v3.26.1
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company currently issues awards under the Soluna Holdings, Inc. Third Amended and Restated 2021 Stock Incentive Plan, as amended (the “2021 Plan”), and the Soluna Holdings, Inc. Amended and Restated 2023 Stock Incentive Plan, as amended (the “2023 Plan”). There were no amendments to the 2021 Plan or the 2023 Plan during the three and six months ended June 30, 2026. For further details regarding our stock-based compensation plans and the methods and assumptions used in the determination of the fair value of stock-based awards, refer to our Annual Report on Form 10-K filed with the SEC on March 30, 2026.
During the three months ended June 30, 2026, the Company awarded the following under the 2021 Plan.
Award TypeNumber of Awards
Fair Value/Closing
Market Price at Grant
Restricted Stock Awards – Common Stock8,471,834$1.67 
During the three months ended June 30, 2026, the Company awarded the following under the 2023 Plan:
Award TypeNumber of AwardsFair Value/Closing
Market Price at Grant
Restricted Stock Awards – Common Stock12,039,001$1.67 
Restricted Stock Units – Common Stock35,000$1.67 
12,074,001
During the six months ended June 30, 2026, the Company awarded the following under both the 2021 and 2023 Plan:
Award TypeNumber of Awards
Fair Value/Closing
Market Price at Grant
Plan
Restricted Stock Awards – Common Stock1,373,000$1.17 2023 Plan
Restricted Stock Awards – Common Stock12,039,001$1.67 2023 Plan
Restricted Stock Awards – Common Stock8,471,834$1.67 2021 Plan
Restricted Stock Units – Common Stock50,000$1.17 2023 Plan
Restricted Stock Units – Common Stock485,000$0.87 2023 Plan
Restricted Stock Units – Common Stock1,281,250$0.75 2023 Plan
Restricted Stock Units – Common Stock140,000$0.71 2023 Plan
Restricted Stock Units – Common Stock35,000$1.67 2023 Plan
23,875,085
12,888,557 of the restricted stock awards vest at separation from the Company, 1,373,000 of the restricted stock awards vest 33% on December 1, 2026, 33% on December 1, 2027, and 34% on December 1, 2028. 7,622,278 of the restricted stock awards vest 33% on June 1, 2027, 33% on June 1, 2028, and 34% on June 1, 2029. 50,000 of the restricted stock units vest 25% on April 1, 2026 and the remaining 75% in equal quarterly installments over the next 24 months with the first quarterly vesting on June 20, 2026. 485,000 of the restricted stock units vest 33% on January 1, 2027, 33% on January 1, 2028, and 34% on January 1, 2029. 1,281,250 of the restricted stock units vest 33% on March 9, 2027, 33% on March 9, 2028, and 34% on March 9, 2029. 140,000 of the restricted stock units vest 33% on March 24, 2027, 33% on March 24, 2028, and 34% on March 24, 2029. 35,000 of the restricted stock units vest 33% on June 1, 2027, 33% on June 1, 2028, and 34% on June 1, 2029.
During the three and six months ended June 30, 2025, the Company awarded the following under the 2021 Plan:
Award TypeNumber of AwardsFair Value/Closing
Market Price at Grant
Restricted Stock Awards – Common Stock2,140,683$0.64 
Restricted Stock Units- Common Stock32,000$0.63 
2,172,683
1,201,312 of the restricted stock awards vest at separation from the Company, 939,371 of the restricted stock awards vest 33% on June 1 ,2026, 33% on June 1, 2027 and 34% on June 1, 2028, and 32,000 of the restricted stock units vest 33% on June 3, 2026, 33% on June 3, 2027 and 34% on June 3, 2028.
During the three and six months ended June 30, 2025, there were no awards granted under the 2023 Plan.
Share-based compensation expense recognized in the Condensed Consolidated Statements of Operations is based on awards ultimately expected to vest, therefore, awards are reduced for estimated forfeitures. The accounting standard requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company will recognize the compensation expense on a straight-line basis over the service period for the entire awards. As of June 30, 2026 and December 31, 2025, the awards from the Plans are presented within the stockholders’ equity section of the Company’s condensed balance sheet.

Total share-based compensation expense, related to the Company’s share-based awards, recognized for the three and six months ended June 30, was comprised as follows:

(Dollars in thousands)Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Cost of cryptocurrency mining revenue, exclusive of depreciation$14 $3 $35 $9 
Cost of data hosting revenue, exclusive of depreciation105 38 197 69 
General and administrative expenses, exclusive of depreciation and amortization9,361 1,901 19,470 3,711 
Total share-based compensation expense$9,480 $1,942 $19,702 $3,789