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Side-by-side financial comparison of BITMINE IMMERSION TECHNOLOGIES, INC. (BMNR) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
BITMINE IMMERSION TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($11.0M vs $8.4M, roughly 1.3× Soluna Holdings, Inc). Soluna Holdings, Inc runs the higher net margin — -284.7% vs -34583.9%, a 34299.3% gap on every dollar of revenue. On growth, BITMINE IMMERSION TECHNOLOGIES, INC. posted the faster year-over-year revenue change (627.6% vs 11.8%). Over the past eight quarters, BITMINE IMMERSION TECHNOLOGIES, INC.'s revenue compounded faster (251.9% CAGR vs -8.8%).
Bitmine Immersion Technologies is a tech firm focused on developing and providing professional immersion cooling solutions for high-performance computing scenarios, including cryptocurrency mining rig clusters and data center infrastructure. Its products boost hardware operating efficiency, cut energy consumption for heat control, extend high-power computing equipment lifespan, and help clients reduce long-term operational costs.
BMNR vs SLNH — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.0M | $8.4M |
| Net Profit | $-3.8B | $-24.0M |
| Gross Margin | 87.1% | 9.5% |
| Operating Margin | -34784.7% | -92.5% |
| Net Margin | -34583.9% | -284.7% |
| Revenue YoY | 627.6% | 11.8% |
| Net Profit YoY | -330212.5% | -233.2% |
| EPS (diluted) | $-8.40 | $-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.
| Q1 26 | $11.0M | — | ||
| Q4 25 | $2.3M | — | ||
| Q3 25 | — | $8.4M | ||
| Q2 25 | $2.1M | $6.2M | ||
| Q1 25 | $1.5M | $5.9M | ||
| Q4 24 | $1.2M | $8.3M | ||
| Q3 24 | $682.4K | $7.5M | ||
| Q2 24 | $1.2M | $9.7M |
| Q1 26 | $-3.8B | — | ||
| Q4 25 | $-5.2B | — | ||
| Q3 25 | — | $-24.0M | ||
| Q2 25 | $-622.8K | $-7.4M | ||
| Q1 25 | $-1.2M | $-7.6M | ||
| Q4 24 | $-974.0K | $-40.0M | ||
| Q3 24 | — | $-7.2M | ||
| Q2 24 | $-654.2K | $-10.9M |
| Q1 26 | 87.1% | — | ||
| Q4 25 | 55.3% | — | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | 23.9% | 6.3% | ||
| Q1 25 | 20.1% | 5.7% | ||
| Q4 24 | 10.0% | -360.8% | ||
| Q3 24 | 16.4% | -39.1% | ||
| Q2 24 | 18.1% | 34.6% |
| Q1 26 | -34784.7% | — | ||
| Q4 25 | -238564.8% | — | ||
| Q3 25 | — | -92.5% | ||
| Q2 25 | -22.8% | -107.6% | ||
| Q1 25 | -60.2% | -120.9% | ||
| Q4 24 | -73.6% | -426.0% | ||
| Q3 24 | — | -119.8% | ||
| Q2 24 | -43.6% | -38.0% |
| Q1 26 | -34583.9% | — | ||
| Q4 25 | -226955.7% | — | ||
| Q3 25 | — | -284.7% | ||
| Q2 25 | -30.4% | -119.9% | ||
| Q1 25 | -76.2% | -127.3% | ||
| Q4 24 | -81.1% | -483.8% | ||
| Q3 24 | — | -95.5% | ||
| Q2 24 | -53.4% | -112.4% |
| Q1 26 | $-8.40 | — | ||
| Q4 25 | $-15.98 | — | ||
| Q3 25 | — | $-1.14 | ||
| Q2 25 | $-0.31 | $-0.93 | ||
| Q1 25 | $-0.58 | $-1.21 | ||
| Q4 24 | $-1.66 | $-7.14 | ||
| Q3 24 | — | $-1.56 | ||
| Q2 24 | $-0.26 | $-3.62 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $879.6M | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $9.9B | $14.5M |
| Total Assets | $9.9B | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $879.6M | — | ||
| Q4 25 | $887.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $1.5M | — | ||
| Q1 25 | $483.0K | — | ||
| Q4 24 | $797.3K | — | ||
| Q3 24 | $499.0K | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| 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 26 | $9.9B | — | ||
| Q4 25 | $11.3B | — | ||
| Q3 25 | — | $14.5M | ||
| Q2 25 | $2.9M | $-19.5M | ||
| Q1 25 | $2.9M | $-16.1M | ||
| Q4 24 | $3.8M | $-12.5M | ||
| Q3 24 | $4.1M | $20.9M | ||
| Q2 24 | $4.6M | $24.4M |
| Q1 26 | $9.9B | — | ||
| Q4 25 | $11.5B | — | ||
| Q3 25 | — | $152.0M | ||
| Q2 25 | $8.3M | $92.0M | ||
| Q1 25 | $7.5M | $90.0M | ||
| Q4 24 | $7.9M | $88.0M | ||
| Q3 24 | $7.3M | $97.3M | ||
| Q2 24 | $8.2M | $98.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× |
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 | $-88.2M | $-2.2M |
| Free Cash FlowOCF − Capex | — | $-6.8M |
| FCF MarginFCF / Revenue | — | -81.4% |
| Capex IntensityCapex / Revenue | 0.0% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-88.2M | — | ||
| Q4 25 | $-228.4M | — | ||
| Q3 25 | — | $-2.2M | ||
| Q2 25 | $1.7M | $-1.1M | ||
| Q1 25 | $-215.0K | $-177.0K | ||
| Q4 24 | $-96.0K | $-5.1M | ||
| Q3 24 | $-30.0K | $61.0K | ||
| Q2 24 | $-42.7K | $-7.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-228.7M | — | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-9.7M | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | $-114.0K | $-13.9M | ||
| Q3 24 | $-106.0K | $-3.4M | ||
| Q2 24 | $-61.3K | $-7.6M |
| Q1 26 | — | — | ||
| Q4 25 | -9975.2% | — | ||
| Q3 25 | — | -81.4% | ||
| Q2 25 | — | -156.8% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | -9.5% | -168.3% | ||
| Q3 24 | -15.5% | -44.8% | ||
| Q2 24 | -5.0% | -78.2% |
| Q1 26 | 0.0% | — | ||
| Q4 25 | 16.4% | — | ||
| Q3 25 | — | 55.2% | ||
| Q2 25 | 0.0% | 139.0% | ||
| Q1 25 | 0.0% | 64.2% | ||
| Q4 24 | 1.5% | 107.0% | ||
| Q3 24 | 11.1% | 45.6% | ||
| Q2 24 | 1.5% | 2.5% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BMNR
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
