Exhibit 99.1

Soluna Holdings Announces February Site Level Financials

Reiterates 1 EH/s Ramp by End of March 2022; February BTC Equivalent per day Increases 16%

ALBANY, N.Y., March 15, 2022 -- Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. ("SCI"), a developer of green data centers for cryptocurrency mining and other intensive computing, today announced the release of its February site level financials.

Michael Toporek, CEO of Soluna Holdings stated, “We are pleased to report a continued operating ramp and remain on track for our hashrate to hit 1 EH/s by the end of March and over 3 EH/s in the fourth quarter. Importantly, our project pipeline remains robust as we focus on becoming a leading curtailment solutions provider to the renewable energy industry.”

Key Summary Highlights:

Revenue & Contribution Margin Summary: 

A presentation and corresponding video is available on the Company’s website at: 

https://www.solunacomputing.com/investors/updates/february2022flash/

About Soluna Holdings, Inc.

Soluna Holdings, Inc. (Nasdaq: SLNH) is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as cryptocurrency mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna’s MTI Instruments division manufactures precision tools and testing equipment for electronics, aviation, automotive, power and other industries. Both Soluna and MTI Instruments use technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’ 

For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings. 

Forward Looking Statements

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current expectations, as of the date of this communication, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company's business strategy. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company's ability to implement its long range business plan for various applications of its technology; the Company's ability to enter into agreements with any necessary partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company's technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.

Investor Relations:

Kirin Smith, President 
PCG Advisory, Inc.
646.823.8656
[email protected]

Exhibit 99.2

HOLDINGS COMPUTING February 2022 Flash March 2022 1

Preamble The following discussion is completely qualified by the legal disclosures on the several pages following this one Our goal is to share with you some of our strategic thinking and financial analysis we are using to guide the growth of our business The discussion is in line with our principles of being accountable and transparent with shareholders We operate in a hyper dynamic economic environment. That’s a fancy way of saying things change quickly. What we are telling you here is based on our estimates and assumptions which are our best guess. We reserve the right to revise our point of view based on new information and changes in the business environment Despite an uncertain, dynamic environment, we must plan and make operating and investment decisions. This presentation lays some of that out for your review 2

Legal Disclosure & Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act that reflect our current views with respect to, among other things, our operations, business strategy, interpretation of prior development activities, plans to develop and commercialize our products and services, potential market opportunity, financial performance and needs for additional financing. We have used words like "anticipate," "believe," "could," "estimate," "expect," "future," "intend," "may," "plan," "potential," "project," "will," and similar terms and phrases to identify forward-looking statements in this presentation. The forward-looking statements contained in this presentation are based on management's current expectations and are subject to substantial risks, uncertainty and changes in circumstances. Actual results may differ materially from those expressed by these expectations due to risks and uncertainties, including, among others, those related to our ability to obtain additional capital on favorable terms to us, or at all, the success, timing and cost of ongoing or future operations, the lengthy and unpredictable nature of the project development, and technology process and businesses in which we currently engage or may engage. These risks and uncertainties include, but may not be limited to, those described in our filings with the SEC. Forward-looking statements speak only as of the date of this presentation, and we undertake no obligation to review or update any forward-looking statement except as may be required by applicable law. 3

Legal Disclosure & Disclaimer The material in this presentation has been prepared by Soluna and is general background information about Soluna’s activities, current as at the date of this presentation and is provided for information purposes only. It should be read in conjunction with Soluna’s periodic and continuous disclosure announcements filed with the Securities and Exchange Commission. This presentation provides information in summary form only and is not intended to be complete. Soluna makes no representation or warranty, express or implied, as to the accuracy, completeness, fairness or reliability of any of the information, illustrations, examples, opinions, forecasts, reports, estimates and conclusions contained in this presentation. It is not intended to be relied upon as advice or a recommendation to investors or potential investors and does not take into account the investment objectives, financial situation, taxation situation or needs of any particular investor. Due care and consideration should be undertaken when considering and analyzing Soluna’s future performance and business prospects. THIS PRESENTATION IS NOT INTENDED TO SERVE AS A FORECAST OF ANY SUCH FUTURE PERFORMANCE OR PROSPECTS. An investor must not act on any matter contained in this document but must make its own assessment of Soluna and conduct its own investigations and analysis. Investors should assess their own individual financial circumstances and consider talking to a financial adviser, professional adviser or consultant before making any investment decision. This document does not constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of any security in Soluna nor does it constitute financial product advice. This document is not a prospectus, product disclosure statement or other offer document under United States federal or state securities law or under any other law. This document has not been filed, registered or approved by regulatory authorities in any jurisdiction. Any projection, forecast, estimate or other “forward-looking” statement in this presentation only illustrates hypothetical performance under specified assumptions of events or conditions that have been clearly delineated herein. Such projections, forecasts, estimates or other “forward-looking” statements are not reliable indicators of future performance. Hypothetical or illustrative performance information contained in these materials may not be relied upon as a promise, prediction or projection of future performance and are subject to significant assumptions and limitations. In addition, not all relevant events or conditions may have been considered in developing such assumptions. READERS OF THIS DOCUMENT SHOULD UNDERSTAND THE ASSUMPTIONS AND EVALUATE WHETHER THEY ARE APPROPRIATE FOR THEIR PURPOSES. SOME EVENTS OR CONDITIONS MAY NOT HAVE BEEN CONSIDERED IN SUCH ASSUMPTIONS. ACTUAL EVENTS OR CONDITIONS WILL VARY AND MAY DIFFER MATERIALLY FROM SUCH ASSUMPTIONS. READERS SHOULD UNDERSTAND SUCH ASSUMPTIONS AND EVALUATE WHETHER THEY ARE APPROPRIATE FOR THEIR PURPOSES. This presentation may include figures related to past performance or simulated past performance as well as forecasted or simulated future performance. Soluna disclaims any obligation to update their views of such risks and uncertainties or to publicly announce the results of any revision to the forward-looking statements made herein. 4

Legal Disclosure & Disclaimer Use of Projections and Illustrations This presentation contains certain financial forecasts and illustrations. Neither Soluna’s [nor Soluna Holdings] independent auditors have studied, reviewed, compiled or performed any procedures with respect to the projections for the purpose of their inclusion in this presentation. The material in this presentation is for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, cash contribution margin, cash contribution margin excluding tornado, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Use of Estimates in Monthly Presentations Numbers presented BEFORE the release of Form 10-Q for fourth quarter ended December 31st, 2021, are monthly estimates and subject to change upon final accounting adjustments and entries. These monthly estimates are presented as an illustration of management’s review of key metrics that help in understanding the performance of the Company. Readers are strongly encouraged to review this presentation in connection with the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2021, Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2021, Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2021, and the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 5

Key Operating Principles (1) Calculated as a percent of total undiluted shares 6

We buy curtailed energy from renewable power plants and convert it to clean, low-cost global computing. Excess energy from renewable sources 7 Batch-oriented Computing like cryptocurrency mining

The opportunity beyond crypto is Batchable Computing 8 $10B Digital currencies $5B Pharma research $40B Graphics/video processing $40B Scientific research

Agenda In this presentation, we will be covering the following items: Business Update February 2022 results in detail 9

