$SLNHP

MECHANICAL TECHNOLOGY INC

CIK:0000064463|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total revenue	$ 15,060	$ 6,158	$ 24,454	$ 12,094
Operating costs:
Depreciation	3,411	1,586	5,613	3,060
Total costs of revenue	14,294	4,970	21,773	9,733
Operating expenses:
General and administrative expenses, exclusive of depreciation and amortization	15,239	5,397	31,379	11,344
Depreciation and amortization associated with general and administrative expenses	2,400	2,403	4,801	4,807
Total general and administrative expenses	17,639	7,800	36,180	16,151
Impairment on intangibles	70	0	70	0
Impairment on fixed assets	0	12	0	12
Operating loss	(16,943)	(6,624)	(33,569)	(13,802)
Interest expense	(3,167)	(1,196)	(4,648)	(2,034)
(Loss) gain on debt extinguishment and revaluation, net	(4,197)	0	(4,197)	551
Loss on sale of fixed assets and deposits on equipment	(585)	(22)	(553)	(22)
Fair value adjustment gain (loss)	246	0	246	(118)
Other financing expense	(5)	(255)	(569)	(456)
Other income (expense), net	1,480	(291)	1,593	(286)
Loss before income taxes	(23,171)	(8,388)	(41,697)	(16,167)
Income tax benefit, net	547	608	1,171	1,033
Net loss	(22,624)	(7,780)	(40,526)	(15,134)
(Less) Net loss (income) attributable to non-controlling interest	1,915	398	2,351	196
Net loss attributable to Soluna Holdings, Inc.	$ (20,709)	$ (7,382)	$ (38,175)	$ (14,938)
Basic and Diluted loss per common share:
Basic loss per share (in dollars per share)	$ (0.18)	$ (0.93)	$ (0.41)	$ (2.10)
Diluted loss per share (in dollars per share)	$ (0.18)	$ (0.93)	$ (0.41)	$ (2.10)
Weighted average shares outstanding, basic (in shares)	130,975,761	11,146,141	107,668,028	9,939,450
Weighted average shares outstanding, diluted (in shares)	130,975,761	11,146,141	107,668,028	9,939,450
Cryptocurrency mining revenue
Total revenue	$ 1,720	$ 2,861	$ 3,889	$ 5,860
Operating costs:
Cost, exclusive of depreciation	958	1,767	2,616	3,721
Depreciation	992	1,074	2,047	2,147
Data hosting revenue
Total revenue	12,653	3,136	19,341	5,538
Operating costs:
Cost, exclusive of depreciation	7,672	1,617	11,291	2,945
Depreciation	1,366	512	2,513	913
Wind energy generation revenue
Total revenue	366	0	366	0
Operating costs:
Cost, exclusive of depreciation	2,253	0	2,253	0
Depreciation	1,053	0	1,053	0
Demand response service revenue
Total revenue	321	161	858	668
High-performance computing service revenue
Total revenue	0	0	0	28
Operating costs:
Cost, exclusive of depreciation	$ 0	$ 0	$ 0	$ 7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Operating Activities
Net loss	$ (22,624)	$ (17,902)	$ (16,070)	$ (25,787)	$ (7,780)	$ (7,354)	$ (40,526)	$ (15,134)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	3,300				1,600		5,494	3,121
Amortization expense							4,841	4,746
Stock-based compensation							19,702	3,789
Deferred income taxes	(547)				(615)		(1,179)	(1,051)
Right of first refusal amortization gain							(135)	0
Impairment on fixed assets and intangibles							70	12
Amortization of operating and finance lease asset							155	30
Loss (gain) on debt extinguishment and revaluation, net	4,197				0		4,197	(551)
Amortization of deferred financing costs and discount on notes							2,209	338
Fair value adjustments, including SEPA							(246)	118
SEPA commitment cost							250	0
Accretion of asset retirement obligation	79						79	0
Loss on sale of fixed assets and deposit on equipment, net	585				22		553	22
Changes in operating assets and liabilities:
Accounts receivable							277	44
Prepaid expenses and other current assets							(1,847)	(455)
Other long-term assets							0	1,607
Accounts payable							(2,528)	1,102
Contract termination liability							0	(667)
Deferred revenue							(249)	0
Operating lease liabilities							123	(30)
Other liabilities and customer deposits							914	644
Accrued liabilities and interest payable							(3,709)	1,042
Net cash used in operating activities							(11,555)	(1,273)
Investing Activities
Purchases of property, plant, and equipment							(9,483)	(7,790)
Purchases of intangible assets							(68)	(83)
Proceeds from sale of property, plant, and equipment							32	0
Briscoe acquisition purchase, net of cash acquired							(51,415)	0
Deposits on equipment							(4,130)	(476)
Net cash used in investing activities							(65,064)	(8,349)
Financing Activities
Proceeds from common stock warrant exercises							2,553	0
Proceeds from notes							24,500	5,269
Payments on notes and deferred financing costs							(18,026)	(3,275)
Payments on Series B dividends							(2,058)	0
Costs on treasury stock							(131)	0
Payments on financing lease liabilities							(113)	0
Purchase of membership interest of Dorothy 1A and Dorothy 1B							(25,266)	0
Contributions from non-controlling interest							10,918	11,852
Distributions to non-controlling interest							(5,705)	(3,575)
Net cash provided by financing activities							119,065	14,322
Increase (decrease) in cash & restricted cash							42,446	4,700
Cash & restricted cash – beginning of period		$ 88,843		$ 15,153		$ 10,453	88,843	10,453	$ 10,453
Cash & restricted cash – end of period	$ 131,289		$ 88,843		$ 15,153		131,289	15,153	$ 88,843
Supplemental Disclosure of Cash Flow Information
Interest paid on debt							2,248	685
Fair value consideration for Green Cloud issuance of shares							0	810
Construction in progress included in accounts payable and accrued liabilities							2,743	0
Warrant consideration in relation to Generate and Yorkville Warrants							3,249	0
Noncash membership distribution accrual							0	323
Warrant adjustment							682	0
Noncash activity right-of-use assets adjustment							430	0
SEPA
Financing Activities
Proceeds from sale of common stock on SEPA							18,928	2,005
ATM
Financing Activities
Proceeds from sale of common stock on ATM							$ 113,465	$ 2,046

