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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 September 30, 2023 |
|
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)
Nevada |
|
14-1462255 |
State
or other jurisdiction |
|
(I.R.S.
Employer |
of
incorporation or organization |
|
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 class |
|
Trading
symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 per share |
|
SLNH |
|
The
Nasdaq Stock Market LLC |
9.0%
Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share |
|
SLNHP |
|
The
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. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As
of November 9, 2023, the Registrant had 1,609,788 shares of common stock outstanding.
SOLUNA
HOLDINGS, INC. AND SUBSIDIARIES
INDEX
PART
I. FINANCIAL INFORMATION
Item
1. Financial Statements
Soluna
Holdings, Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
As
of September 30, 2023 (Unaudited) and December 31, 2022
(Dollars
in thousands, except per share)
| |
September
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
Assets | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 5,625 | | |
$ | 1,136 | |
Restricted cash | |
| 3,428 | | |
| 685 | |
Accounts receivable | |
| 2,024 | | |
| 320 | |
Notes receivable | |
| 446 | | |
| 219 | |
Prepaid expenses and other
current assets | |
| 1,593 | | |
| 1,107 | |
Deposits and credits on
equipment | |
| 975 | | |
| 1,175 | |
Equipment held for sale | |
| 248 | | |
| 295 | |
Total Current Assets | |
| 14,339 | | |
| 4,937 | |
Restricted cash | |
| 1,000 | | |
| - | |
Other assets | |
| 2,957 | | |
| 1,150 | |
Property, plant and equipment,
net | |
| 45,938 | | |
| 42,209 | |
Intangible assets, net | |
| 29,370 | | |
| 36,432 | |
Operating lease right-of-use
assets | |
| 483 | | |
| 233 | |
Total
Assets | |
$ | 94,087 | | |
$ | 84,961 | |
| |
| | | |
| | |
Liabilities and Stockholders’
Equity | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 3,005 | | |
$ | 3,548 | |
Accrued liabilities | |
| 4,447 | | |
| 2,721 | |
Line of credit | |
| - | | |
| 350 | |
Convertible notes payable | |
| 10,796 | | |
| 11,737 | |
Current portion of debt | |
| 9,053 | | |
| 10,546 | |
Deferred revenue | |
| - | | |
| 453 | |
Operating lease liability | |
| 215 | | |
| 161 | |
Total Current Liabilities | |
| 27,516 | | |
| 29,516 | |
| |
| | | |
| | |
Other liabilities | |
| 1,497 | | |
| 203 | |
Long-term debt | |
| 1,050 | | |
| - | |
Operating lease liability | |
| 273 | | |
| 84 | |
Deferred tax liability,
net | |
| 8,362 | | |
| 8,886 | |
Total
Liabilities | |
| 38,698 | | |
| 38,689 | |
| |
| | | |
| | |
Commitments and Contingencies
(Note 10) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ Equity: | |
| | | |
| | |
9.0% Series A Cumulative
Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 3,061,245 shares issued
and outstanding as of September 30, 2023 and December 31, 2022 | |
| 3 | | |
| 3 | |
Series B Preferred Stock, par value $0.0001
per share, authorized 187,500; 62,500 shares issued and outstanding as of September 30, 2023 and December 31, 2022 | |
| — | | |
| — | |
Preferred Stock Value | |
| — | | |
| — | |
Common stock, par value $0.001
per share, authorized 75,000,000;
1,492,729 shares
issued and 1,451,988 shared
outstanding as of September 30, 2023 and 788,578
shares issued and 747,837
shares outstanding as of December 31, 2022(1) | |
| 1 | | |
| 1 | |
Additional paid-in capital | |
| 286,799 | | |
| 277,429 | |
Accumulated deficit | |
| (244,268 | ) | |
| (221,769 | ) |
Common
stock in treasury, at cost, 40,741
shares at September 30, 2023 and December
31, 2022(1) | |
| (13,798 | ) | |
| (13,798 | ) |
Total
Soluna Holdings, Inc. Stockholders’ Equity | |
| 28,737 | | |
| 41,866 | |
Non-Controlling Interest | |
| 26,652 | | |
| 4,406 | |
Total
Stockholders’ Equity | |
| 55,389 | | |
| 46,272 | |
Total
Liabilities and Stockholders’ Equity | |
$ | 94,087 | | |
$ | 84,961 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Soluna
Holdings, Inc. and Subsidiaries
Condensed
Consolidated Statements of Operations (Unaudited)
For
the Three and Nine Months Ended September 30, 2023 and 2022
(Dollars
in thousands, except per share)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months
Ended | | |
Nine Months
Ended | |
| |
September
30, | | |
September
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Cryptocurrency mining revenue | |
$ | 1,786 | | |
$ | 5,387 | | |
$ | 5,497 | | |
$ | 20,696 | |
Data hosting revenue | |
| 4,011 | | |
| 985 | | |
| 5,451 | | |
