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Side-by-side financial comparison of CSP INC (CSPI) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
CSP INC is the larger business by last-quarter revenue ($12.0M vs $8.4M, roughly 1.4× Soluna Holdings, Inc). CSP INC runs the higher net margin — 0.8% vs -284.7%, a 285.4% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -23.2%). CSP INC produced more free cash flow last quarter ($-3.0M vs $-6.8M). Over the past eight quarters, CSP INC's revenue compounded faster (-6.3% CAGR vs -8.8%).
CSP Inc. is a U.S.-based technology firm offering cybersecurity solutions, managed IT services, high-performance computing systems, and IT consulting support. It serves enterprises across healthcare, finance, manufacturing, and public sectors in North America and select global markets.
CSPI vs SLNH — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $8.4M |
| Net Profit | $91.0K | $-24.0M |
| Gross Margin | 39.3% | 9.5% |
| Operating Margin | -0.9% | -92.5% |
| Net Margin | 0.8% | -284.7% |
| Revenue YoY | -23.2% | 11.8% |
| Net Profit YoY | -80.7% | -233.2% |
| EPS (diluted) | $0.01 | $-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 | $12.0M | — | ||
| Q3 25 | $14.5M | $8.4M | ||
| Q2 25 | $15.4M | $6.2M | ||
| Q1 25 | $13.1M | $5.9M | ||
| Q4 24 | $15.7M | $8.3M | ||
| Q3 24 | $13.0M | $7.5M | ||
| Q2 24 | $13.1M | $9.7M | ||
| Q1 24 | $13.7M | $12.5M |
| Q4 25 | $91.0K | — | ||
| Q3 25 | $-191.0K | $-24.0M | ||
| Q2 25 | $-264.0K | $-7.4M | ||
| Q1 25 | $-108.0K | $-7.6M | ||
| Q4 24 | $472.0K | $-40.0M | ||
| Q3 24 | $-1.7M | $-7.2M | ||
| Q2 24 | $-185.0K | $-10.9M | ||
| Q1 24 | $1.6M | $-5.3M |
| Q4 25 | 39.3% | — | ||
| Q3 25 | 36.6% | 9.5% | ||
| Q2 25 | 28.8% | 6.3% | ||
| Q1 25 | 32.0% | 5.7% | ||
| Q4 24 | 29.1% | -360.8% | ||
| Q3 24 | 28.4% | -39.1% | ||
| Q2 24 | 35.0% | 34.6% | ||
| Q1 24 | 47.3% | 45.4% |
| Q4 25 | -0.9% | — | ||
| Q3 25 | -3.7% | -92.5% | ||
| Q2 25 | -7.9% | -107.6% | ||
| Q1 25 | -7.6% | -120.9% | ||
| Q4 24 | -2.3% | -426.0% | ||
| Q3 24 | -15.7% | -119.8% | ||
| Q2 24 | -5.5% | -38.0% | ||
| Q1 24 | 9.0% | 3.2% |
| Q4 25 | 0.8% | — | ||
| Q3 25 | -1.3% | -284.7% | ||
| Q2 25 | -1.7% | -119.9% | ||
| Q1 25 | -0.8% | -127.3% | ||
| Q4 24 | 3.0% | -483.8% | ||
| Q3 24 | -12.7% | -95.5% | ||
| Q2 24 | -1.4% | -112.4% | ||
| Q1 24 | 11.6% | -41.9% |
| Q4 25 | $0.01 | — | ||
| Q3 25 | $-0.02 | $-1.14 | ||
| Q2 25 | $-0.03 | $-0.93 | ||
| Q1 25 | $-0.01 | $-1.21 | ||
| Q4 24 | $0.05 | $-7.14 | ||
| Q3 24 | $-0.17 | $-1.56 | ||
| Q2 24 | $-0.02 | $-3.62 | ||
| Q1 24 | $0.16 | $-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 | $24.9M | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $44.8M | $14.5M |
| Total Assets | $69.2M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | — | ||
| Q3 25 | $27.4M | — | ||
| Q2 25 | $26.3M | — | ||
| Q1 25 | $29.5M | — | ||
| Q4 24 | $30.7M | — | ||
| Q3 24 | $30.6M | — | ||
| Q2 24 | $28.9M | — | ||
| Q1 24 | $27.1M | — |
| 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 | $44.8M | — | ||
| Q3 25 | $44.6M | $14.5M | ||
| Q2 25 | $47.5M | $-19.5M | ||
| Q1 25 | $47.5M | $-16.1M | ||
| Q4 24 | $47.5M | $-12.5M | ||
| Q3 24 | $47.3M | $20.9M | ||
| Q2 24 | $48.1M | $24.4M | ||
| Q1 24 | $48.2M | $21.5M |
| Q4 25 | $69.2M | — | ||
| Q3 25 | $71.2M | $152.0M | ||
| Q2 25 | $66.8M | $92.0M | ||
| Q1 25 | $67.1M | $90.0M | ||
| Q4 24 | $67.5M | $88.0M | ||
| Q3 24 | $69.4M | $97.3M | ||
| Q2 24 | $66.8M | $98.7M | ||
| Q1 24 | $64.2M | $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 | $-2.9M | $-2.2M |
| Free Cash FlowOCF − Capex | $-3.0M | $-6.8M |
| FCF MarginFCF / Revenue | -25.1% | -81.4% |
| Capex IntensityCapex / Revenue | 0.9% | 55.2% |
| Cash ConversionOCF / Net Profit | -32.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.8M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | — | ||
| Q3 25 | $1.9M | $-2.2M | ||
| Q2 25 | $-3.3M | $-1.1M | ||
| Q1 25 | $1.9M | $-177.0K | ||
| Q4 24 | $1.7M | $-5.1M | ||
| Q3 24 | $-1.5M | $61.0K | ||
| Q2 24 | $2.4M | $-7.3M | ||
| Q1 24 | $1.7M | $3.9M |
| Q4 25 | $-3.0M | — | ||
| Q3 25 | $1.7M | $-6.8M | ||
| Q2 25 | $-3.3M | $-9.7M | ||
| Q1 25 | $1.9M | $-4.0M | ||
| Q4 24 | $1.7M | $-13.9M | ||
| Q3 24 | $-1.5M | $-3.4M | ||
| Q2 24 | $2.4M | $-7.6M | ||
| Q1 24 | $1.6M | $3.3M |
| Q4 25 | -25.1% | — | ||
| Q3 25 | 11.5% | -81.4% | ||
| Q2 25 | -21.7% | -156.8% | ||
| Q1 25 | 14.5% | -67.1% | ||
| Q4 24 | 10.8% | -168.3% | ||
| Q3 24 | -11.7% | -44.8% | ||
| Q2 24 | 17.9% | -78.2% | ||
| Q1 24 | 11.9% | 26.5% |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.6% | 55.2% | ||
| Q2 25 | 0.4% | 139.0% | ||
| Q1 25 | 0.1% | 64.2% | ||
| Q4 24 | 0.3% | 107.0% | ||
| Q3 24 | 0.1% | 45.6% | ||
| Q2 24 | 0.3% | 2.5% | ||
| Q1 24 | 0.1% | 4.2% |
| Q4 25 | -32.04× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.69× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSPI
| Products | $6.7M | 56% |
| Services | $5.3M | 44% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
