Net (loss) income per Share

12 Months Ended

Dec. 31, 2025

The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted per share computations for continuing operations for the years ended December 31:


(Dollars in thousands, except shares)
	2025		2024

Numerator:
Net loss	$	(56,991)	$	(58,300)
(Less) Net income (loss) attributable to non-controlling interest	(3,580)		5,034
Net loss attributable to Soluna Holdings, Inc.	(53,411)		(63,334)
Less: Preferred dividends or deemed dividends	(3,840)		(2,153)
Less: Cumulative Preferred Dividends in arrears	(11,808)		(10,844)
Balance	$	(69,059)	$	(76,331)
Denominator:
Basic and Diluted EPS:
Common shares outstanding, beginning of period, including penny warrants and excluding restricted stock awards not vested	8,106,814		2,592,455
Weighted average common shares issued during the period including penny warrants issued and outstanding and excluding restricted stock awards not vested as of year-end	20,942,034		2,516,884
Denominator for basic and diluted earnings per common shares —weighted average common shares	29,048,848		5,109,339
Basic and diluted loss per share	(2.38)		(14.94)

The Company notes as continuing operations was in a net loss for the years ended December 31, 2025 and 2024, basic and diluted EPS is the same balance as continuing operations acts as the control amount which would cause antidilution. Not included in the computation of earnings per share, assuming dilution, for the year ended December 31, 2025, were options to purchase 2,645 shares of the Company’s common stock, 508,980 nonvested restricted stock units, 26,831,293 unvested restricted stock awards, and 22,309,840 outstanding warrants not exercised which excludes penny warrants that can be potentially exercised. These potentially dilutive items were excluded because the calculation of incremental shares resulted in an anti-dilutive effect.

Not included in the computation of earnings per share, assuming dilution, for the year ended December 31, 2024, were options to purchase 3,245 shares of the Company’s common stock, 210,312 nonvested restricted stock units, 3,220,632 nonvested restricted stock awards, and 2,793,798 outstanding warrants not exercised.