| 3,668 | |
Total revenue | |
| 5,797 | | |
| 6,372 | | |
| 10,948 | | |
| 24,364 | |
Operating costs: | |
| | | |
| | | |
| | | |
| | |
Cost of cryptocurrency
mining revenue, exclusive of depreciation | |
| 1,040 | | |
| 4,100 | | |
| 4,451 | | |
| 11,092 | |
Cost of data hosting revenue,
exclusive of depreciation | |
| 2,150 | | |
| 1,078 | | |
| 3,181 | | |
| 3,192 | |
Costs of revenue- depreciation | |
| 1,200 | | |
| 6,010 | | |
| 2,364 | | |
| 15,872 | |
Total costs of revenue | |
| 4,390 | | |
| 11,188 | | |
| 9,996 | | |
| 30,156 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
General and administrative
expenses, exclusive of depreciation and amortization | |
| 2,723 | | |
| 5,686 | | |
| 11,219 | | |
| 15,441 | |
Depreciation and amortization
associated with general and administrative expenses | |
| 2,379 | | |
| 2,378 | | |
| 7,134 | | |
| 7,127 | |
Total general and administrative
expenses | |
| 5,102 | | |
| 8,064 | | |
| 18,353 | | |
| 22,568 | |
Impairment on equity investment | |
| - | | |
| 750 | | |
| - | | |
| 750 | |
Impairment on fixed assets | |
| 41 | | |
| 28,086 | | |
| 418 | | |
| 28,836 | |
Operating loss | |
| (3,736 | ) | |
| (41,716 | ) | |
| (17,819 | ) | |
| (57,946 | ) |
Interest expense | |
| (495 | ) | |
| (1,671 | ) | |
| (2,355 | ) | |
| (7,856 | ) |
Loss on debt extinguishment and revaluation,
net | |
| (769 | ) | |
| (12,317 | ) | |
| (2,350 | ) | |
| (12,317 | ) |
Loss on sale of fixed assets | |
| (373 | ) | |
| (988 | ) | |
| (404 | ) | |
| (2,606 | ) |
Other (expense) income, net | |
| (74 | ) | |
| 2 | | |
| (301 | ) | |
| 2 | |
Income tax (expense) benefit from continuing
operations | |
| (569 | ) | |
| 547 | | |
| 524 | | |
| 1,344 | |
Net loss from continuing operations | |
| (6,016 | ) | |
| (56,143 | ) | |
| (22,705 | ) | |
| (79,379 | ) |
Income before income taxes from discontinued
operations | |
| - | | |
| (21 | ) | |
| - | | |
| 7,681 | |
Net income from discontinued
operations | |
| - | | |
| (21 | ) | |
| - | | |
| 7,751 | |
Net loss | |
| (6,016 | ) | |
| (56,164 | ) | |
| (22,705 | ) | |
| (71,628 | ) |
(Less) Net (income) loss attributable to non-controlling
interest | |
| (646 | ) | |
| 272 | | |
| 206 | | |
| 272 | |
Net loss attributable to Soluna Holdings, Inc. | |
$ | (6,662 | ) | |
$ | (55,892 | ) | |
$ | (22,499 | ) | |
$ | (71,356 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic and Diluted (loss) earnings per common
share: | |
| | | |
| | | |
| | | |
| | |
Net loss from continuing operations per share
(Basic & Diluted) (1) | |
$ | (4.40 | ) | |
$ | (95.49 | ) | |
$ | (20.11 | ) | |
$ | (146.46 | ) |
Net income from discontinued operations per
share (Basic & Diluted) (1) | |
$ | - | | |
$ | (0.04 | ) | |
$ | - | | |
$ | 13.64 | |
Basic & Diluted loss per share (1) | |
$ | (4.40 | ) | |
$ | (95.53 | ) | |
$ | (20.11 | ) | |
$ | (132.82 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding (Basic and Diluted) (1) | |
| 1,374,364 | | |
| 587,921 | | |
| 1,149,745 | | |
| 568,307 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Soluna
Holdings, Inc. and Subsidiaries
Condensed
Consolidated Statements of Changes in Equity
For
the Year Ended December 31, 2022
And
the Three and Nine Months Ended September 30, 2023 (Unaudited)
(Dollars
in thousands, except per share)
| |
Series
A Shares | | |
Amount | | |
Series
B Shares | | |
Amount | | |
Shares
(1) | | |
Amount(1) | | |
Additional
Paid-in
Capital (1) | | |
Accumulated
Deficit | | |
Shares | | |
Amount | | |
Non-
Controlling
Interest | | |
Total
Stockholders’
Equity | |
| |
Preferred
Stock | | |
Common
Stock | | |
| | |
| | |
Treasury Stock | | |
| | |
| |
| |
Series
A Shares | | |
Amount | | |
Series
B Shares | | |
Amount | | |
Shares
(1) | | |
Amount(1) | | |
Additional
Paid-in
Capital (1) | | |
Accumulated
Deficit | | |
Shares | | |
Amount | | |
Non-
Controlling
Interest | | |
Total
Stockholders’
Equity | |
January 1, 2022 | |
| 1,252,299 | | |
$ | 1 | | |
| — | | |
| — | | |
| 590,851 | | |
$ | 1 | | |
$ | 227,804 | | |
$ | (123,054 | ) | |
| 40,620 | | |
$ | (13,764 | ) | |
| — | | |
$ | 90,988 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (8,906 | ) | |
| — | | |
| — | | |
| — | | |
| (8,906 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Preferred dividends distribution | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (749 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| (749 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 955 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 955 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares – preferred offering | |