Business Update 10

Business Summary February 2022 Prop Mining BTC Equivalent generated per day increased by 16% We are scaling As of March 12th, 2022, 815 PH/s installed with over 185 PH/s on the ground being plugged in to meet our 1 EH/s target by end of March Excluding Hosting JV (284 PH/s), expect to mine over 100 BTC Equivalent a month at 1 EH/s Second quarter proprietary hashrate expected to grow over 36% Operations continue to scale. Dorothy site preparation in full swing Project pipeline continues to be robust as Soluna becomes a leading curtailment solutions provider to the renewable energy business 11

Our Targets For 2022 Our Energized Capacity Ramps Over 150 MW ✓w Our Hashrate Scales Over 3 EH ✓w Note: 2022 Earnings Power Illustration released on January 19th, 2022. Not updated since original publication. Press release and presentation can be viewed here. 12

We achieved our 1 EH/s goal 36% Prop Mining hashrate growth over the second quarter Over 185 PH/s on the ground to be installed over the upcoming weeks Remainder of growth will be Prop Mining increasing by ~36% Over 185 PH/s on the ground 815 PH/s installed as of March 12th, 2022 13 *Our Hosting JV Commitment is fulfilled **Management Estimate +/- 30 days

Capital Expenditures Dynamic crypto ecosystem drives $50-$70 million capital expenditure budget decrease Capital expenditure revised from about $300 million to $230-$250 million As crypto prices have declined, so have equipment prices 20% 24% 26% 76% 71% Jan 2022* 14 68% Current Compute Price** *Note: 2022 Earnings Power Illustration released on January 19th, 2022. Not updated since original publication. Press release and presentation can be viewed here. **Management estimate

Significant Progress On Capital Raise Actively engaged with capital providers discussing potential terms Reiterating anticipated close of MTI Instruments business sale by end of March Expect steady set of capital raising announcements through the second quarter Usually biased against disclosing term sheets and LOIs We consider from time-to-time various financing options, including Equipment financing at the project level Debt at the project level Debt at the corporate level / secured credit facility Equity partnerships at the project level Preferred equity at the corporate level Common Equity at the corporate level 15

Facility Results Review We will review each facility Then look at the consolidated results February is a 28-day month versus January’s 31 days; causes a 10% revenue difference 16

Edith Continue to optimize equipment mix at mature facility Cash Contribution Margin (Non-GAAP) rebounded from $83 thousand to $132 thousand in February o BTC equivalent mined increased by 24% from 3.66 in January to 4.54 in February o Hashrate and MW deployed decreased a bit due to optimizing mix of coins mined As of March 12, 2022, increased hashrate to 12.93 PH/s o Average February 2022 hashrate was 9.01 PH/s 24% (31 days) 17 33% (28 days) Note: Management estimate as of March 12th, 2022. Jan 2022 and Feb 2022 Hashrate is average of the month. 6% 44%

Edith: Non-GAAP Historical Financials ($ in 000s) (Unaudited) Actual Actual Actual Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 YTD 22 Revenue 891 988 277 345 284 905 324 317 222 864 3,648 150 185 336 Electricity/Direct Costs* 121 133 41 50 49 140 49 54 39 143 537 45 35 80 Overhead Costs** 101 71 18 16 28 63 19 20 19 58 293 22 19 41 $223 $204 $60 $66 $77 $203 $68 $74 $58 $200 $830 $67 $54 $121 Adjusted Cost of Cryptocurrency Revenue 1*** (Non-GAAP) Cash Contribution Margin (Non-GAAP) $668 $784 $217 $278 $206 $702 $256 $243 $164 $664 $2,818 $83 $132 $215 Cash Contribution % 75.0% 79.4% 78.5% 80.8% 72.8% 77.6% 79.0% 76.7% 73.9% 76.8% 77.3% 55.3% 71.1% 64.0% Q1 21(1) Q2 21(2) Jul 21 Aug 21 Sep 21 Q3 21(3) Oct 21 Nov 21 Dec 21 Q4 21(4) FY 21(5) Jan 22 Feb 22 YTD 22(6) 1.53 *Includes Electricity costs **Excludes $23k of project equipment repairs ***Excludes Depreciation and R&D Expenses Key Operating Metrics: Avg. MW Deployed Avg. Hashrate (SHA-256, PH/s)(7) Avg. BTC Price BTC Equivalent Mined 1.63 1.76 1.79 1.77 1.74 1.77 1.78 1.78 1.75 1.77 1.73 1.60 1.46 n/a 8.69 10.18 10.38 11.44 10.67 11.85 11.63 10.60 11.36 10.24 9.57 9.01 9.29 45,336 46,498 34,445 45,709 45,940 42,031 57,912 60,621 49,263 55,932 47,449 41,114 40,763 40,939 19.65 21.25 8.03 7.54 6.17 21.53 5.60 5.23 4.51 15.44 76.87 3.66 4.54 8.20 (1) Average of January 2021 - March 2021 (2) Average of April 2021 - June 2021 (3) Average of July 2021 - September 2021 (4) Average of October 2021 - December 2021 (5) Average of January 2021 - December 2021 (6) Average of January 2022 - February 2022 (7) We did not track the Hashrate for the first quarter 18 For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin,, cash contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Sophie Ramped to 274 PH/s as of March 12th, 2022 o A 29% increase from the average hashrate in February As of March 1, 2022, Sophie is on its long-term power contract which should enhance margins. Uptime is about 85%, rate usually varies from 2.5 ¢ per kWh to 2.7 ¢ per kWh 29% 12% (31 days) 19 3% (28 days) Note: Management estimate as of March 12th, 2022. Jan 2022 and Feb 2022 Hashrate is average of the month. 3%

Sophie: Non-GAAP Historical Financials ($ in 000s) (Unaudited) Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 YTD 22 Revenue 543 1,048 1,181 2,772 2,772 1,294 1,132 2,426 Electricity/Direct Costs* 182 159 385 726 726 349 574 922 Overhead Costs Adjusted Cost of Cryptocurrency Revenue 1** (Non-GAAP) 77 27 139 242 265 57 87 143 $258 $186 $524 $968 $991 $405 $660 $1,066 Cash Contribution Margin (Non-GAAP) $285 $862 $657 $1,804 $1,781 $888 $472 $1,360 Cash Contribution % 52.4% 82.3% 55.6% 65.1% 64.2% 68.7% 41.7% 56.1% Cash Contribution Margin excluding Tornado (Non-GAAP) $285 $862 $759 $1,906 $1,883 $888 $472 $1,360 Oct 21 Nov 21 Dec 21 Q4 21(1) FY 21(1) Jan 22 Feb 22 YTD 22(2) 4.43 7.63 10.12 7.39 7.39 13.83 14.10 13.97 42.32 77.64 157.37 92.44 92.44 205.95 211.78 208.87 57,912 60,621 49,263 55,932 47,449 41,114 40,763 40,939 9.38 17.29 23.97 49.56 58.42 31.47 27.77 59.25 *Includes Electricity costs **Excludes Depreciation and R&D Expenses Key Operating Metrics: Avg, MW Deployed Avg. Hashrate (SHA-256, PH/s) Avg. BTC Price BTC Equivalent Mined (1) Average of October 2021 - December 2021 (2) Average of January 2022 - February 2022 Note: BTC Price in FY 21 column is the average of January 2021 to December 2021 20 For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Marie Scaled up to 25 MW and fully energized Feb 10th, 2022 o Planned transformer upgrades complete Prop Mining BTC Equivalent generated increased 24% from 25.10 in January to 31.01 in February Seller’s legacy customer rolled off earlier than planned o Overhead absorbed by customer now allocated to proprietary mining. Causes margins to temporarily decrease until Soluna fills those plugs through March In March, facility experienced a near complete shut down for several days due to failure of electrical infrastructure outside of Soluna’s responsibility and purview o Utilized some of this time to perform planned maintenance and reduce future planned downtime o Some key learnings: The company needs to interject itself to inspect and assure excellence in preventive maintenance of electrical infrastructure that feeds its facilities, even if the infrastructure is not owned or maintained by Soluna 14% 26% (31 days) 21 (28 days) Note: Management estimate as of March 12th, 2022. Jan 2022 and Feb 2022 Hashrate is average of the month. 19% 11%

