representing about 90 percent of the state’s electric load. ERCOT schedules power on an electric grid that connects more than 46,500 miles of transmission lines and over 680 generation units.
Exahash (“EH/s”): A unit of computational power equal to one quintillion (10^18) hashes per second. EH/s are used to measure the hashrate of the most powerful cryptocurrency mining equipment and the overall computational power of the Bitcoin network.
Fork: A fork refers to a change or divergence in the protocol of a blockchain network. It occurs when the blockchain’s code is modified, resulting in two separate chains: one that follows the old rules and one that follows the new rules.
Generative AI: AI that can generate new content, such as text, images, or music, based on its training data. It learns from vast amounts of data to create outputs that mimic original human-generated content, often used in creative and analytical applications.
Gigawatt (“GW”): A unit of power equal to one billion watts. Often used to measure the capacity of large power plants or the power usage of large operations like data centers and industrial complexes.
Graphics Processing Unit (“GPU”)- as-a Service: The sale of GPU clusters, ranging from bare metal to turnkey solutions, which may be either owned by the Company, or leased from another company and that are housed within data 
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centers which may be owned by the Company or leased from another company, typically on a “per GPU-hour” basis, either on a reserved or on demand basis.
Grid Demand Response Services: Services provided to support the basic services of generating and delivering electricity to the grid. They help maintain power quality, reliability, and efficiency. In the context of Bitcoin mining, the use of mining facilities to provide grid stabilization services is an emerging concept.
Hashrate: The measure of computational power per second used in cryptocurrency mining. It indicates the number of hash function computations per second by a miner’s hardware, with higher hashrates implying greater efficiency and network security.
High Performance Computing (“HPC”): The use of supercomputers and parallel processing techniques for solving complex computational problems. HPC is used in fields such as scientific research, simulation, and large-scale data analysis.
Joules: A unit of energy in the International System of Units (SI). One joule is the energy transferred when one watt of power is exerted for one second. In Bitcoin mining, energy efficiency is often measured in joules per hash.
Large Language Models (“LLMs”): Advanced AI models designed to understand, generate, and respond to human language in a way that mimics human-like understanding. They are trained on vast datasets and can perform a variety of language-based tasks, such as translation, summarization, and question-answering.
Machine Learning: A subset of AI involving the creation of algorithms that can learn and make decisions or predictions based on data. It enables computers to improve their performance on a specific task with experience and data, without being explicitly programmed.
Megawatts (“MW”): A unit of power measurement equivalent to one million watts used to measure the electrical power consumption of large operations like data centers and Bitcoin mining rigs.
Mining Pool: A group of cryptocurrency miners who combine their computational resources over a network to increase their chances of finding a block and receiving rewards. The rewards are then divided among the pool participants, proportional to the amount of hashing power each contributed.
Petahash (“PH/s”): A unit of computational power equal to one quadrillion (10^15) hashes per second. It is used to measure the hashrate of extremely powerful cryptocurrency mining equipment.
Power Usage Effectiveness (“PUE”): A ratio that describes how efficiently a computer data center uses energy; specifically, how much energy is used by the computing equipment (in contrast to cooling and other overhead that supports the equipment).
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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Soluna Holdings, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
As of March 31, 2026 (Unaudited) and December 31, 2025

(Dollars in thousands, except per share)March 31, 2026December 31, 2025
Assets
Current Assets:
Cash$68,572 $76,423 
Restricted cash9,493 4,500 
Accounts receivable, net (allowance for expected credit losses of $0 at March 31, 2026 and $244 at December 31, 2025)
5,456 5,522 
Prepaid expenses and other current assets4,178 2,664 
Loan commitment assets3,018 3,018 

Total Current Assets90,717 92,127 
Restricted cash, noncurrent7,920 7,920 
Other assets963 978 
Deposits and credits on equipment3,333 1,377 
Property, plant and equipment, net79,516 74,783 
Intangible assets, net5,932 8,261 
Operating lease right-of-use assets244 252 
Financing lease right-of-use assets1,795 2,246 
Total Assets$190,420 $187,944 

Liabilities and Equity
Current Liabilities:
Accounts payable$4,218 $4,859 
Accrued liabilities15,568 13,182 
Accrued interest payable346 303 
Contract termination liability19,348 19,348 
Current portion of debt10,041 8,858 
Income tax payable129 123 
Deferred revenue537 518 
Customer deposits- current1,640 1,913 
Operating lease liability62 65 
Financing lease liability22 20 
Total Current Liabilities51,911 49,189 

