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 (HPC), termed Renewable Computing™.

• Operates modular data centers co-located with wind, solar, and hydroelectric plants, managed by proprietary MaestroOS™ for optimized performance.

• Revenue streams include Bitcoin mining, Bitcoin hosting, HPC/AI colocation and hosting, and demand response services for grid operators.

• Strategic advantage in co-locating data centers with renewable generation assets, enabling direct access to low-cost, underutilized power and faster deployment.

• Expanding pipeline of projects, including advanced development of Project Kati and Project Rosa for AI/HPC workloads.

Financial performance and metrics

• For the nine months ended September 30, 2025, Bitcoin Mining represented 42% of total revenue; Bitcoin Hosting 53%; Demand Response 5%; HPC generated minimal revenue.

• Revenue in Bitcoin Hosting is highly concentrated, with three customers accounting for 80% of hosting revenue and 42% of total revenue for the nine months ended September 30, 2025.

• Recent direct offering in December 2025 raised approximately $32 million in gross proceeds.

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for working capital, project-level equity, and general corporate purposes.

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

• Management retains broad discretion over allocation of proceeds, which may vary based on business needs and market conditions.