Marie: Non-GAAP Historical Financials(A) ($ in 000s) (Unaudited) Revenue (Non-GAAP) Prop Mining Hosting Electricity/Direct Costs* Prop Mining Hosting Overhead Costs Actual Actual Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Actual Q3 21 Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 YTD 22 $104 $668 $217 $598 $647 $1,463 $1,274 $1,267 $1,840 $4,381 $6,616 $1,561 $1,759 $3,320 104 668 217 494 402 1,114 793 595 1,238 2,626 4,512 1,032 1,264 2,296 0 0 0 104 245 349 481 672 602 1,755 2,104 529 495 1,024 $23 $190 $76 $99 $216 $392 $336 $381 $562 $1,279 $1,884 $576 $639 $1,214 23 190 76 71 61 208 83 70 236 389 811 249 290 539 0 0 0 28 155 184 253 312 326 890 1,074 326 349 675 $0 $0 $0 $30 $24 $54 $35 $48 $96 $180 $235 $57 $97 $154 Prop Mining 0 0 0 30 24 54 35 48 96 180 235 57 97 154 Hosting 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $23 $190 $76 $130 $240 $446 $371 $429 $659 $1,459 $2,118 $632 $736 $1,368 23 190 76 101 85 263 119 118 333 569 1,045 306 387 693 0 0 0 28 155 184 253 312 326 890 1,074 326 349 675 $81 $478 $141 $468 $407 $1,016 $903 $837 $1,181 $2,922 $4,498 $929 $1,023 $1,952 81 478 141 393 317 851 674 477 905 2,056 3,467 726 877 1,603 0 0 0 75 90 166 229 360 276 865 1,031 203 146 349 78.1% 71.6% 64.8% 78.3% 62.9% 69.5% 70.9% 66.1% 64.2% 66.7% 68.0% 59.5% 58.2% 58.8% 78.1% 71.6% 64.8% 79.5% 78.9% 76.4% 85.0% 80.2% 73.1% 78.3% 76.8% 70.3% 69.4% 69.8% n/a n/a n/a 72.8% 36.7% 47.4% 47.5% 53.6% 45.8% 49.3% 49.0% 38.3% 29.5% 34.1% $81 $478 $141 $468 $407 $1,016 $903 $837 $1,215 $2,955 $4,531 $929 Adjusted Cost of Cryptocurrency Revenue 2** (Non-GAAP) Prop Mining Hosting Cash Contribution Margin (Non-GAAP) Prop Mining Hosting Cash Contribution % (Non-GAAP) Prop Mining Hosting Cash Contribution Margin excluding Tornado (Non-GAAP) $1,023 $1,952 *Includes Electricity and Hosting costs **Excludes Depreciation and R&D Expenses (A) Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For details on legacy hosting, see appendix. For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated 22 financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Marie: Hosting JV Non-GAAP Historical Financials(A) ($ in 000s) (Unaudited) Actual Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 YTD 22 $0 $104 $245 $349 $481 $672 $602 $1,755 $2,104 $529 $495 $1,024 Electricity/Direct Costs* 0 28 155 184 253 312 326 890 1,074 326 349 675 Overhead Costs 0 0 0 0 0 0 0 0 0 0 0 0 $0 $28 $155 $184 $253 $312 $326 $890 $1,074 $326 $349 $675 Revenue (Non-GAAP) Adjusted Cost of Cryptocurrency Revenue 2** (Non-GAAP) Cash Contribution Margin (Non-GAAP) $0 $75 $90 $166 $229 $360 $276 $865 $1,031 $203 $146 $349 Cash Contribution % n/a 72.8% 36.7% 47.4% 47.5% 53.6% 45.8% 49.3% 49.0% 38.3% 29.5% 34.1% Jul 21 Aug 21 Sep 21 Q3 21(1) Oct 21 Nov 21 Dec 21 Q4 21(2) FY 21(3) Jan 22 Feb 22 YTD 22(4) Avg. MW Deployed - 0.32 3.67 1.99 6.30 8.08 8.13 7.50 5.30 7.80 8.50 8.15 Avg Hashrate (SHA-256, PH/s) - 9.79 81.33 45.56 198.12 277.29 254.74 243.38 164.25 252.20 257.42 254.81 34,445 45,709 45,940 42,031 57,912 60,621 49,263 55,932 47,449 41,114 40,763 40,939 - 2.27 5.34 8.31 8.31 11.08 12.22 31.38 44.35 12.86 12.15 25.01 (Non-GAAP) *Includes Electricity and Hosting costs **Excludes Depreciation and R&D Expenses Key Operating Metrics: Avg. BTC Price BTC Equivalent Mined (1) Average of July 2021 - September 2021 (2) Average of October 2021 - December 2021 (3) Average of January 2021 - December 2021 (4) Average of January 2022 - February 2022 (A) Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For details on legacy hosting, see appendix. For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated 23 financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Marie: Operating Metrics(A) Q1 21 Q2 21(1) Jul 21 Aug 21 Sep 21 Q3 21(2) Oct 21 Nov 21 Dec 21 Q4 21(3) FY 21(4) Jan 22 Feb 22 YTD 22(5) 0.00 1.58 1.49 2.36 5.41 3.09 8.80 10.67 12.45 10.64 7.46 14.75 17.29 16.02 0.00 1.58 1.49 2.04 1.74 1.76 2.50 2.59 4.32 3.14 2.16 6.95 8.79 7.87 Hosted MW (Legacy) - - - - - - - - - - - - - - Hosted JV - - - 0.32 3.67 1.99 6.30 8.08 8.13 7.50 5.30 7.80 8.50 8.15 Key Operating Metrics: Avg. MW Deployed Prop Mining Avg. Hashrate (SHA-256, PH/s) - 12.80 11.94 50.21 113.72 58.62 262.05 313.53 398.72 324.77 205.06 400.93 475.58 438.26 Prop Mining - 12.80 11.94 40.42 32.39 28.25 63.93 36.24 143.98 81.38 40.81 148.73 218.16 183.45 Hosted JV - - - 9.79 81.33 45.56 198.12 277.29 254.74 243.38 164.25 252.20 257.42 254.81 0.00 221.90 219.00 177.00 166.50 187.50 177.70 173.13 144.25 165.03 191.48 140.99 141.57 141.28 45,336 46,498 34,445 45,709 45,940 42,031 57,912 60,621 49,263 55,932 47,449 41,114 40,763 40,939 2.30 2.30 14.37 14.37 6.30 6.30 13.09 10.82 14.09 8.75 34.80 26.49 22.00 13.69 20.90 9.81 37.34 25.13 78.32 46.94 139.43 95.08 37.96 25.10 43.16 31.01 81.10 56.09 - - - 2.27 5.34 8.31 8.31 11.08 12.22 31.38 44.35 12.86 12.15 25.01 Avg. Hashrate (Scrypt, GH/s) Avg. BTC Price BTC Equivalent Mined Prop Mining Hosting (1) Average of April 2021 - June 2021 (2) Average of July 2021 - September 2021 (3) Average of October 2021 - December 2021 (4) Average of January 2021 - December 2021 (5) Average of January 2022 - February 2022 (A) Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For details on legacy hosting, see appendix. For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated 24 financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Site Consolidation Proprietary BTC generated per day increased by 16% o o February is a 28-day month: 63.32 BTC equivalent mined for 28 days results to 2.26 per day January is a 31-day month: 60.23 BTC equivalent mined for 31 days results to 1.94 per day Under absorbed overhead at Marie negatively impacted margins o Legacy hosting customer rolled off early. As Soluna plugs machines into slots through March, issue will resolve As of March 1st, electricity cost at Sophie moved from ramp up rate to contracted low-cost typical toggle price of 2.5 ¢ per kWh to 2.7 ¢ per kWh. Should significantly enhance margins 3% 14% 13% (31 days) 25 (28 days) Note: Management estimate as of March 12th, 2022. Jan 2022 and Feb 2022 Hashrate is average of the month. 17%