Other liabilities946 743 
Customer deposits- long-term3,061 2,533 
Long-term debt15,910 17,899 
Operating lease liability182 187 
Financing lease liability1,775 2,236 
Deferred tax liability, net2,279 2,911 
Total Liabilities76,064 75,698 

Commitments and Contingencies (Note 10)

Mezzanine Equity:
Placement agent warrants1,313 1,313 

Equity:
9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 4,920,045 shares issued and outstanding as of March 31, 2026 and 4,928,545 shares issued and outstanding as of December 31, 2025
5 5 
Series B Preferred Stock, par value $0.0001 per share, authorized 187,500; 57,190 shares issued and outstanding as of March 31, 2026 and 62,500 shares issued and outstanding as of December 31, 2025
— — 
Common stock, par value $0.001 per share, authorized 375,000,000; 111,803,635 shares issued and 111,717,040 shares outstanding as of March 31, 2026 and 102,617,684 shares issued and 102,531,089 shares outstanding as of December 31, 2025
112 103 
Additional paid-in capital446,183 435,030 
Accumulated deficit(385,181)(367,715)
Common stock in treasury, at cost, 86,595 shares at March 31, 2026 and December 31, 2025
(13,873)(13,873)
Total Soluna Holdings, Inc. Stockholders’ Equity (Deficit)47,246 53,550 
Non-Controlling Interest65,797 57,383 
Total Equity113,043 110,933 
Total Liabilities, Mezzanine Equity, and Equity$190,420 $187,944 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Soluna Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Three Months Ended March 31, 2026 and 2025

(Dollars in thousands, except per share)Three Months Ended
March 31,
20262025

Cryptocurrency mining revenue$2,169 $2,999 
Data hosting revenue6,688 2,402 
Demand response service revenue537 507 
High-performance computing service revenue— 28 
Total revenue9,394 5,936 
Operating costs:
Cost of cryptocurrency mining revenue, exclusive of depreciation1,658 1,954 
Cost of data hosting revenue, exclusive of depreciation3,619 1,327 
Cost of high-performance computing services— 7 
Cost of cryptocurrency mining revenue- depreciation1,011 1,074 
Cost of data hosting revenue- depreciation1,191 401 
Total costs of revenue7,479 4,763 
Operating expenses:
General and administrative expenses, exclusive of depreciation and amortization16,140 5,946 
Depreciation and amortization associated with general and administrative expenses2,401 2,404 
Total general and administrative expenses18,541 8,350 

Operating loss(16,626)(7,177)
Interest expense(1,481)(838)
Gain on debt extinguishment and revaluation, net— 551 
Gain on sale of fixed assets 32 — 
Fair value adjustment loss— (118)
Other financing expense(564)(201)
Other income, net113 4 
Loss before income taxes(18,526)(7,779)
Income tax benefit, net624 425 
Net loss(17,902)(7,354)
(Less) Net loss (income) attributable to non-controlling interest436 (202)
Net loss attributable to Soluna Holdings, Inc.$(17,466)$(7,556)

Basic and Diluted loss per common share:
Basic & Diluted loss per share$(0.24)$(1.21)

Weighted average shares outstanding (Basic and Diluted)84,101,3208,719,351

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Soluna Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Equity
For the Year Ended December 31, 2025
And the Three Months Ended March 31, 2026 (Unaudited)
(Dollars in thousands, except per share)

Preferred StockCommon StockAdditional
Paid-in
CapitalAccumulated
DeficitTreasury StockNon-
Controlling
InterestTotal

Equity
Mezzanine Equity
Series A
SharesAmountSeries B
SharesAmountSharesAmountSharesAmount 
January 1, 2025$— 4,953,545$5 62,500$— 10,647,761$11 $315,607 $(314,304)40,741$(13,798)$39,841 $27,362 

Net (loss) income— —— —— —— — (7,556)—— 202 (7,354)

