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Side-by-side financial comparison of Circle Internet Group, Inc. (CRCL) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
Circle Internet Group, Inc. is the larger business by last-quarter revenue ($739.8M vs $8.4M, roughly 87.9× Soluna Holdings, Inc). Circle Internet Group, Inc. runs the higher net margin — 29.0% vs -284.7%, a 313.7% gap on every dollar of revenue. On growth, Circle Internet Group, Inc. posted the faster year-over-year revenue change (5113.5% vs 11.8%). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-14.7M).
Circle is a payments technology company. Funded by Jeremy Allaire and Sean Neville in 2013, it is currently headquartered in New York City and issues two types of stablecoin: USDC, which has a conversion rate pegged to the U.S. dollar, and EURC, which is euro-denominated. It also issues USYC, a tokenized money market fund.
CRCL vs SLNH — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $739.8M | $8.4M |
| Net Profit | $214.4M | $-24.0M |
| Gross Margin | — | 9.5% |
| Operating Margin | 11.0% | -92.5% |
| Net Margin | 29.0% | -284.7% |
| Revenue YoY | 5113.5% | 11.8% |
| Net Profit YoY | 202.0% | -233.2% |
| EPS (diluted) | $0.64 | $-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 | $739.8M | $8.4M | ||
| Q2 25 | $658.1M | $6.2M | ||
| Q1 25 | — | $5.9M | ||
| Q4 24 | — | $8.3M | ||
| Q3 24 | — | $7.5M | ||
| Q2 24 | $6.8M | $9.7M | ||
| Q1 24 | — | $12.5M | ||
| Q4 23 | — | $10.1M |
| Q3 25 | $214.4M | $-24.0M | ||
| Q2 25 | $-482.1M | $-7.4M | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $-40.0M | ||
| Q3 24 | — | $-7.2M | ||
| Q2 24 | $32.9M | $-10.9M | ||
| Q1 24 | — | $-5.3M | ||
| Q4 23 | — | $-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 | 11.0% | -92.5% | ||
| Q2 25 | -49.5% | -107.6% | ||
| Q1 25 | — | -120.9% | ||
| Q4 24 | — | -426.0% | ||
| Q3 24 | — | -119.8% | ||
| Q2 24 | — | -38.0% | ||
| Q1 24 | — | 3.2% | ||
| Q4 23 | — | -23.9% |
| Q3 25 | 29.0% | -284.7% | ||
| Q2 25 | -73.3% | -119.9% | ||
| Q1 25 | — | -127.3% | ||
| Q4 24 | — | -483.8% | ||
| Q3 24 | — | -95.5% | ||
| Q2 24 | 486.5% | -112.4% | ||
| Q1 24 | — | -41.9% | ||
| Q4 23 | — | -66.2% |
| Q3 25 | $0.64 | $-1.14 | ||
| Q2 25 | $-4.48 | $-0.93 | ||
| Q1 25 | — | $-1.21 | ||
| Q4 24 | — | $-7.14 | ||
| Q3 24 | — | $-1.56 | ||
| Q2 24 | $0.00 | $-3.62 | ||
| Q1 24 | — | $-2.62 | ||
| Q4 23 | — | $-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 | $1.3B | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $3.0B | $14.5M |
| Total Assets | $76.8B | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $457.5M | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| 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 | $3.0B | $14.5M | ||
| Q2 25 | $2.4B | $-19.5M | ||
| Q1 25 | — | $-16.1M | ||
| Q4 24 | — | $-12.5M | ||
| Q3 24 | — | $20.9M | ||
| Q2 24 | $460.9M | $24.4M | ||
| Q1 24 | — | $21.5M | ||
| Q4 23 | — | $26.5M |
| Q3 25 | $76.8B | $152.0M | ||
| Q2 25 | $64.2B | $92.0M | ||
| Q1 25 | — | $90.0M | ||
| Q4 24 | — | $88.0M | ||
| Q3 24 | — | $97.3M | ||
| Q2 24 | — | $98.7M | ||
| Q1 24 | — | $90.6M | ||
| Q4 23 | — | $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 | $-10.7M | $-2.2M |
| Free Cash FlowOCF − Capex | $-14.7M | $-6.8M |
| FCF MarginFCF / Revenue | -2.0% | -81.4% |
| Capex IntensityCapex / Revenue | 0.5% | 55.2% |
| Cash ConversionOCF / Net Profit | -0.05× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-10.7M | $-2.2M | ||
| Q2 25 | $303.7M | $-1.1M | ||
| Q1 25 | — | $-177.0K | ||
| Q4 24 | — | $-5.1M | ||
| Q3 24 | — | $61.0K | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $3.9M | ||
| Q4 23 | — | $1.4M |
| Q3 25 | $-14.7M | $-6.8M | ||
| Q2 25 | $296.3M | $-9.7M | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | — | $-13.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | — | $-7.6M | ||
| Q1 24 | — | $3.3M | ||
| Q4 23 | — | $1.2M |
| Q3 25 | -2.0% | -81.4% | ||
| Q2 25 | 45.0% | -156.8% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | — | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | — | -78.2% | ||
| Q1 24 | — | 26.5% | ||
| Q4 23 | — | 12.3% |
| Q3 25 | 0.5% | 55.2% | ||
| Q2 25 | 1.1% | 139.0% | ||
| Q1 25 | — | 64.2% | ||
| Q4 24 | — | 107.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 4.2% | ||
| Q4 23 | — | 1.7% |
| Q3 25 | -0.05× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRCL
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