Consolidated Soluna Computing Non-GAAP Historical Financials(A) ($ in 000s) (Unaudited) Revenue (Non-GAAP) Prop Mining Hosting Electricity/Direct Costs* Prop Mining Hosting Overhead Costs Prop Mining Hosting Adjusted Cost of Cryptocurrency Revenue 2** (Non-GAAP) Prop Mining Hosting Cash Contribution Margin (Non-GAAP) Prop Mining Hosting Cash Contribution % (Non-GAAP) Prop Mining Hosting Cash Contribution Margin excluding Tornado (Non-GAAP) Actual Actual Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Actual Q3 21 Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 YTD 22 $995 $1,657 $494 $943 $931 $2,368 $2,142 $2,632 $3,243 $8,017 $13,036 $3,005 $3,077 $6,082 995 1,657 494 839 686 2,018 1,661 1,960 2,641 6,261 10,932 2,476 2,581 5,058 0 0 0 104 245 349 481 672 602 1,755 2,104 529 495 1,024 $143 $324 $117 $149 $265 $532 $567 $594 $987 $2,148 $3,147 $970 $1,247 $2,216 143 324 117 121 110 348 314 283 661 1,258 2,073 643 898 1,541 0 0 0 28 155 184 253 312 326 890 1,074 326 349 675 $109 $72 $18 $47 $67 $132 $131 $95 $254 $480 $793 $135 $203 $338 109 72 18 47 67 132 131 95 254 480 793 135 203 338 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $251 $396 $136 $196 $332 $664 $698 $689 $1,241 $2,628 $3,940 $1,105 $1,450 $2,555 251 396 136 168 177 481 445 378 915 1,737 2,866 779 1,101 1,879 0 0 0 28 155 184 253 312 326 890 1,074 326 349 675 $744 $1,261 $358 $747 $599 $1,703 $1,444 $1,943 $2,002 $5,389 $9,097 $1,900 $1,627 $3,527 744 1,261 358 671 509 1,538 1,215 1,582 1,726 4,524 8,066 1,698 1,481 3,178 0 0 0 75 90 166 229 360 276 865 1,031 203 146 349 74.8% 76.1% 72.5% 79.2% 64.3% 71.9% 67.4% 73.8% 61.7% 67.2% 69.8% 63.2% 52.9% 58.0% 74.8% 76.1% 72.5% 80.0% 74.2% 76.2% 73.2% 80.7% 65.4% 72.3% 73.8% 68.6% 57.4% 62.8% n/a n/a n/a 72.8% 36.7% 47.4% 47.5% 53.6% 45.8% 49.3% 49.0% 38.3% 29.5% 34.1% $744 $1,261 $358 $747 $599 $1,703 $1,444 $1,943 $2,138 $5,524 $9,233 $1,900 $1,627 $3,527 *Includes Electricity and Hosting costs **Excludes Depreciation and R&D Expenses (A) Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For details on legacy hosting, see appendix. For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated 26 financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Consolidated Soluna Computing Operating Metrics(A) Q1 21 Q2 21(1) Jul 21 Aug 21 Sep 21 Q3 21(2) Oct 21 Nov 21 Dec 21 Q4 21(3) FY 21(4) Jan 22 Feb 22 YTD 22(5) 1.63 3.34 3.28 4.13 7.15 4.85 15.01 20.09 24.31 19.80 9.33 30.18 32.85 31.52 1.63 3.34 3.28 3.81 3.48 3.52 8.71 12.01 16.18 12.30 6.39 22.38 24.35 23.37 Hosted MW (Legacy) - - - - - - - - - - - - - - Hosted JV - - - 0.32 3.67 1.99 6.30 8.08 8.13 7.50 5.30 7.80 8.50 8.15 Key Operating Metrics: Avg. MW Deployed Prop Mining Avg. Hashrate (SHA-256, PH/s) - 21.49 22.12 60.59 125.16 69.29 316.22 402.80 566.69 428.57 173.12 616.45 696.37 656.41 Prop Mining - 21.49 22.12 50.80 43.83 38.92 118.10 125.51 311.95 185.19 81.86 364.25 438.95 401.60 Hosted JV - - - 9.79 81.33 45.56 198.12 277.29 254.74 243.38 164.25 252.20 257.42 254.81 - 221.90 219.00 177.00 166.50 187.50 177.70 173.13 144.25 165.03 191.48 140.99 141.57 141.28 45,336 46,498 34,445 45,709 45,940 42,031 57,912 60,621 49,263 55,932 47,449 41,114 40,763 40,939 21.95 21.95 35.64 35.64 14.34 14.34 20.62 18.36 20.27 14.92 56.33 48.02 36.99 28.67 43.42 32.33 65.83 53.61 143.33 111.95 274.74 230.39 73.09 60.23 75.47 63.32 148.55 123.54 - - - 2.27 5.34 8.31 8.31 11.08 12.22 31.38 44.35 12.86 12.15 25.01 Avg. Hashrate (Scrypt, GH/s) Avg. BTC Price BTC Equivalent Mined Prop Mining Hosting (1) Average of April 2021 - June 2021 (2) Average of July 2021 - September 2021 (3) Average of October 2021 - December 2021 (4) Average of January 2021 - December 2021 (5) Average of January 2022 - February 2022 (A) Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For details on legacy hosting, see appendix. For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated 27 financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Operational Excellence The team has successfully ramped two facilities and planned the construction for a third Shareholders have seen how ramp ups are bumpy, issues arise and are resolved rapidly We would specifically like to thank our operations team and some if its members for working above and beyond the call of duty recently Thank you: 28 Corey Gary Phillip Nathan JT Larbi Aaron Jim Anna-Lynn