Stock-based compensation— —— —— —— 1,847 — —— — 1,847 

Issuance of shares – warrant exercise— —— —— 384,721— — — —— — — 

Restricted stock units vested— —— —— 3,432— — — —— — — 

Issuance of shares- SEPA draws— —— —— 1,512,8722 2,121 — —— — 2,123 

Contribution from Non-Controlling interest— —— —— —— — — —— 4,310 4,310 

Distribution to Non-Controlling interest— —— —— —— — — —— (1,295)(1,295)

March 31, 2025$— 4,953,545$5 62,500$— 12,548,786$13 $319,575 $(321,860)40,741$(13,798)$43,058 $26,993 

Net loss— —— —— —— — (7,382)—— (398)(7,780)

Stock-based compensation— —- —— —— 1,942 — —— — 1,942 

Issuance of shares – warrant exercise— —— —— 59,131— — — —— — — 

Restricted stock units vested— —— —— 6,600— — — —— — — 

Issuance of shares-Restricted stock awards— —— —— 2,140,6832 (2)— —— — — 

Issuance of shares- ATM settlements— —— —— 3,340,6633 2,043 — —— — 2,046 

Issuance of shares- Green Cloud issuance— —— —— 1,000,0001 (1)— —— — — 

Contribution from Non-Controlling interest— —— —— —— — — —— 7,542 7,542 

Distribution to Non-Controlling interest— —— —— —— — — —— (1,424)(1,424)

June 30, 2025$— 4,953,545$5 62,500$— 19,095,863$19 $323,557 $(329,242)40,741$(13,798)$48,778 $29,319 

Net loss— —— —— —— — (23,956)—— (1831)(25,787)

Stock-based compensation— —— —— —— 1,882 — —— — 1,882 

Issuance of shares-warrant exercise— —— —— 17,254,46317 28,193 — —— — 28,210 

Issuance of shares- July equity financing— —— —— 9,090,9099 5,028 — —— — 5,037 

Issuance of shares – Restricted stock awards— —— —— 2,751,0783 (3)— —— — — 

Issuance of shares- ATM settlements— —— —— 14,649,14115 20,738 — —— — 20,753 

Issuance of shares- SEPA draws— —— —— 1,487,1281 4,169 — —— — 4,170 

Forfeiture of RSA shares— (25,000)— —— (236,051)— — — —— — — 

Warrant issuance and revaluation— —— —— —— 2,869 — —— — 2,869 

Warrant revaluated to liability— —— —— —— (5,034)— —— — (5,034)

Contribution from Non-Controlling interest— —— —— —— — — —— 12,902 12,902 

Distribution to Non-Controlling interest— —— —— —— — — —— (856)(856)

September 30, 2025$— 4,928,545$5 62,500$— 64,092,531$64 $381,399 $(353,198)40,741$(13,798)$58,993 $51,595 

Net loss— —— —— —— — (14,517)——— -1,553 (16,070)

Stock-based compensation— —— —— —— 4,895 — —— — 4,895 

Issuance of shares –warrants exercise— —— —— 7,505,2238 4,670 — —— — 4,678 

Restricted stock units vested— —— —— 78,210— — — —— — — 

Issuance of shares – Restricted stock awards— —— —— 19,392,59819 (19)— —— — — 

Issuance of shares- ATM settlements— —— —— 5,601,3586 11,348 — —— — 11,354 

Warrant liability revalued to equity— —— —— —— 4,827 — —— — 4,827 

Issuance of shares- December equity offering1,313 —— —— 5,929,9446 28,363 — —— — 28,369 

Issuance of merger shares— —— —— 17,820— — — —— — — 

Warrant redemption— —— —— —— (453)— —— — (453)

Treasury share conversion— —— —— —— — — 45,854(75)— (75)

Contribution from Non- Controlling interest— —— —— —— — — —— 7,480 7,480 

Distribution to Non-Controlling interest— —— —— —— — — —— (7,537)(7,537)

December 31, 2025$1,313 4,928,545$5 62,500$— 102,617,684$103 $435,030 $(367,715)86,595$(13,873)$57,383 $110,933 

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Preferred StockCommon StockAdditional
Paid-in
CapitalAccumulated
DeficitTreasury Stock Non-
Controlling
InterestTotal
Equity
Mezzanine EquitySeries A
SharesAmountSeries B
Shares
AmountShares AmountSharesAmount 

January 1, 2026$1,313 4,928,545$5 62,500$— 102,617,684$103 $435,030 $(367,715)86,595$(13,873)$57,383