v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net loss $ (15,134) $ (11,689)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation expense 3,121 3,091
Amortization expense 4,746 4,743
Stock-based compensation 3,789 2,029
Deferred income taxes (1,051) (1,259)
Impairment on fixed assets 12 130
Provision for credit losses 244
Amortization of operating lease asset 30 122
(Gain) loss on debt extinguishment and revaluation, net (551) 8,698
Amortization of deferred financing costs and discount on notes 338 59
SEPA fair value revaluation 118
Loss on sale of fixed assets 22 21
Changes in operating assets and liabilities:    
Accounts receivable 44 (486)
Prepaid expenses and other current assets (455) (10,767)
Other long-term assets 1,607 1
Accounts payable 1,102 353
Contract liability (667)
Operating lease liabilities (30) (123)
Other liabilities and customer deposits 644 (404)
Accrued liabilities and interest payable 1,042 1,764
Net cash used in operating activities (1,273) (3,473)
Investing Activities    
Purchases of property, plant and equipment (12,365) (278)
Purchases of intangible assets (83) (64)
Proceeds from sale of property, plant and equipment 215
Deposits on equipment, net 4,099 (2,096)
Net cash used in investing activities (8,349) (2,223)
Financing Activities    
Proceeds from common stock warrant exercises 2,304
Proceeds from sale of common stock on SEPA 2,005
Proceeds from notes 5,269 13,220
Proceeds from sale of common stock on ATM 2,178
Payments on notes and deferred financing costs (3,275) (1,910)
Payments on ATM (132)
Contributions from non-controlling interest 11,852
Distributions to non-controlling interest (3,575) (5,776)
Net cash provided by financing activities 14,322 7,838
Increase in cash & restricted cash 4,700 2,142
Cash & restricted cash – beginning of period 10,453 10,367
Cash & restricted cash – end of period 15,153 12,509
Supplemental Disclosure of Cash Flow Information    
Interest paid on debt 685 203
Warrant consideration in relation to convertible notes and revaluation of warrant liability 7,648
Notes converted to common stock 3,712
Noncash membership distribution accrual 323 456
Warrant consideration in relation to Soluna Cloud 314
Fair value consideration for Green Cloud issuance of shares $ 810