Appendix 29

Repeated From Our Earnings Power Illustration(1) Q1-22 (in 000's) Q2-22 Q3-22 Q4-22 FY22 Q1-23 Scenario 1: BTC is $20,000 Earnings Power Illustration: Various BTC Prices Total Revenue Contribution Margin 6,528 (Non-GAAP) Contribution Margin % Run-Rate Contribution Margin 12,062 20,104 46,145 25,393 3,437 3,932 7,344 13,372 28,085 17,483 52.6% 52.8% 60.9% 66.5% 60.9% 68.8% 13,747 15,728 29,377 53,487 - 69,930 10,328 14,612 22,223 35,300 82,462 42,755 Scenario 2: BTC is $45,000 Total Revenue Contribution Margin (Non-GAAP) Contribution Margin % Run-Rate Contribution Margin 7,236 11,093 17,505 28,567 64,402 34,845 70.1% 75.9% 78.8% 80.9% 78.1% 81.5% 28,945 44,374 70,022 114,268 - 139,378 12,667 19,220 29,164 46,394 107,445 56,334 9,575 15,702 24,446 39,662 89,385 48,424 Scenario 3: BTC is $60,000 Total Revenue Contribution Margin (Non-GAAP) Contribution Margin % Run-Rate Contribution Margin Note: The three scenarios represent changes in BTC price only 7,450 Combined Gross PH/s 75.6% 81.7% 83.8% 85.5% 83.2% 86.0% 38,301 62,808 97,785 158,647 - 193,697 1,000 1,261 2,001 3,008 3,008 4,000 (1) 2022 Earnings Power Illustration released on January 19th, 2022. Not updated since original publication. Press release and presentation can be viewed here. 30

Our data centers are named after catalyzers Renamed to TNT Edith Renamed to Anaconda Sophie Renamed to Python 31 Marie Edith Clarke was a pioneer in electrical engineering & power transmission. She was a first in so many ways. The first woman to earn an MSc degree at MIT in 1919. The first woman employed as an electrical engineer at General Electric in 1921. The first full-time electrical engineering professor in 1947, at University of Texas. We’re influenced by Edith’s firsts. It drives us to help make renewable, affordable energy the world’s primary power source. Sophie Wilson is a detailed oriented designer who helped invent and deploy ARM technology. This was key to unlocking the mobile and custom chip revolution. She found ways to use processors in more simple ways. We’re building a data center to help the grid. We’re using Sophie’s methods to blend details and simplicity for our first greenfield project. Marie Curie was a fearless seeker of truth—a pioneer in the field of radioactivity. She won two Nobel Prizes. In pursuit of the truth, Soluna is constructing a data center with complete transparency to help make the grid stable. Why such transparency? So, everyone can see & know what must happen, to do the right things. Including the players that have typically had a dark & controlling influence, making reckless decisions. But no longer.

Impact of Tornado on December 2021 site-level economics Estimate Sophie ($ in 000s) Revenue (Non-GAAP) Prop Mining Hosted JV Cash Contribution Margin Prop Mining Hosted JV (Non-GAAP) Marie Edith Combined Estimate Tornado Estimate Estimate Tornado Estimate Estimate Pro-Forma Dec 21 Impact* Pro-Forma Dec 21 Impact* Pro-Forma Dec 21 Dec 21 $1,181 $185 $1,366 $1,840 $56 $1,895 $222 $3,484 1,181 185 1,366 1,238 40 1,278 222 2,866 - - - 602 16 618 - 618 $657 $102 $759 $1,181 $34 $1,215 $164 $2,138 657 102 759 905 28 933 164 1,856 - - - 276 5 281 - 281 Marie excludes pass-through revenue and expenses from Legacy Hosting customers. Electricity/Direct Costs reduced by Marie “Prepaid Lease Cost” August 2021 onward. For more 32 information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: non-gaap revenue, contribution margin, cash contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. *Estimate

