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Side-by-side financial comparison of enCore Energy Corp. (EU) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
enCore Energy Corp. is the larger business by last-quarter revenue ($12.4M vs $8.4M, roughly 1.5× Soluna Holdings, Inc). enCore Energy Corp. runs the higher net margin — -173.9% vs -284.7%, a 110.8% gap on every dollar of revenue. enCore Energy Corp. produced more free cash flow last quarter ($7.2M vs $-6.8M).
Devon Energy Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware with operational headquarters in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its operations are in the Delaware Basin, Eagle Ford Group, and the Rocky Mountains.
EU vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.4M | $8.4M |
| Net Profit | $-21.5M | $-24.0M |
| Gross Margin | 37.9% | 9.5% |
| Operating Margin | -135.9% | -92.5% |
| Net Margin | -173.9% | -284.7% |
| Revenue YoY | — | 11.8% |
| Net Profit YoY | — | -233.2% |
| EPS (diluted) | $-0.11 | $-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 | $12.4M | — | ||
| Q3 25 | $8.9M | $8.4M | ||
| Q2 25 | $3.7M | $6.2M | ||
| Q1 25 | $18.2M | $5.9M | ||
| Q4 24 | — | $8.3M | ||
| Q3 24 | — | $7.5M | ||
| Q2 24 | — | $9.7M | ||
| Q1 24 | — | $12.5M |
| Q4 25 | $-21.5M | — | ||
| Q3 25 | $-4.8M | $-24.0M | ||
| Q2 25 | $-6.3M | $-7.4M | ||
| Q1 25 | $-24.2M | $-7.6M | ||
| Q4 24 | — | $-40.0M | ||
| Q3 24 | — | $-7.2M | ||
| Q2 24 | — | $-10.9M | ||
| Q1 24 | — | $-5.3M |
| Q4 25 | 37.9% | — | ||
| Q3 25 | 43.8% | 9.5% | ||
| Q2 25 | 30.8% | 6.3% | ||
| Q1 25 | -0.1% | 5.7% | ||
| Q4 24 | — | -360.8% | ||
| Q3 24 | — | -39.1% | ||
| Q2 24 | — | 34.6% | ||
| Q1 24 | — | 45.4% |
| Q4 25 | -135.9% | — | ||
| Q3 25 | -158.2% | -92.5% | ||
| Q2 25 | -526.1% | -107.6% | ||
| Q1 25 | -85.7% | -120.9% | ||
| Q4 24 | — | -426.0% | ||
| Q3 24 | — | -119.8% | ||
| Q2 24 | — | -38.0% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | -173.9% | — | ||
| Q3 25 | -53.7% | -284.7% | ||
| Q2 25 | -172.7% | -119.9% | ||
| Q1 25 | -132.9% | -127.3% | ||
| Q4 24 | — | -483.8% | ||
| Q3 24 | — | -95.5% | ||
| Q2 24 | — | -112.4% | ||
| Q1 24 | — | -41.9% |
| Q4 25 | $-0.11 | — | ||
| Q3 25 | $-0.03 | $-1.14 | ||
| Q2 25 | $-0.03 | $-0.93 | ||
| Q1 25 | $-0.13 | $-1.21 | ||
| Q4 24 | — | $-7.14 | ||
| Q3 24 | — | $-1.56 | ||
| Q2 24 | — | $-3.62 | ||
| Q1 24 | — | $-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 | $52.4M | — |
| Total DebtLower is stronger | $110.0M | $13.3M |
| Stockholders' EquityBook value | $229.2M | $14.5M |
| Total Assets | $430.4M | $152.0M |
| Debt / EquityLower = less leverage | 0.48× | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.4M | — | ||
| Q3 25 | $91.9M | — | ||
| Q2 25 | $26.9M | — | ||
| Q1 25 | $29.7M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $110.0M | — | ||
| Q3 25 | $109.3M | $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 | $229.2M | — | ||
| Q3 25 | $248.6M | $14.5M | ||
| Q2 25 | $264.7M | $-19.5M | ||
| Q1 25 | $267.9M | $-16.1M | ||
| Q4 24 | — | $-12.5M | ||
| Q3 24 | — | $20.9M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $21.5M |
| Q4 25 | $430.4M | — | ||
| Q3 25 | $441.9M | $152.0M | ||
| Q2 25 | $359.4M | $92.0M | ||
| Q1 25 | $362.6M | $90.0M | ||
| Q4 24 | — | $88.0M | ||
| Q3 24 | — | $97.3M | ||
| Q2 24 | — | $98.7M | ||
| Q1 24 | — | $90.6M |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.44× | 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 | $12.9M | $-2.2M |
| Free Cash FlowOCF − Capex | $7.2M | $-6.8M |
| FCF MarginFCF / Revenue | 57.8% | -81.4% |
| Capex IntensityCapex / Revenue | 46.7% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-45.0M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.9M | — | ||
| Q3 25 | $-20.3M | $-2.2M | ||
| Q2 25 | $-9.9M | $-1.1M | ||
| Q1 25 | $-7.7M | $-177.0K | ||
| Q4 24 | — | $-5.1M | ||
| Q3 24 | — | $61.0K | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $3.9M |
| Q4 25 | $7.2M | — | ||
| Q3 25 | $-26.3M | $-6.8M | ||
| Q2 25 | $-14.1M | $-9.7M | ||
| Q1 25 | $-11.7M | $-4.0M | ||
| Q4 24 | — | $-13.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | — | $-7.6M | ||
| Q1 24 | — | $3.3M |
| Q4 25 | 57.8% | — | ||
| Q3 25 | -296.6% | -81.4% | ||
| Q2 25 | -385.2% | -156.8% | ||
| Q1 25 | -64.1% | -67.1% | ||
| Q4 24 | — | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | — | -78.2% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | 46.7% | — | ||
| Q3 25 | 68.0% | 55.2% | ||
| Q2 25 | 115.1% | 139.0% | ||
| Q1 25 | 21.7% | 64.2% | ||
| Q4 24 | — | 107.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 4.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EU
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