| 66,857 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 957 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 957 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Restricted stock units vested | |
| — | | |
| — | | |
| — | | |
| — | | |
| 573 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares – warrant exercises | |
| — | | |
| — | | |
| — | | |
| — | | |
| 3,580 | | |
| — | | |
| 738 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 738 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares- Notes conversion | |
| — | | |
| — | | |
| — | | |
| — | | |
| 5,847 | | |
| — | | |
| 1,342 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,342 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants issued in relation
to debt financing | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,257 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,257 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
March 31, 2022 | |
| 1,319,156 | | |
$ | 1 | | |
| — | | |
$ | — | | |
| 600,851 | | |
$ | 1 | | |
$ | 233,304 | | |
$ | (131,960 | ) | |
| 40,620 | | |
$ | (13,764 | ) | |
$ | — | | |
$ | 87,582 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (6,557 | ) | |
| — | | |
| — | | |
| — | | |
| (6,557 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Preferred dividends distribution | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,382 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,382 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,064 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1,064 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares – option exercises | |
| — | | |
| — | | |
| — | | |
| — | | |
| 3,642 | | |
| — | | |
| 77 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 77 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares – preferred offering | |
| 599,232 | | |
| 1 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 8,796 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 8,797 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares-restricted
stock | |
| — | | |
| — | | |
| — | | |
| — | | |
| 130 | | |
| — | | |
| 23 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 23 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Restricted stock units vested | |
| — | | |
| — | | |
| — | | |
| — | | |
| 148 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares – warrant exercises | |
| — | | |
| — | | |
| — | | |
| — | | |
| 200 | | |
| — | | |
| 41 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 41 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Promissory note conversion
to preferred shares | |
| 1,142,857 | | |
| 1 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 13,894 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 13,895 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants issued in relation
to debt financing | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 3,060 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 3,060 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Treasury Shares conversion | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 121 | | |
| (34 | ) | |
| — | | |
| (34 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
June 30, 2022 | |
| 3,061,245 | | |
$ | 3 | | |
| — | | |
$ | — | | |
| 604,971 | | |
$ | 1 | | |
$ | 258,877 | | |
$ | (138,517 | ) | |
| 40,741 | | |
$ | (13,798 | ) | |
$ | — | | |
$ | 106,566 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (55,892 | ) | |
| — | | |
| — | | |
| (272 | ) | |
| (56,164 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Preferred dividends distribution | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,722 | ) | |
| — | | |
| — | | |
| — | | |
| — | | |
| (1,722 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 879 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 879 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares – option exercises | |
| — | | |
| — | | |
| — | | |
| — | | |
| 3,455 | | |
| — | | |
| 76 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 76 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares – preferred offering | |
| — | | |
| — | | |
| 62,500 | | |
| — | | |
| — | | |
| — | | |
| 4,994 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 4,994 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Issuance of shares-restricted
stock | |
| — | | |
| — | | |
| — | | |
| — | | |
| 130 | | |
| — | | |
| 11 | | |
| — | | |
| — | | |
| — | | |
| |