Consolidated Soluna Computing Non-GAAP Historical Financials With Legacy Hosting ($ in 000s) (Unaudited) Revenue Prop Mining Hosting Electricity/Direct Costs* Prop Mining Hosting Overhead Costs Prop Mining Hosting Adjusted Cost of Cryptocurrency Revenue 1** (Non-GAAP) Prop Mining Hosting Contribution Margin (Non-GAAP) Prop Mining Hosting Contribution % (Non-GAAP) Prop Mining Hosting Actual Actual Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Q3 21 Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 YTD 22 $995 $1,657 $494 $1,366 $1,264 $3,124 $2,437 $2,811 $3,348 $8,595 $14,372 $3,057 $3,077 $6,133 995 1,657 494 839 686 2,018 1,661 1,960 2,641 6,261 10,932 2,476 2,581 5,058 0 0 0 527 579 1,106 776 851 707 2,334 3,440 580 495 1,076 $143 $324 $117 $640 $671 $1,428 $906 $836 $1,207 $2,950 $4,845 $1,095 $1,333 $2,428 143 324 117 190 171 479 366 341 726 1,434 2,380 720 989 1,709 0 0 0 450 500 950 540 494 481 1,515 2,465 375 344 719 $109 $72 $18 $37 $81 $136 $131 $92 $221 $444 $761 $140 $208 $348 109 72 18 37 81 136 131 92 221 444 761 140 208 348 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $251 $396 $136 $677 $752 $1,564 $1,037 $928 $1,429 $3,394 $5,605 $1,236 $1,541 $2,776 251 396 136 227 252 615 497 434 948 1,879 3,140 860 1,197 2,057 0 0 0 450 500 950 540 494 481 1,515 2,465 375 344 719 $744 $1,261 $358 $689 $513 $1,560 $1,400 $1,883 $1,919 $5,201 $8,767 $1,821 $1,536 $3,357 744 1,261 358 612 434 1,404 1,163 1,526 1,693 4,383 7,792 1,616 1,385 3,001 0 0 0 77 79 156 236 357 226 819 975 205 151 356 74.8% 76.1% 72.5% 50.5% 40.5% 49.9% 57.4% 67.0% 57.3% 60.5% 61.0% 59.6% 49.9% 54.7% 74.8% 76.1% 72.5% 72.9% 63.3% 69.6% 70.1% 77.9% 64.1% 70.0% 71.3% 65.3% 53.6% 59.3% n/a n/a n/a 14.7% 13.6% 14.1% 30.4% 41.9% 32.0% 35.1% 28.3% 35.3% 30.5% 33.1% Actual Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate *Includes Electricity and Hosting costs **Excludes Depreciation and R&D Expenses 33 For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Consolidated Operating Metrics With Legacy Hosting Q1 21 Q2 21(1) Jul 21 Aug 21 Sep 21 Q3 21(2) Oct 21 Nov 21 Dec 21 Q4 21(3) FY 21(4) Jan 22 Feb 22 YTD 22(5) 1.63 3.34 3.28 14.32 15.67 11.09 22.21 24.61 27.36 24.73 9.79 31.44 32.85 32.15 1.63 3.34 3.28 3.81 3.48 3.52 8.71 12.01 16.18 12.30 4.79 22.38 24.35 23.37 Hosted MW (Legacy) - - - 10.18 8.52 9.35 7.20 4.52 3.05 4.92 6.69 1.26 0.00 0.63 Hosted JV - - - 0.32 3.67 1.99 6.30 8.08 8.13 7.50 5.30 7.80 8.50 8.15 - 21.49 22.12 60.59 125.16 69.29 316.22 402.80 566.69 428.57 173.12 616.45 696.37 656.41 Prop Mining - 21.49 22.12 50.80 43.83 38.92 118.10 125.51 311.95 185.19 81.86 364.25 438.95 401.60 Hosted JV - - - 9.79 81.33 45.56 198.12 277.29 254.74 243.38 164.25 252.20 257.42 254.81 0.00 221.90 219.00 177.00 166.50 187.50 177.70 173.13 144.25 165.03 143.61 140.99 141.57 141.28 45,336 46,498 34,445 45,709 45,940 42,031 57,912 60,621 49,263 55,932 47,449 41,114 40,763 40,939 21.95 21.95 35.64 35.64 14.34 14.34 29.88 18.36 27.52 14.92 74.33 48.02 42.08 28.67 46.37 32.33 67.96 53.61 153.67 111.95 302.88 230.39 74.35 60.23 75.47 63.32 149.81 123.54 - - - 11.53 12.60 26.31 13.40 14.04 14.35 41.73 72.49 14.12 12.15 26.28 Key Operating Metrics: Avg. MW Deployed Prop Mining Avg. Hashrate (SHA-256, PH/s) Avg. Hashrate (Scrypt, GH/s) Avg. BTC Price BTC Equivalent Mined Prop Mining Hosting (1) Average of April 2021 - June 2021 (2) Average of July 2021 - September 2021 (3) Average of October 2021 - December 2021 (4) Average of January 2021 - December 2021 (5) Average of January 2022 - February 2022 34 For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Marie: Non-GAAP Historical Financials With Legacy Hosting ($ in 000s) (Unaudited) Revenue Prop Mining Hosting Electricity/Direct Costs* Prop Mining Hosting Overhead Costs Actual Actual Q1 21 Q2 21 Jul 21 Aug 21 Sep 21 Actual Q3 21 Estimate Estimate Estimate Estimate Estimate Estimate Estimate Estimate Oct 21 Nov 21 Dec 21 Q4 21 FY 21 Jan 22 Feb 22 YTD 22 $104 $668 $217 $1,021 $981 $2,219 $1,569 $1,446 $1,945 $4,960 $7,951 $1,612 $1,759 $3,372 104 668 217 494 402 1,114 793 595 1,238 2,626 4,512 1,032 1,264 2,296 0 0 0 527 579 1,106 776 851 707 2,334 3,440 580 495 1,076 $23 $190 $76 $590 $622 $1,288 $675 $623 $783 $2,081 $3,582 $701 $724 $1,426 23 190 76 140 122 338 135 128 302 566 1,117 326 381 707 0 0 0 450 500 950 540 494 481 1,515 2,465 375 344 719 $0 $0 $0 $20 $38 $58 $35 $46 $64 $145 $203 $61 $102 $164 Prop Mining 0 0 0 20 38 58 35 46 64 145 203 61 102 164 Hosting 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $23 $190 $76 $610 $660 $1,347 $711 $668 $847 $2,226 $3,785 $763 $827 $1,590 23 190 76 161 160 397 171 174 366 710 1,320 387 483 870 0 0 0 450 500 950 540 494 481 1,515 2,465 375 344 719 $81 $478 $141 $411 $321 $873 $858 $777 $1,098 $2,734 $4,166 $850 $933 $1,782 81 478 141 334 242 717 622 421 872 1,915 3,192 645 781 1,426 0 0 0 77 79 156 236 357 226 819 975 205 151 356 78.1% 71.6% 64.8% 40.2% 32.7% 39.3% 54.7% 53.8% 56.5% 55.1% 52.4% 52.7% 53.0% 52.9% 78.1% 71.6% 64.8% 67.5% 60.3% 64.4% 78.5% 70.8% 70.5% 72.9% 70.7% 62.5% 61.8% 62.1% n/a n/a n/a 14.7% 13.6% 14.1% 30.4% 41.9% 32.0% 35.1% 28.3% 35.3% 30.5% 33.1% Adjusted Cost of Cryptocurrency Revenue 1** (Non-GAAP) Prop Mining Hosting Contribution Margin (Non-GAAP) Prop Mining Hosting Contribution % (Non-GAAP) Prop Mining Hosting *Includes Electricity and Hosting costs **Excludes Depreciation and R&D Expenses 35 For more information on these non-GAAP financial measures, please see the section captioned “Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures”. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: contribution margin, adjusted cost of cryptocurrency revenue and adjusted EBITDA contribution. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Reconciliation of non-GAAP results of operations to the nearest comparable GAAP measures 36

Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) Q1 2021 Soluna Computing ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII $0 $0 $0 $0 $0 $1,337 $0 $1,337 Cryptocurrency revenue (GAAP) $891 $104 $0 $0 $995 $0 $0 $995 Cost of product revenue (GAAP) 0 0 0 0 0 452 0 452 Electricity/Direct costs* 120 23 0 0 143 0 0 143 Overhead costs 170 9 6 0 185 0 0 185 Total cost of cryptocurrency revenue (GAAP) $290 $31 $7 $0 $328 $0 $0 $328 Cost of revenue (GAAP) $290 $31 $7 $0 $328 $452 $0 $780 68 8 0 0 76 17 0 93 $222 $23 $7 $0 $251 $435 $0 $687 Product revenue (GAAP) Corporate Consolidated Cost of cryptocurrency revenue (GAAP): Depreciation Adjusted Non-GAAP Cost of Revenue 1** *Includes Hosting costs **Excluding Depreciation and R&D Expenses 37

Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin (Non-GAAP) Q1 2021 Soluna Computing ($ in 000s) (Unaudited) Product revenue (GAAP) Cryptocurrency revenue (GAAP) Cost of product revenue (GAAP) Cost of cryptocurrency revenue (GAAP) Cost of revenue (GAAP) Depreciation Contribution Margin (Non-GAAP)* *Excludes R&D Expenses, SG&A Expenses 38 Edith Marie Sophie Corporate Total MTII $0 $0 $0 $0 $0 $1,337 $0 $1,337 $891 $104 $0 $0 $995 $0 $0 $995 Corporate Consolidated 0 0 0 0 0 452 0 452 290 31 7 0 328 0 0 328 $290 $31 $7 $0 $328 $452 $0 $780 68 8 0 0 76 17 0 93 $669 $81 ($7) $0 $744 $902 $0 $1,645

Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) Q2 2021 Soluna Computing ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII $0 $0 $0 $0 $0 $1,647 $0 $1,647 Cryptocurrency revenue (GAAP) $988 $669 $0 $0 $1,657 $0 $0 $1,657 Cost of product revenue (GAAP) 0 0 0 0 0 502 0 502 208 265 0 0 472 0 0 472 71 0 1 0 73 0 0 73 Total cost of cryptocurrency revenue (GAAP) $279 $264 $1 $0 $545 $0 $0 $545 Cost of revenue (GAAP) $279 $264 $1 $0 $545 $502 $0 $1,047 74 74 0 0 149 17 0 166 $204 $190 $1 $0 $396 $485 $0 $881 Product revenue (GAAP) Corporate Consolidated Cost of cryptocurrency revenue (GAAP): Electricity/Direct costs* Overhead costs Depreciation Adjusted Non-GAAP Cost of Revenue 1** *Includes Hosting costs **Excluding Depreciation and R&D Expenses 39

Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin (Non-GAAP) Q2 2021 Soluna Computing ($ in 000s) (Unaudited) Edith Product revenue (GAAP) Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $1,647 $0 $1,647 Cryptocurrency revenue (GAAP) $988 $669 $0 $0 $1,657 $0 $0 $1,657 Cost of product revenue (GAAP) 0 0 0 0 0 502 0 502 Cost of cryptocurrency revenue (GAAP) Cost of revenue (GAAP) Depreciation Contribution Margin (Non-GAAP)* *Excludes R&D Expenses, SG&A Expenses 40 Marie 279 264 1 0 545 0 0 545 $279 $264 $1 $0 $545 $502 $0 $1,047 74 74 0 0 149 17 0 166 $784 $478 ($1) $0 $1,261 $1,162 $0 $2,423

Reconciliation Of Non-GAAP Results Reconciliation from GAAP Revenue to Non-GAAP Revenue Q3 2021 Soluna Computing ($ in 000s) (Unaudited) Product revenue (GAAP) Cryptocurrency revenue (GAAP) less Legacy Hosting Revenue Revenue (Non-GAAP) 41 Edith Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $1,949 $0 $1,949 $905 $2,219 $0 $0 $3,124 $0 $0 $3,124 0 757 0 0 757 0 0 757 $905 $1,463 $0 $0 $2,368 $1,949 $0 $4,317

Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) Q3 2021 Soluna Computing ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $1,949 $0 $1,949 Cryptocurrency revenue (GAAP) $905 $2,219 $0 $0 $3,124 $0 $0 $3,124 Cost of product revenue (GAAP) 0 0 0 0 0 661 0 661 Electricity/Direct costs* 140 1,288 0 0 1,428 0 0 1,428 Overhead costs 166 134 15 0 315 0 0 315 Total cost of cryptocurrency revenue (GAAP) $306 $1,422 $15 $0 $1,743 $0 $0 $1,743 Cost of revenue (GAAP) $306 $1,422 $15 $0 $1,743 $661 $0 $2,404 Depreciation 81 75 0 0 156 19 0 175 Project Equipment Repairs 23 0 0 0 23 0 0 23 $203 $1,347 $15 $0 $1,564 $642 $0 $2,206 less Legacy Hosting Cost of Revenue 0 770 0 0 770 0 0 770 less Prepaid Lease Cost 0 130 0 0 130 0 0 130 $203 $446 $15 $0 $664 $642 $0 $1,306 Product revenue (GAAP) Cost of cryptocurrency revenue (GAAP): Adjusted Non-GAAP Cost of Revenue 1** Adjusted Non-GAAP Cost of Revenue 2** *Includes Hosting costs **Excluding Depreciation and R&D Expenses 42

Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash Contribution Margin (Non-GAAP) Q3 2021 Soluna Computing ($ in 000s) (Unaudited) Product revenue (GAAP) Cryptocurrency revenue (GAAP) Cost of product revenue (GAAP) Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $1,949 $0 $1,949 $905 $2,219 $0 $0 $3,124 $0 $0 $3,124 0 0 0 0 0 661 0 661 306 1,422 15 0 1,743 0 0 1,743 $306 $1,422 $15 $0 $1,743 $661 $0 $2,404 Depreciation 81 75 0 0 156 19 0 175 Project Equipment Repairs 23 0 0 0 23 0 0 23 $702 $873 ($15) $0 $1,560 $1,307 $0 $2,867 plus Prepaid Lease Cost 0 130 0 0 130 0 0 130 plus Legacy Hosting Contribution Margin 0 13 0 0 13 0 0 13 Cash Contribution Margin (Non-GAAP)* $702 $1,016 ($15) $0 $1,703 $1,307 $0 $3,010 Cost of cryptocurrency revenue (GAAP) Cost of revenue (GAAP) Contribution Margin (Non-GAAP)* 43 Edith

Reconciliation Of Non-GAAP Results Reconciliation from GAAP Revenue to Non-GAAP Revenue Q4 2021 Soluna Computing ($ in 000s) (Unaudited) Product revenue (GAAP) Cryptocurrency revenue (GAAP) less Legacy Hosting Revenue Revenue (Non-GAAP) 44 Edith Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $2,263 $0 $2,263 $864 $4,960 $2,772 $0 $8,595 $0 $0 $8,595 0 579 0 0 579 0 0 579 $864 $4,381 $2,772 $0 $8,017 $2,263 $0 $10,280

Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) Q4 2021 Soluna Computing ($ in 000s) (Unaudited) Edith Product revenue (GAAP) Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $2,263 $0 $2,263 Cryptocurrency revenue (GAAP) $864 $4,960 $2,772 $0 $8,595 $0 $0 $8,595 Cost of product revenue (GAAP) 0 0 0 0 0 728 0 728 Electricity/Direct costs* 143 2,081 726 0 2,950 0 0 2,950 Overhead costs 148 610 586 0 1,345 0 0 1,345 Total cost of cryptocurrency revenue (GAAP) $291 $2,692 $1,312 $0 $4,295 $0 $0 $4,295 Cost of revenue (GAAP) $291 $2,692 $1,312 $0 $4,295 $728 $0 $5,023 91 466 344 0 901 17 0 918 0 0 0 0 0 0 0 0 $200 $2,226 $968 $0 $3,394 $711 $0 $4,105 less Legacy Hosting Cost of Revenue 0 590 0 0 590 0 0 590 less Prepaid Lease Cost 0 177 0 0 177 0 0 177 $200 $1,459 $968 $0 $2,628 $711 $0 $3,339 Cost of cryptocurrency revenue (GAAP): Depreciation Project Equipment Repairs Adjusted Non-GAAP Cost of Revenue 1** Adjusted Non-GAAP Cost of Revenue 2** *Includes Hosting costs **Excluding Depreciation and R&D Expenses 45

Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash Contribution Margin (Non-GAAP) Q4 2021 Soluna Computing ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $2,263 $0 $2,263 Cryptocurrency revenue (GAAP) $864 $4,960 $2,772 $0 $8,595 $0 $0 $8,595 Cost of product revenue (GAAP) 0 0 0 0 0 728 0 728 Product revenue (GAAP) Cost of cryptocurrency revenue (GAAP) 291 2,692 1,312 0 4,295 0 0 4,295 $291 $2,692 $1,312 $0 $4,295 $728 $0 $5,023 91 466 344 0 901 17 0 918 0 0 0 0 0 0 0 0 $664 $2,734 $1,804 $0 $5,201 $1,552 $0 $6,753 plus Prepaid Lease Cost 0 177 0 0 177 0 0 177 plus Legacy Hosting Contribution Margin 0 11 0 0 11 0 0 11 Cash Contribution Margin (Non-GAAP)* $664 $2,922 $1,804 $0 $5,389 $1,552 $0 $6,941 0 34 102 0 135 0 0 135 $664 $2,955 $1,905 $0 $5,524 $1,552 $0 $7,076 Cost of revenue (GAAP) Depreciation Project Equipment Repairs Contribution Margin (Non-GAAP)* plus Tornado Impact (Management Estimate) Cash Contribution Margin (Non-GAAP) excluding Tornado* *Excludes R&D Expenses, SG&A Expenses 46

