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Side-by-side financial comparison of Arcellx, Inc. (ACLX) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
Soluna Holdings, Inc is the larger business by last-quarter revenue ($8.4M vs $8.1M, roughly 1.0× Arcellx, Inc.). Soluna Holdings, Inc runs the higher net margin — -284.7% vs -766.0%, a 481.3% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -79.3%). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-63.9M). Over the past eight quarters, Soluna Holdings, Inc's revenue compounded faster (-8.8% CAGR vs -24.6%).
Arcellx, Inc. is a clinical-stage biotechnology company that develops innovative chimeric antigen receptor T (CAR-T) cell therapies for treating hard-to-treat cancers including hematologic malignancies and solid tumors. Its core pipeline targets unmet oncology medical needs, serving global patient populations and partnering with life sciences stakeholders.
ACLX vs SLNH — Head-to-Head
Income Statement — Q1 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.1M | $8.4M |
| Net Profit | $-62.3M | $-24.0M |
| Gross Margin | — | 9.5% |
| Operating Margin | -847.6% | -92.5% |
| Net Margin | -766.0% | -284.7% |
| Revenue YoY | -79.3% | 11.8% |
| Net Profit YoY | -765.1% | -233.2% |
| EPS (diluted) | $-1.13 | $-1.14 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q3 25 | — | $8.4M | ||
| Q2 25 | — | $6.2M | ||
| Q1 25 | $8.1M | $5.9M | ||
| Q4 24 | $15.3M | $8.3M | ||
| Q3 24 | $26.0M | $7.5M | ||
| Q2 24 | $27.4M | $9.7M | ||
| Q1 24 | $39.3M | $12.5M | ||
| Q4 23 | $63.1M | $10.1M |
| Q3 25 | — | $-24.0M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | $-62.3M | $-7.6M | ||
| Q4 24 | $-47.1M | $-40.0M | ||
| Q3 24 | $-25.9M | $-7.2M | ||
| Q2 24 | $-27.2M | $-10.9M | ||
| Q1 24 | $-7.2M | $-5.3M | ||
| Q4 23 | $19.8M | $-6.7M |
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | -360.8% | ||
| Q3 24 | — | -39.1% | ||
| Q2 24 | — | 34.6% | ||
| Q1 24 | — | 45.4% | ||
| Q4 23 | — | 42.4% |
| Q3 25 | — | -92.5% | ||
| Q2 25 | — | -107.6% | ||
| Q1 25 | -847.6% | -120.9% | ||
| Q4 24 | -348.2% | -426.0% | ||
| Q3 24 | -129.1% | -119.8% | ||
| Q2 24 | -127.8% | -38.0% | ||
| Q1 24 | -40.3% | 3.2% | ||
| Q4 23 | 23.8% | -23.9% |
| Q3 25 | — | -284.7% | ||
| Q2 25 | — | -119.9% | ||
| Q1 25 | -766.0% | -127.3% | ||
| Q4 24 | -308.4% | -483.8% | ||
| Q3 24 | -99.4% | -95.5% | ||
| Q2 24 | -99.3% | -112.4% | ||
| Q1 24 | -18.3% | -41.9% | ||
| Q4 23 | 31.4% | -66.2% |
| Q3 25 | — | $-1.14 | ||
| Q2 25 | — | $-0.93 | ||
| Q1 25 | $-1.13 | $-1.21 | ||
| Q4 24 | $-0.87 | $-7.14 | ||
| Q3 24 | $-0.48 | $-1.56 | ||
| Q2 24 | $-0.51 | $-3.62 | ||
| Q1 24 | $-0.14 | $-2.62 | ||
| Q4 23 | $0.42 | $-1.99 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $543.3M | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $416.9M | $14.5M |
| Total Assets | $648.1M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $543.3M | — | ||
| Q4 24 | $587.4M | — | ||
| Q3 24 | $574.3M | — | ||
| Q2 24 | $516.7M | — | ||
| Q1 24 | $573.9M | — | ||
| Q4 23 | $702.0M | — |
| Q3 25 | — | $13.3M | ||
| Q2 25 | — | $10.0M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | — | $7.1M | ||
| Q3 24 | — | $8.1M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q3 25 | — | $14.5M | ||
| Q2 25 | — | $-19.5M | ||
| Q1 25 | $416.9M | $-16.1M | ||
| Q4 24 | $454.8M | $-12.5M | ||
| Q3 24 | $483.0M | $20.9M | ||
| Q2 24 | $487.2M | $24.4M | ||
| Q1 24 | $496.6M | $21.5M | ||
| Q4 23 | $485.4M | $26.5M |
| Q3 25 | — | $152.0M | ||
| Q2 25 | — | $92.0M | ||
| Q1 25 | $648.1M | $90.0M | ||
| Q4 24 | $711.3M | $88.0M | ||
| Q3 24 | $764.9M | $97.3M | ||
| Q2 24 | $734.3M | $98.7M | ||
| Q1 24 | $779.7M | $90.6M | ||
| Q4 23 | $825.1M | $91.3M |
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-63.1M | $-2.2M |
| Free Cash FlowOCF − Capex | $-63.9M | $-6.8M |
| FCF MarginFCF / Revenue | -786.4% | -81.4% |
| Capex IntensityCapex / Revenue | 9.6% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-122.5M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $-2.2M | ||
| Q2 25 | — | $-1.1M | ||
| Q1 25 | $-63.1M | $-177.0K | ||
| Q4 24 | $-46.0M | $-5.1M | ||
| Q3 24 | $30.7M | $61.0K | ||
| Q2 24 | $-36.2M | $-7.3M | ||
| Q1 24 | $-31.9M | $3.9M | ||
| Q4 23 | $58.2M | $1.4M |
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-9.7M | ||
| Q1 25 | $-63.9M | $-4.0M | ||
| Q4 24 | $-47.5M | $-13.9M | ||
| Q3 24 | $28.4M | $-3.4M | ||
| Q2 24 | $-39.5M | $-7.6M | ||
| Q1 24 | $-38.3M | $3.3M | ||
| Q4 23 | $53.0M | $1.2M |
| Q3 25 | — | -81.4% | ||
| Q2 25 | — | -156.8% | ||
| Q1 25 | -786.4% | -67.1% | ||
| Q4 24 | -311.3% | -168.3% | ||
| Q3 24 | 109.2% | -44.8% | ||
| Q2 24 | -144.1% | -78.2% | ||
| Q1 24 | -97.7% | 26.5% | ||
| Q4 23 | 83.9% | 12.3% |
| Q3 25 | — | 55.2% | ||
| Q2 25 | — | 139.0% | ||
| Q1 25 | 9.6% | 64.2% | ||
| Q4 24 | 9.8% | 107.0% | ||
| Q3 24 | 8.8% | 45.6% | ||
| Q2 24 | 11.7% | 2.5% | ||
| Q1 24 | 16.4% | 4.2% | ||
| Q4 23 | 8.4% | 1.7% |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | 2.94× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ACLX
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
