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Here are a few analogies for Soluna (SLNH):

• Equinix for cryptocurrency mining.
• American Tower for crypto mining data centers.

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• Modular Data Centers: Soluna designs, builds, and develops modular data centers specifically optimized for cryptocurrency mining.
• Cryptocurrency Mining Operations: Soluna operates within the blockchain business by conducting its own cryptocurrency mining activities.

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Soluna Holdings, Inc. (SLNH) primarily operates in two ways to generate revenue:

• Proprietary Cryptocurrency Mining: Soluna mines digital assets, primarily Bitcoin, for its own account. The company then sells the mined Bitcoin on the open market. In this context, the "customers" are the buyers of Bitcoin on cryptocurrency exchanges or through over-the-counter (OTC) desks, rather than specific direct customers for a product or service.
• Hosting Services for High-Performance Computing (HPC): Soluna provides its data center infrastructure and renewable power to other companies for a fee, enabling them to run their own high-performance computing operations, which can include cryptocurrency mining or other compute-intensive tasks. These are business-to-business (B2B) customers.

Based on the company's public financial filings, Soluna Holdings, Inc. has reported that no single customer accounted for 10% or more of the company's total revenue during recent fiscal periods. This indicates that while Soluna serves other companies through its hosting services, it does not have individually identifiable "major customers" that represent a significant portion of its revenue. Therefore, specific names of major customer companies are not disclosed.

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• Bitmain Technologies Ltd.

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Michael Toporek, Executive Chairman

Michael Toporek founded Brookstone Partners in 2003, a firm he continues to manage, focusing on originating transactions and actively collaborating with portfolio companies on organizational transformation, market expansion, financial discipline, and operational strengthening. He has extensive experience working with Fortune 100 companies, developing and executing complex merger, acquisition, and financing strategies across diverse sectors such as manufacturing, building products, technology, and transportation. Mr. Toporek served as the CEO of Soluna Holdings (formerly Mechanical Technology Inc.) from November 2020 to May 2023, transitioning to Executive Chairman in May 2023. His firm, Brookstone Partners, maintains significant equity control in Soluna. Prior to Brookstone, he held positions in investment banking at Chemical Bank, Dillon Read (which became UBS Warburg), and SG Cowen.

John Belizaire, CEO & Director

John Belizaire was appointed CEO of Soluna Holdings in May 2023. He is also the CEO of Soluna Computing, Inc. Mr. Belizaire is responsible for steering Soluna's strategic direction towards renewable computing, which includes leveraging AI and High-Performance Computing (HPC) alongside Bitcoin mining.

John Tunison, Chief Financial Officer

John Tunison was appointed Chief Financial Officer of Soluna Holdings in April 2024. He possesses over 25 years of experience in finance operations and capital formation within global energy markets. Prior to joining Soluna, Mr. Tunison served as CFO of Verdant Specialty Solutions, an Open Gate Capital Portfolio Company. His extensive background includes leadership roles at companies such as Trussway, Velocys plc, Ascend Performance Materials, Univar, and Shell Oil Company. Mr. Tunison began his career as a nuclear engineer and submarine officer in the U.S. Navy.

Jessica Thomas, Chief Accounting Officer & Corporate Secretary

Jessica Thomas joined Soluna Holdings (then Mechanical Technology Inc.) as Chief Financial Officer in July 2020. She currently serves as the Chief Accounting Officer and Corporate Secretary. Ms. Thomas is responsible for overseeing the company's financial reporting, treasury functions, human resources, and risk management. Her previous experience includes serving as Director of Optimization for Pregis, LLC, and Manager of Budget & Control and FP&A at Plasan NA. She also worked as a Senior Staff Auditor at Cruden & Company, CPA's PLLC, and held positions in the banking industry at Key Bank and M&T Bank.

Dipul Patel, Chief Technology Officer

Dipul Patel is the Chief Technology Officer of Soluna. As CTO, he leads the efforts to transform wasted renewable energy into computing power, overseeing the design of Soluna's modular data centers and its proprietary MaestroOS software platform. An inventor, engineer, and entrepreneur, Mr. Patel co-founded Ecovent, a smart home technology company, which was sold to ConnectM in 2016. Before Ecovent, he led the design, development, and production of complex radar systems at Lockheed Martin.

