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Side-by-side financial comparison of Solowin Holdings, Ltd. (AXG) and Black Hawk Acquisition Corp (BKHA). Click either name above to swap in a different company.
Solowin Holdings, Ltd. is the larger business by last-quarter revenue ($410.0K vs $230.6K, roughly 1.8× Black Hawk Acquisition Corp).
AXG vs BKHA — Head-to-Head
Income Statement — Q2 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $410.0K | $230.6K |
| Net Profit | — | $-3.8K |
| Gross Margin | — | — |
| Operating Margin | -34.1% | -94.5% |
| Net Margin | — | -1.6% |
| Revenue YoY | — | — |
| Net Profit YoY | — | -100.5% |
| EPS (diluted) | — | — |
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 | — | $230.6K | ||
| Q3 25 | — | $494.5K | ||
| Q2 25 | — | $767.6K | ||
| Q1 25 | — | $765.9K | ||
| Q3 24 | $410.0K | $965.5K | ||
| Q2 24 | — | $668.2K |
| Q4 25 | — | $-3.8K | ||
| Q3 25 | — | $154.4K | ||
| Q2 25 | — | $520.5K | ||
| Q1 25 | — | $658.4K | ||
| Q3 24 | — | $883.8K | ||
| Q2 24 | — | $310.9K |
| Q4 25 | — | -94.5% | ||
| Q3 25 | — | -69.0% | ||
| Q2 25 | — | -32.3% | ||
| Q1 25 | — | -14.2% | ||
| Q3 24 | -34.1% | -8.8% | ||
| Q2 24 | — | -53.8% |
| Q4 25 | — | -1.6% | ||
| Q3 25 | — | 31.2% | ||
| Q2 25 | — | 67.8% | ||
| Q1 25 | — | 86.0% | ||
| Q3 24 | — | 91.5% | ||
| Q2 24 | — | 46.5% |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.5M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $6.0M | $-3.8M |
| Total Assets | $13.1M | $23.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $2.5M | — | ||
| Q2 24 | — | — |
| Q4 25 | — | $-3.8M | ||
| Q3 25 | — | $-3.3M | ||
| Q2 25 | — | $-2.5M | ||
| Q1 25 | — | $-2.3M | ||
| Q3 24 | $6.0M | $-2.1M | ||
| Q2 24 | — | $-2.0M |
| Q4 25 | — | $23.9M | ||
| Q3 25 | — | $23.3M | ||
| Q2 25 | — | $73.5M | ||
| Q1 25 | — | $72.8M | ||
| Q3 24 | $13.1M | $71.4M | ||
| Q2 24 | — | $70.5M |
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 | $-1.6M | $-100.5K |
| Free Cash FlowOCF − Capex | $-1.6M | — |
| FCF MarginFCF / Revenue | -392.9% | — |
| Capex IntensityCapex / Revenue | 4.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-100.5K | ||
| Q3 25 | — | $-107.9K | ||
| Q2 25 | — | $-278.6K | ||
| Q1 25 | — | $-163.3K | ||
| Q3 24 | $-1.6M | $-42.8K | ||
| Q2 24 | — | $-414.2K |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $-1.6M | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | -392.9% | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.70× | ||
| Q2 25 | — | -0.54× | ||
| Q1 25 | — | -0.25× | ||
| Q3 24 | — | -0.05× | ||
| Q2 24 | — | -1.33× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
