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Jessica Thomas

Chief Accounting Officer and Secretary at Soluna HoldingsSoluna Holdings
Executive

About Jessica Thomas

Jessica Thomas serves as Chief Accounting Officer and Corporate Secretary of Soluna Holdings, Inc.; she is the signatory for company proxy materials and shareholder communications in those capacities . The 2025 Annual DEF 14A identifies only the CEO and CFO in the executive officer section and does not provide biographical details (age, education, prior roles) or NEO-level compensation for Thomas; she is referenced by role/signature in proxy materials but not included in the executive officer biographies . Company-level performance indicators during 2022–2024 show the value of an initial $100 investment (TSR proxy) at $228 in 2022, $62 in 2023, and $53 in 2024, with net losses of $99,095k, $27,703k, and $58,300k, respectively . Management also disclosed 2024 revenue growth of 80.5% to $38 million in public communications .

Company performance (oldest → newest):

Metric202220232024
Value of $100 TSR ($)$228 $62 $53
Net Loss ($USD Thousands)($99,095) ($27,703) ($58,300)

Past Roles

Filings reviewed do not disclose a biography or prior roles for Jessica Thomas. She is referenced in proxies as Chief Accounting Officer and Secretary (signatory), but the executive officer section of the 2025 Annual DEF 14A included only the CEO and CFO .

External Roles

No external directorships or roles for Jessica Thomas were disclosed in the 2025 proxy or Q3 2025 10‑Q. She appears in filings as the company’s Chief Accounting Officer and Secretary (signatory) .

Fixed Compensation

  • The 2025 Annual DEF 14A discloses compensation for the CEO, CFO, and Executive Chairman, but does not provide NEO-level compensation for Jessica Thomas; base salary, target/actual bonus, and equity award detail for Thomas are not included in the named executive officer tables .

Performance Compensation

  • Company did not disclose performance metrics, weighting, targets, or payouts specifically tied to Jessica Thomas’ compensation. The Compensation Committee administers executive programs and equity awards broadly (options, restricted stock, RSUs), but Thomas is not covered in the NEO award tables .

Equity Ownership & Alignment

  • Beneficial ownership tables list directors and named executive officers; Jessica Thomas is not included, and her share ownership (direct/indirect), vested/unvested breakdown, or options status are not disclosed in the reviewed filings .
  • Policy signals:
    • No executive stock ownership guidelines: the company states it “does not impose any equity ownership guidelines on our executives” .
    • Anti‑hedging policy: the insider trading policy prohibits hedging transactions (e.g., puts/calls/derivatives that lock value) for directors, officers, and employees .
    • Clawback policy: recovery of “excess” incentive compensation following an accounting restatement applies to executive officers for the three most recently completed fiscal years .

Employment Terms

  • Appointment/Role: Jessica Thomas acts as Chief Accounting Officer and Secretary, serving as the signatory for proxy materials and shareholder communications .
  • Company‑level policies applicable to executive officers:
    • Clawback policy described above .
    • Insider trading and anti‑hedging policy described above .
  • Severance, change‑of‑control, non‑compete, garden leave, and deferred compensation terms specific to Jessica Thomas were not disclosed in the reviewed filings; such provisions appear only for other executives or in plan/policy summaries .

Performance & Track Record

  • Accounting controls/execution risk: Management disclosed a material weakness in disclosure controls for EPS calculation (treatment of complex equity instruments and unvested RSA shares) and control deficiencies over accounting for warrant exercises/derivative liabilities in Q3 2025 . As principal accounting oversight falls under the CAO’s purview, this elevates execution risk around financial reporting accuracy.
  • CFO transition: The CFO resigned effective August 21, 2025; a board member (David Michaels) was appointed interim CFO under a consulting agreement at $30k per month. The company stated the resignation was not due to disagreements over accounting or reporting .
  • Revenue trajectory: Company communications cited 2024 revenue growth of 80.5% to $38 million . Financing activity (nine months ended September 30, 2025) included $71.6 million net cash provided by financing, indicating capital intensity and balance sheet reliance during build‑out .

Compensation Structure Analysis

  • Mix and risk: NEO disclosures emphasize significant equity grants (restricted stock awards and preferred stock awards) for other executives in 2024; Thomas is not included in these tables, limiting visibility into her cash/equity mix and at‑risk pay .
  • Ownership alignment: Lack of executive ownership guidelines (explicitly stated) reduces formal alignment requirements for executives and could be viewed as a governance gap relative to peers .
  • Policies offset: The company’s clawback and anti‑hedging policies strengthen pay‑for‑performance enforcement and discourage misaligned hedging behavior .

Risk Indicators & Red Flags

  • Material weakness in financial reporting controls (EPS and warrant/derivative accounting) increases accounting/execution risk for the finance function .
  • Executive turnover in finance (CFO resignation and interim appointment) adds near‑term continuity risk in the finance organization .
  • No disclosed executive stock ownership guidelines may weaken long‑term incentive alignment for executives .
  • No evidence of pledging, hedging by executives (hedging is prohibited by policy) or related‑party transactions involving Jessica Thomas in the reviewed filings; related‑party transactions disclosed concern other parties (HEL, Yorkville SEPA) .

Investment Implications

  • Limited visibility into Jessica Thomas’ compensation and ownership limits the ability to assess her personal alignment and potential selling pressure; however, company‑wide anti‑hedging and clawback policies provide guardrails on incentive alignment .
  • The disclosed material weaknesses in EPS and complex equity accounting, combined with CFO turnover, raise execution and reporting risk—areas directly relevant to the CAO’s oversight and investor confidence in financials .
  • Company performance indicators (TSR proxy values declining from 2022 to 2024, elevated net losses) and capital‑intensive expansion suggest investors should monitor control remediation progress, finance team stability, and disclosures for any future executive‑specific compensation/ownership updates .