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash	$ 113,364	$ 76,423
Restricted cash	10,005	4,500
Accounts receivable, net (allowance for expected credit losses of $0 at June 30, 2026 and $244 at December 31, 2025)	6,737	5,522
Prepaid expenses and other current assets	4,513	2,664
Loan commitment assets	0	3,018
Total Current Assets	134,619	92,127
Restricted cash, noncurrent	7,920	7,920
Other assets	973	978
Deposits and credits on equipment	208	1,377
Property, plant and equipment, net	137,801	74,783
Intangible assets, net	6,068	8,261
Operating lease right-of-use assets	4,152	252
Financing lease right-of-use assets	1,773	2,246
Total Assets	293,514	187,944
Current Liabilities:
Accounts payable	3,785	4,859
Accrued liabilities	7,549	13,182
Accrued interest payable	59	303
Contract termination liability	19,348	19,348
Current portion of debt	30,103	8,858
Income tax payable	147	123
Deferred revenue	558	518
Customer deposits- current	3,020	1,913
Operating lease liability	108	65
Financing lease liability	23	20
Other current liabilities	742	0
Total Current Liabilities	65,442	49,189
Other liabilities	414	743
Customer deposits- long-term	1,503	2,533
Long-term debt	3,016	17,899
Asset retirement obligation	3,664	0
Operating lease liability	4,276	187
Financing lease liability	1,769	2,236
Deferred tax liability, net	1,732	2,911
Total Liabilities	81,816	75,698
Commitments and Contingencies (Note 12)
Mezzanine Equity:
Placement agent warrants	1,313	1,313
Equity:
Common stock, par value $0.001 per share, authorized 375,000,000; 225,986,784 shares issued and 225,821,479 shares outstanding as of June 30, 2026 and 102,617,684 shares issued and 102,531,089 shares outstanding as of December 31, 2025	226	103
Additional paid-in capital	575,594	435,030
Accumulated deficit	(405,890)	(367,715)
Common stock in treasury, at cost, 165,305 shares at June 30, 2026 and 86,595 shares December 31, 2025	(14,004)	(13,873)
Total Soluna Holdings, Inc. Stockholders’ Equity (Deficit)	155,931	53,550
Non-Controlling Interest	54,454	57,383
Total Equity	210,385	110,933
Total Liabilities, Mezzanine Equity, and Equity	293,514	187,944
Series A Shares
Equity:
Preferred stock value	5	5
Series B Shares
Equity:
Preferred stock value	$ 0	$ 0