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Side-by-side financial comparison of Journey Medical Corp (DERM) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
Journey Medical Corp is the larger business by last-quarter revenue ($16.1M vs $8.4M, roughly 1.9× Soluna Holdings, Inc). Journey Medical Corp runs the higher net margin — -7.8% vs -284.7%, a 276.9% gap on every dollar of revenue. On growth, Journey Medical Corp posted the faster year-over-year revenue change (27.3% vs 11.8%). Over the past eight quarters, Journey Medical Corp's revenue compounded faster (11.0% CAGR vs -8.8%).
Journey Medical Corp is a commercial-stage biopharmaceutical company specializing in dermatology treatments. It develops, manufactures and markets prescription and over-the-counter products addressing acne, atopic dermatitis, fungal skin infections and other dermal conditions, primarily serving healthcare providers and patients across the United States.
DERM vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $16.1M | $8.4M |
| Net Profit | $-1.2M | $-24.0M |
| Gross Margin | — | 9.5% |
| Operating Margin | -2.8% | -92.5% |
| Net Margin | -7.8% | -284.7% |
| Revenue YoY | 27.3% | 11.8% |
| Net Profit YoY | -182.0% | -233.2% |
| EPS (diluted) | $-0.04 | $-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 | $16.1M | — | ||
| Q3 25 | $17.0M | $8.4M | ||
| Q2 25 | $15.0M | $6.2M | ||
| Q1 25 | $13.1M | $5.9M | ||
| Q4 24 | $12.6M | $8.3M | ||
| Q3 24 | $14.6M | $7.5M | ||
| Q2 24 | $14.9M | $9.7M | ||
| Q1 24 | $13.0M | $12.5M |
| Q4 25 | $-1.2M | — | ||
| Q3 25 | $-2.3M | $-24.0M | ||
| Q2 25 | $-3.8M | $-7.4M | ||
| Q1 25 | $-4.1M | $-7.6M | ||
| Q4 24 | $1.5M | $-40.0M | ||
| Q3 24 | $-2.4M | $-7.2M | ||
| Q2 24 | $-3.4M | $-10.9M | ||
| Q1 24 | $-10.4M | $-5.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | 82.3% | -360.8% | ||
| Q3 24 | 63.9% | -39.1% | ||
| Q2 24 | 56.0% | 34.6% | ||
| Q1 24 | 47.7% | 45.4% |
| Q4 25 | -2.8% | — | ||
| Q3 25 | -9.0% | -92.5% | ||
| Q2 25 | -19.2% | -107.6% | ||
| Q1 25 | -25.3% | -120.9% | ||
| Q4 24 | 17.7% | -426.0% | ||
| Q3 24 | -19.8% | -119.8% | ||
| Q2 24 | -19.7% | -38.0% | ||
| Q1 24 | -77.4% | 3.2% |
| Q4 25 | -7.8% | — | ||
| Q3 25 | -13.6% | -284.7% | ||
| Q2 25 | -25.3% | -119.9% | ||
| Q1 25 | -31.0% | -127.3% | ||
| Q4 24 | 12.1% | -483.8% | ||
| Q3 24 | -16.3% | -95.5% | ||
| Q2 24 | -22.6% | -112.4% | ||
| Q1 24 | -80.1% | -41.9% |
| Q4 25 | $-0.04 | — | ||
| Q3 25 | $-0.09 | $-1.14 | ||
| Q2 25 | $-0.16 | $-0.93 | ||
| Q1 25 | $-0.18 | $-1.21 | ||
| Q4 24 | $0.10 | $-7.14 | ||
| Q3 24 | $-0.12 | $-1.56 | ||
| Q2 24 | $-0.17 | $-3.62 | ||
| Q1 24 | $-0.53 | $-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 | $24.1M | — |
| Total DebtLower is stronger | $25.3M | $13.3M |
| Stockholders' EquityBook value | $31.9M | $14.5M |
| Total Assets | $94.6M | $152.0M |
| Debt / EquityLower = less leverage | 0.79× | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.1M | — | ||
| Q3 25 | $24.9M | — | ||
| Q2 25 | $20.3M | — | ||
| Q1 25 | $21.1M | — | ||
| Q4 24 | $20.3M | — | ||
| Q3 24 | $22.5M | — | ||
| Q2 24 | $23.9M | — | ||
| Q1 24 | $24.1M | — |
| Q4 25 | $25.3M | — | ||
| Q3 25 | $25.2M | $13.3M | ||
| Q2 25 | $25.1M | $10.0M | ||
| Q1 25 | $25.0M | $10.2M | ||
| Q4 24 | $24.9M | $7.1M | ||
| Q3 24 | $19.8M | $8.1M | ||
| Q2 24 | $19.7M | $9.0M | ||
| Q1 24 | $14.7M | — |
| Q4 25 | $31.9M | — | ||
| Q3 25 | $25.9M | $14.5M | ||
| Q2 25 | $19.2M | $-19.5M | ||
| Q1 25 | $21.5M | $-16.1M | ||
| Q4 24 | $20.1M | $-12.5M | ||
| Q3 24 | $10.9M | $20.9M | ||
| Q2 24 | $11.3M | $24.4M | ||
| Q1 24 | $13.0M | $21.5M |
| Q4 25 | $94.6M | — | ||
| Q3 25 | $85.2M | $152.0M | ||
| Q2 25 | $81.2M | $92.0M | ||
| Q1 25 | $85.0M | $90.0M | ||
| Q4 24 | $80.2M | $88.0M | ||
| Q3 24 | $64.0M | $97.3M | ||
| Q2 24 | $65.2M | $98.7M | ||
| Q1 24 | $66.6M | $90.6M |
| Q4 25 | 0.79× | — | ||
| Q3 25 | 0.97× | 0.92× | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | 1.16× | — | ||
| Q4 24 | 1.24× | — | ||
| Q3 24 | 1.81× | 0.39× | ||
| Q2 24 | 1.75× | 0.37× | ||
| Q1 24 | 1.13× | — |
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 | $-6.3M | $-2.2M |
| Free Cash FlowOCF − Capex | — | $-6.8M |
| FCF MarginFCF / Revenue | — | -81.4% |
| Capex IntensityCapex / Revenue | — | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.3M | — | ||
| Q3 25 | $-2.4M | $-2.2M | ||
| Q2 25 | $-942.0K | $-1.1M | ||
| Q1 25 | $-2.8M | $-177.0K | ||
| Q4 24 | $2.2M | $-5.1M | ||
| Q3 24 | $-1.2M | $61.0K | ||
| Q2 24 | $-5.2M | $-7.3M | ||
| Q1 24 | $-5.0M | $3.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-9.7M | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | — | $-13.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | — | $-7.6M | ||
| Q1 24 | — | $3.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | -81.4% | ||
| Q2 25 | — | -156.8% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | — | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | — | -78.2% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 55.2% | ||
| Q2 25 | — | 139.0% | ||
| Q1 25 | — | 64.2% | ||
| Q4 24 | — | 107.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 4.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.46× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DERM
| Qbrexza | $5.5M | 35% |
| Emrosi | $5.0M | 31% |
| Accutane | $3.1M | 19% |
| Other | $2.5M | 15% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