Reconciliation Of Non-GAAP Results Reconciliation from GAAP Revenue to Non-GAAP Revenue FY 2021 Soluna Computing ($ in 000s) (Unaudited) Edith Product revenue (GAAP) Cryptocurrency revenue (GAAP) less Legacy Hosting Revenue Revenue (Non-GAAP) 47 Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $7,196 $0 $7,196 $3,648 $7,952 $2,772 $0 $14,372 $0 $0 $14,372 0 1,335 0 0 1,335 0 0 1,335 $3,648 $6,617 $2,772 $0 $13,036 $7,196 $0 $20,233

Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) FY 2021 Soluna Computing ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $7,196 $0 $7,196 Cryptocurrency revenue (GAAP) $3,648 $7,952 $2,772 $0 $14,372 $0 $0 $14,372 Cost of product revenue (GAAP) 0 0 0 0 0 2,343 0 2,343 611 3,657 726 0 4,993 0 0 4,993 Product revenue (GAAP) Cost of cryptocurrency revenue (GAAP): Electricity/Direct costs* Overhead costs 555 753 609 0 1,917 0 0 1,917 Total cost of cryptocurrency revenue (GAAP) $1,166 $4,409 $1,335 $0 $6,910 $0 $0 $6,910 Cost of revenue (GAAP) $1,166 $4,409 $1,335 $0 $6,910 $2,343 $0 $9,252 314 624 344 0 1,282 70 0 1,352 23 0 0 0 23 0 0 23 $830 $3,785 $991 $0 $5,606 $2,273 $0 $7,878 less Legacy Hosting Cost of Revenue 0 1,360 0 0 1,360 0 0 1,360 less Prepaid Lease Cost 0 307 0 0 307 0 0 307 $830 $2,119 $991 $0 $3,939 $2,273 $0 $6,212 Depreciation Project Equipment Repairs Adjusted Non-GAAP Cost of Revenue 1** Adjusted Non-GAAP Cost of Revenue 2** *Includes Hosting costs **Excluding Depreciation and R&D Expenses 48

Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash Contribution Margin (Non-GAAP) FY 2021 Soluna Computing ($ in 000s) (Unaudited) Product revenue (GAAP) Cryptocurrency revenue (GAAP) Cost of product revenue (GAAP) Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $7,196 $0 $7,196 $3,648 $7,952 $2,772 $0 $14,372 $0 $0 $14,372 2,343 0 0 0 0 0 2,343 0 1,166 4,409 1,335 0 6,910 0 0 6,910 $1,166 $4,409 $1,335 $0 $6,910 $2,343 $0 $9,252 314 624 344 0 1,282 70 0 1,352 23 0 0 0 23 0 0 23 $2,818 $4,166 $1,781 $0 $8,766 $4,923 $0 $13,690 plus Prepaid Lease Cost 0 307 0 0 307 0 0 307 plus Legacy Hosting Contribution Margin 0 25 0 0 25 0 0 25 Cash Contribution Margin (Non-GAAP)* $2,818 $4,498 $1,781 $0 $9,097 $4,923 $0 $14,021 0 34 102 0 135 0 0 135 $2,818 $4,531 $1,883 $0 $9,233 $4,923 $0 $14,156 Cost of cryptocurrency revenue (GAAP) Cost of revenue (GAAP) Depreciation Project Equipment Repairs Contribution Margin (Non-GAAP)* plus Tornado Impact (Management Estimate) Cash Contribution Margin (Non-GAAP) excluding Tornado* *Excludes R&D Expenses, SG&A Expenses 49 Edith

Reconciliation Of Non-GAAP Results Reconciliation from GAAP Revenue to Non-GAAP Revenue YTD 2022 Soluna Computing ($ in 000s) (Unaudited) Edith Product revenue (GAAP) Cryptocurrency revenue (GAAP) less Legacy Hosting Revenue Revenue (Non-GAAP) 50 Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $679 $0 $679 $336 $3,372 $2,426 $0 $6,133 $0 $0 $6,133 0 52 0 0 52 0 0 52 $336 $3,320 $2,426 $0 $6,082 $679 $0 $6,761

Reconciliation Of Non-GAAP Results Reconciliation from Cost of Cryptocurrency Revenue to Adjusted Cost of Revenue (Non-GAAP) YTD 2022 Soluna Computing ($ in 000s) (Unaudited) Edith Marie Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $679 $0 $679 Cryptocurrency revenue (GAAP) $336 $3,372 $2,426 $0 $6,133 $0 $0 $6,133 Cost of product revenue (GAAP) 0 0 0 0 0 228 0 228 Product revenue (GAAP) Cost of cryptocurrency revenue (GAAP): Electricity/Direct costs* 80 1,426 922 0 2,428 0 0 2,428 102 1,103 832 0 2,037 0 0 2,037 Total cost of cryptocurrency revenue (GAAP) $182 $2,529 $1,754 $0 $4,465 $0 $0 $4,465 Cost of revenue (GAAP) $182 $2,529 $1,754 $0 $4,465 $228 $0 $4,693 61 939 688 0 1,689 10 0 1,699 0 0 0 0 0 0 0 0 $121 $1,590 $1,066 $0 $2,776 $218 $0 $2,994 Overhead costs Depreciation Project Equipment Repairs Adjusted Non-GAAP Cost of Revenue 1** less Legacy Hosting Cost of Revenue 0 54 0 0 54 0 0 54 less Prepaid Lease Cost 0 167 0 0 167 0 0 167 $121 $1,368 $1,066 $0 $2,555 $218 $0 $2,773 Adjusted Non-GAAP Cost of Revenue 2** *Includes Hosting costs **Excluding Depreciation and R&D Expenses 51

Reconciliation Of Non-GAAP Results Reconciliation from Revenue and Cost of Revenue to Contribution Margin & Cash Contribution Margin (Non-GAAP) YTD 2022 Soluna Computing ($ in 000s) (Unaudited) Edith Product revenue (GAAP) Cryptocurrency revenue (GAAP) Cost of product revenue (GAAP) Sophie Corporate Total MTII Corporate Consolidated $0 $0 $0 $0 $0 $679 $0 $679 $336 $3,372 $2,426 $0 $6,133 $0 $0 $6,133 0 0 0 0 0 228 0 228 182 2,529 1,754 0 4,465 0 0 4,465 $182 $2,529 $1,754 $0 $4,465 $228 $0 $4,693 61 939 688 0 1,689 10 0 1,699 0 0 0 0 0 0 0 0 $215 $1,782 $1,360 $0 $3,357 $461 $0 $3,818 plus Prepaid Lease Cost 0 167 0 0 167 0 0 167 plus Legacy Hosting Contribution Margin 0 2 0 0 2 0 0 2 Cash Contribution Margin (Non-GAAP)* $215 $1,952 $1,360 $0 $3,527 $461 $0 $3,988 0 0 0 0 0 0 0 0 $215 $1,952 $1,360 $0 $3,527 $461 $0 $3,988 Cost of cryptocurrency revenue (GAAP) Cost of revenue (GAAP) Depreciation Project Equipment Repairs Contribution Margin (Non-GAAP)* plus Tornado Impact (Management Estimate) Cash Contribution Margin (Non-GAAP) excluding Tornado* 52 Marie *Excludes R&D Expenses, SG&A Expenses

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