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Side-by-side financial comparison of Aquestive Therapeutics, Inc. (AQST) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
Aquestive Therapeutics, Inc. is the larger business by last-quarter revenue ($13.0M vs $8.4M, roughly 1.5× Soluna Holdings, Inc). Aquestive Therapeutics, Inc. runs the higher net margin — -244.8% vs -284.7%, a 39.9% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs 9.7%). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-8.6M). Over the past eight quarters, Aquestive Therapeutics, Inc.'s revenue compounded faster (3.9% CAGR vs -8.8%).
Aquestive Therapeutics is a specialty pharmaceutical company focused on developing and commercializing innovative treatments for central nervous system disorders. It leverages proprietary drug delivery technologies to create accessible, patient-friendly therapeutic options, serving healthcare providers and patients across North America and European markets, with core offerings addressing unmet needs in neurology and psychiatry.
AQST vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.0M | $8.4M |
| Net Profit | $-31.9M | $-24.0M |
| Gross Margin | 55.2% | 9.5% |
| Operating Margin | -221.6% | -92.5% |
| Net Margin | -244.8% | -284.7% |
| Revenue YoY | 9.7% | 11.8% |
| Net Profit YoY | -86.8% | -233.2% |
| EPS (diluted) | $-0.26 | $-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.
| Q4 25 | $13.0M | — | ||
| Q3 25 | $12.8M | $8.4M | ||
| Q2 25 | $10.0M | $6.2M | ||
| Q1 25 | $8.7M | $5.9M | ||
| Q4 24 | $11.9M | $8.3M | ||
| Q3 24 | $13.5M | $7.5M | ||
| Q2 24 | $20.1M | $9.7M | ||
| Q1 24 | $12.1M | $12.5M |
| Q4 25 | $-31.9M | — | ||
| Q3 25 | $-15.4M | $-24.0M | ||
| Q2 25 | $-13.5M | $-7.4M | ||
| Q1 25 | $-22.9M | $-7.6M | ||
| Q4 24 | $-17.1M | $-40.0M | ||
| Q3 24 | $-11.5M | $-7.2M | ||
| Q2 24 | $-2.7M | $-10.9M | ||
| Q1 24 | $-12.8M | $-5.3M |
| Q4 25 | 55.2% | — | ||
| Q3 25 | 64.8% | 9.5% | ||
| Q2 25 | 54.4% | 6.3% | ||
| Q1 25 | 58.1% | 5.7% | ||
| Q4 24 | 61.9% | -360.8% | ||
| Q3 24 | 67.2% | -39.1% | ||
| Q2 24 | 77.5% | 34.6% | ||
| Q1 24 | 63.6% | 45.4% |
| Q4 25 | -221.6% | — | ||
| Q3 25 | -89.6% | -92.5% | ||
| Q2 25 | -113.6% | -107.6% | ||
| Q1 25 | -222.1% | -120.9% | ||
| Q4 24 | -114.4% | -426.0% | ||
| Q3 24 | -61.2% | -119.8% | ||
| Q2 24 | 0.3% | -38.0% | ||
| Q1 24 | -74.3% | 3.2% |
| Q4 25 | -244.8% | — | ||
| Q3 25 | -120.6% | -284.7% | ||
| Q2 25 | -135.4% | -119.9% | ||
| Q1 25 | -263.0% | -127.3% | ||
| Q4 24 | -143.7% | -483.8% | ||
| Q3 24 | -85.0% | -95.5% | ||
| Q2 24 | -13.7% | -112.4% | ||
| Q1 24 | -106.4% | -41.9% |
| Q4 25 | $-0.26 | — | ||
| Q3 25 | $-0.14 | $-1.14 | ||
