Soluna (SLNH) Registration Filing summary

Company overview and business model

• Develops and operates digital infrastructure at the intersection of renewable energy and high-performance computing, termed Renewable Computing™.

• Operates data centers co-located with wind, solar, and hydroelectric plants, supporting applications like AI, Bitcoin mining, and HPC.

• Revenue streams include proprietary Bitcoin mining, third-party Bitcoin hosting, high-performance computing colocation, and demand response services for grid operators.

• Proprietary MaestroOS operating system optimizes data center performance based on power pricing, weather, and grid demand.

• Strategic focus on behind-the-meter data centers to access underutilized renewable power and bypass interconnection queues.

Financial performance and metrics

• For the year ended December 31, 2024: Bitcoin Mining represented ~45% of total revenue, Bitcoin Hosting ~50%, Demand Response ~6%, and minimal revenue from HPC.

• One customer accounted for 56% of hosting revenue and 28% of total revenue in 2024; this agreement was terminated in Q4 2024 but capacity was replaced by March 2025.

• As of the prospectus date, public float was $14,027,685 based on 9,542,643 shares at $1.47 per share.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for working capital and general corporate purposes.

• Pending use, proceeds may be invested in short-term, interest-bearing instruments or investment-grade securities.