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The key risks to Soluna Holdings, Inc. (SLNH) primarily revolve around its financial sustainability, its exposure to the volatile cryptocurrency market, and the challenges inherent in executing its growth strategy in a capital-intensive and rapidly evolving industry.

• Continued Losses and Need for Capital: Soluna has a history of operating losses and negative free cash flow, which raises substantial doubt about its ability to continue as a going concern. The company relies on ongoing capital raises, which could lead to dilution for existing shareholders and create liquidity pressures.
• Cryptocurrency Market Volatility and Regulatory Changes: A significant portion of Soluna's revenue depends on cryptocurrency mining, exposing the company to the extreme price volatility of digital assets like Bitcoin. Additionally, the evolving and often unpredictable regulatory landscape for cryptocurrencies and digital assets poses a risk of adverse policy shifts that could impact Soluna's operations and profitability.
• Execution Risk and Operational Challenges: Soluna's growth is contingent on the successful development and operation of its modular data centers and new projects. There are inherent risks of delays, cost overruns, and operational inefficiencies in large-scale projects. The company's reliance on stable and cost-effective electrical power, coupled with a limited operating history in rapidly changing sectors like cryptocurrency and high-performance computing (HPC)/AI hosting, further contributes to operational uncertainties.

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The primary emerging threat to Soluna Holdings, Inc.'s business model, which is centered on Proof-of-Work (PoW) cryptocurrency mining data centers, is the potential for a widespread transition of major cryptocurrencies away from PoW to more energy-efficient consensus mechanisms like Proof-of-Stake (PoS). Ethereum's successful transition to PoS demonstrates the feasibility and growing industry impetus towards such models, driven by environmental concerns and efficiency goals. Should other significant cryptocurrencies, particularly those heavily mined by Soluna or its clients, seriously consider or implement a similar shift, it would render Soluna's specialized PoW mining infrastructure largely obsolete, akin to how streaming services disrupted physical media rental businesses.

Another significant emerging threat is the increasing global regulatory scrutiny and potential for adverse governmental action against energy-intensive PoW cryptocurrency mining. Governments and environmental groups are increasingly scrutinizing the high energy consumption of PoW mining. This could lead to emerging threats such as outright bans on PoW mining, the implementation of severe energy taxes specifically targeting mining operations, or stringent environmental regulations that could make operating PoW data centers economically unviable or illegal in key jurisdictions where Soluna operates or plans to expand.

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Drivers of Future Revenue Growth for Soluna (SLNH)

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Share Issuance

• In December 2025, Soluna Holdings issued 18,079,144 shares of common stock at $1.77 per share in a registered direct offering, raising approximately $32 million for working capital, project-level equity, and general corporate purposes.
• In July 2025, Soluna announced a public offering that generated approximately $5 million in gross proceeds through the issuance of 9,090,909 shares of common stock (or pre-funded warrants) and accompanying Series A and Series B warrants.
• In November 2025, stockholders approved an increase in authorized common stock from 75,000,000 shares to 375,000,000 shares, allowing for future equity issuance.

Inbound Investments

• In Q3 2025, Soluna secured a scalable credit facility of up to $100 million from Generate Capital, with an initial draw of $12.6 million, aimed at funding construction and refinancing existing projects, specifically Project Dorothy 1A and Dorothy 2.
• Soluna secured a $20 million investment from Spring Lane Capital into Project Kati, with potential for up to $100 million in future project investments.
• As of March 31, 2025, the company secured a $5 million term loan facility with Galaxy Digital LLC and issued secured promissory notes totaling $13.0 million under a June SPA.

Capital Expenditures

• For the first nine months of 2025, $18 million was spent on capital expenditures focused on building out Project Dorothy 2 and Project Kati.
• Management anticipates continued operating losses in the near term as the business scales, with a focus on expanding renewable-powered data center projects.
• Project Kati, a 166 MW facility, is shovel-ready with construction underway for Kati 1, and initial energization is targeted for Q1 2026.