| Q2 25 | $-0.14 | $-0.93 | ||
| Q1 25 | $-0.24 | $-1.21 | ||
| Q4 24 | $-0.18 | $-7.14 | ||
| Q3 24 | $-0.13 | $-1.56 | ||
| Q2 24 | $-0.03 | $-3.62 | ||
| Q1 24 | $-0.17 | $-2.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | $27.5M | $13.3M |
| Stockholders' EquityBook value | $-33.7M | $14.5M |
| Total Assets | $160.4M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | $129.1M | — | ||
| Q2 25 | $60.5M | — | ||
| Q1 25 | $68.7M | — | ||
| Q4 24 | $71.5M | — | ||
| Q3 24 | $77.9M | — | ||
| Q2 24 | $89.9M | — | ||
| Q1 24 | $95.2M | — |
| Q4 25 | $27.5M | — | ||
| Q3 25 | $45.0M | $13.3M | ||
| Q2 25 | $45.0M | $10.0M | ||
| Q1 25 | $45.0M | $10.2M | ||
| Q4 24 | $32.5M | $7.1M | ||
| Q3 24 | $45.0M | $8.1M | ||
| Q2 24 | $45.0M | $9.0M | ||
| Q1 24 | $45.0M | — |
| Q4 25 | $-33.7M | — | ||
| Q3 25 | $-4.1M | $14.5M | ||
| Q2 25 | $-72.6M | $-19.5M | ||
| Q1 25 | $-60.9M | $-16.1M | ||
| Q4 24 | $-60.2M | $-12.5M | ||
| Q3 24 | $-45.4M | $20.9M | ||
| Q2 24 | $-35.5M | $24.4M | ||
| Q1 24 | $-36.3M | $21.5M |
| Q4 25 | $160.4M | — | ||
| Q3 25 | $163.6M | $152.0M | ||
| Q2 25 | $93.7M | $92.0M | ||
| Q1 25 | $102.2M | $90.0M | ||
| Q4 24 | $101.4M | $88.0M | ||
| Q3 24 | $110.0M | $97.3M | ||
| Q2 24 | $117.6M | $98.7M | ||
| Q1 24 | $129.5M | $90.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | — |
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 | $-8.5M | $-2.2M |
| Free Cash FlowOCF − Capex | $-8.6M | $-6.8M |
| FCF MarginFCF / Revenue | -65.7% | -81.4% |
| Capex IntensityCapex / Revenue | 0.7% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-53.0M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.5M | — | ||
| Q3 25 | $-12.6M | $-2.2M | ||
| Q2 25 | $-7.9M | $-1.1M | ||
| Q1 25 | $-23.4M | $-177.0K | ||
| Q4 24 | $-6.5M | $-5.1M | ||
| Q3 24 | $-11.9M | $61.0K | ||
| Q2 24 | $-7.0M | $-7.3M | ||
| Q1 24 | $-10.4M | $3.9M |
| Q4 25 | $-8.6M | — | ||
| Q3 25 | $-12.9M | $-6.8M | ||
| Q2 25 | $-8.0M | $-9.7M | ||
| Q1 25 | $-23.5M | $-4.0M | ||
| Q4 24 | $-6.5M | $-13.9M | ||
| Q3 24 | $-12.0M | $-3.4M | ||
| Q2 24 | $-7.0M | $-7.6M | ||
| Q1 24 | $-10.4M | $3.3M |
| Q4 25 | -65.7% | — | ||
| Q3 25 | -100.6% | -81.4% | ||
| Q2 25 | -80.2% | -156.8% | ||
| Q1 25 | -269.9% | -67.1% | ||
| Q4 24 | -54.8% | -168.3% | ||
| Q3 24 | -88.3% | -44.8% | ||
| Q2 24 | -35.0% | -78.2% | ||
| Q1 24 | -86.4% | 26.5% |
| Q4 25 | 0.7% | — | ||
| Q3 25 | 1.8% | 55.2% | ||
| Q2 25 | 1.1% | 139.0% | ||
| Q1 25 | 1.5% | 64.2% | ||
| Q4 24 | 0.1% | 107.0% | ||
| Q3 24 | 0.6% | 45.6% | ||
| Q2 24 | 0.2% | 2.5% | ||
| Q1 24 | 0.2% | 4.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AQST
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
