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Side-by-side financial comparison of BTCS Inc. (BTCS) 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 $7.1M, roughly 1.2× BTCS Inc.). On growth, BTCS Inc. posted the faster year-over-year revenue change (205.5% vs 11.8%). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-9.8M). Over the past eight quarters, BTCS Inc.'s revenue compounded faster (296.4% CAGR vs -8.8%).
BTCS vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.1M | $8.4M |
| Net Profit | — | $-24.0M |
| Gross Margin | 12.4% | 9.5% |
| Operating Margin | — | -92.5% |
| Net Margin | — | -284.7% |
| Revenue YoY | 205.5% | 11.8% |
| Net Profit YoY | — | -233.2% |
| EPS (diluted) | $-1.58 | $-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 | $7.1M | — | ||
| Q3 25 | $4.9M | $8.4M | ||
| Q2 25 | $2.8M | $6.2M | ||
| Q1 25 | $1.7M | $5.9M | ||
| Q4 24 | $2.3M | $8.3M | ||
| Q3 24 | $739.2K | $7.5M | ||
| Q2 24 | $561.2K | $9.7M | ||
| Q1 24 | $451.4K | $12.5M |
| Q4 25 | — | — | ||
| Q3 25 | $65.6M | $-24.0M | ||
| Q2 25 | $3.9M | $-7.4M | ||
| Q1 25 | $-17.3M | $-7.6M | ||
| Q4 24 | — | $-40.0M | ||
| Q3 24 | $-9.0M | $-7.2M | ||
| Q2 24 | $-6.7M | $-10.9M | ||
| Q1 24 | $12.3M | $-5.3M |
| Q4 25 | 12.4% | — | ||
| Q3 25 | 22.0% | 9.5% | ||
| Q2 25 | -2.9% | 6.3% | ||
| Q1 25 | 7.1% | 5.7% | ||
| Q4 24 | 2.9% | -360.8% | ||
| Q3 24 | 26.5% | -39.1% | ||
| Q2 24 | 69.9% | 34.6% | ||
| Q1 24 | 64.4% | 45.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | -92.5% | ||
| Q2 25 | — | -107.6% | ||
| Q1 25 | — | -120.9% | ||
| Q4 24 | — | -426.0% | ||
| Q3 24 | — | -119.8% | ||
| Q2 24 | — | -38.0% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | — | ||
| Q3 25 | 1328.1% | -284.7% | ||
| Q2 25 | 140.0% | -119.9% | ||
| Q1 25 | -1022.5% | -127.3% | ||
| Q4 24 | — | -483.8% | ||
| Q3 24 | -1223.0% | -95.5% | ||
| Q2 24 | -1198.9% | -112.4% | ||
| Q1 24 | 2715.3% | -41.9% |
| Q4 25 | $-1.58 | — | ||
| Q3 25 | $1.30 | $-1.14 | ||
| Q2 25 | $0.14 | $-0.93 | ||
| Q1 25 | $-0.86 | $-1.21 | ||
| Q4 24 | $0.28 | $-7.14 | ||
| Q3 24 | $-0.56 | $-1.56 | ||
| Q2 24 | $-0.43 | $-3.62 | ||
| Q1 24 | $0.63 | $-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 | $1.5M | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $139.4M | $14.5M |
| Total Assets | $214.6M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | — | ||
| Q3 25 | $4.5M | — | ||
| Q2 25 | $639.2K | — | ||
| Q1 25 | $269.9K | — | ||
| Q4 24 | $2.0M | — | ||
| Q3 24 | $254.5K | — | ||
| Q2 24 | $536.7K | — | ||
| Q1 24 | $670.6K | — |
| 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 24 | — | — |
| Q4 25 | $139.4M | — | ||
| Q3 25 | $225.4M | $14.5M | ||
| Q2 25 | $31.1M | $-19.5M | ||
| Q1 25 | $20.6M | $-16.1M | ||
| Q4 24 | $34.0M | $-12.5M | ||
| Q3 24 | $25.2M | $20.9M | ||
| Q2 24 | $33.1M | $24.4M | ||
| Q1 24 | $39.3M | $21.5M |
| Q4 25 | $214.6M | — | ||
| Q3 25 | $298.9M | $152.0M | ||
| Q2 25 | $40.8M | $92.0M | ||
| Q1 25 | $21.0M | $90.0M | ||
| Q4 24 | $38.2M | $88.0M | ||
| Q3 24 | $26.5M | $97.3M | ||
| Q2 24 | $33.8M | $98.7M | ||
| Q1 24 | $39.5M | $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 | $-9.8M | $-2.2M |
| Free Cash FlowOCF − Capex | $-9.8M | $-6.8M |
| FCF MarginFCF / Revenue | -138.1% | -81.4% |
| Capex IntensityCapex / Revenue | 0.2% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-15.8M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.8M | — | ||
| Q3 25 | $-2.8M | $-2.2M | ||
| Q2 25 | $-1.3M | $-1.1M | ||
| Q1 25 | $-1.9M | $-177.0K | ||
| Q4 24 | $-3.5M | $-5.1M | ||
| Q3 24 | $-695.2K | $61.0K | ||
| Q2 24 | $-924.1K | $-7.3M | ||
| Q1 24 | $-769.0K | $3.9M |
| Q4 25 | $-9.8M | — | ||
| Q3 25 | $-2.8M | $-6.8M | ||
| Q2 25 | $-1.3M | $-9.7M | ||
| Q1 25 | $-1.9M | $-4.0M | ||
| Q4 24 | $-3.5M | $-13.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | — | $-7.6M | ||
| Q1 24 | — | $3.3M |
| Q4 25 | -138.1% | — | ||
| Q3 25 | -56.7% | -81.4% | ||
| Q2 25 | -48.2% | -156.8% | ||
| Q1 25 | -112.7% | -67.1% | ||
| Q4 24 | -152.2% | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | — | -78.2% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.1% | 55.2% | ||
| Q2 25 | 0.1% | 139.0% | ||
| Q1 25 | 0.1% | 64.2% | ||
| Q4 24 | 0.1% | 107.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 4.2% |
| Q4 25 | — | — | ||
| Q3 25 | -0.04× | — | ||
| Q2 25 | -0.34× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.06× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BTCS
| Builder Plus | $5.9M | 83% |
| Other | $1.2M | 17% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
