2024 Operational and Corporate Highlights:

• Record revenue grew by 80.5%, reaching $38.0 million, compared to $21.1 million in 2023.
• Our sites operated at a high operational efficiency and produced strong financial results despite the "halving" of Bitcoin in April 2024.
• Project Dorothy 1A and 1B were online for the full year of 2024, generating $13.7 million and $17.0 million in Bitcoin hosting and mining revenue, respectively.
• Demand Response Services ("DRS") commenced in December 2023 and generated $2.1 million in revenue in 2024, following substantial development and preparation over the prior year.
• Total revenue grew by 9.9% to $8.3 million in Q4 2024 compared to Q3 2024, driven by higher hash price and change in customers with higher profitability.
• Capital raised at Soluna Holdings and at the Data Center Projects exceeded $31.5 million - $2.3 million in warrant exercises and $29.2 million between Soluna AL CloudCo, LLC ("CloudCo" or "Project Ada"), a wholly owned subsidiary of Soluna Cloud, Inc. ("Cloud"), and Project Dorothy 2 in the form of debt and equity, respectively.
• Soluna Digital achieved a quarterly gross profit of $2.6 million, or 31.0%, in Q4 2024 compared to $1.5 million, or 19.9%, in Q3 2024.
• Current & Restricted Cash maintained at $10.5 million at the end of 2024, while unrestricted cash grew by 23.2% to $7.8 million from the end of 2023.
• We simplified our capital structure by fully converting Convertible Loan Notes and significantly restructuring the Preferred B equity.
• Construction of Project Dorothy 2 started in the third quarter of 2024, and the initial phase of powering up is underway, which aims to increase our Bitcoin hosting capacity by 64.0%, reaching a total of 123 MW, which is expected to be fully completed by Q4 2025.
• Project Kati successfully exited the ERCOT planning phase, which is expected to unlock up to 166 MW of new Bitcoin hosting and AI joint venture opportunities for the Company.
• Term Sheets for Power for Project Rosa in 2024 and a land agreement were subsequently secured in early 2025, which is expected to unlock up to 187 MW of new Bitcoin hosting and AI joint venture opportunities for Soluna Holdings.