vs
Side-by-side financial comparison of Fold Holdings, Inc. (FLD) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
Fold Holdings, Inc. is the larger business by last-quarter revenue ($9.1M vs $8.4M, roughly 1.1× Soluna Holdings, Inc). Soluna Holdings, Inc runs the higher net margin — -284.7% vs -379.9%, a 95.2% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs 8.2%). Over the past eight quarters, Fold Holdings, Inc.'s revenue compounded faster (36.1% CAGR vs -8.8%).
Fold Holdings, Inc. is a U.S.-based fintech firm specializing in crypto-integrated consumer financial products. Its core offerings include a rewards debit card that provides Bitcoin and other cryptocurrency cashback on routine purchases, alongside user-friendly digital wallet tools for secure crypto storage, serving primarily the North American consumer market.
FLD vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $8.4M |
| Net Profit | $-34.7M | $-24.0M |
| Gross Margin | — | 9.5% |
| Operating Margin | -380.0% | -92.5% |
| Net Margin | -379.9% | -284.7% |
| Revenue YoY | 8.2% | 11.8% |
| Net Profit YoY | -7232.4% | -233.2% |
| EPS (diluted) | $-0.02 | $-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 | $9.1M | — | ||
| Q3 25 | $7.4M | $8.4M | ||
| Q2 25 | $8.2M | $6.2M | ||
| Q1 25 | $7.1M | $5.9M | ||
| Q4 24 | $8.4M | $8.3M | ||
| Q3 24 | $5.2M | $7.5M | ||
| Q2 24 | $5.1M | $9.7M | ||
| Q1 24 | $4.9M | $12.5M |
| Q4 25 | $-34.7M | — | ||
| Q3 25 | $554.2K | $-24.0M | ||
| Q2 25 | $13.4M | $-7.4M | ||
| Q1 25 | $-48.9M | $-7.6M | ||
| Q4 24 | $486.4K | $-40.0M | ||
| Q3 24 | $-62.3M | $-7.2M | ||
| Q2 24 | $-2.3M | $-10.9M | ||
| Q1 24 | $-945.0K | $-5.3M |
| Q4 25 | — | — | ||
| 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 25 | -380.0% | — | ||
| Q3 25 | 7.5% | -92.5% | ||
| Q2 25 | — | -107.6% | ||
| Q1 25 | -689.6% | -120.9% | ||
| Q4 24 | -9.1% | -426.0% | ||
| Q3 24 | -15.3% | -119.8% | ||
| Q2 24 | -12.2% | -38.0% | ||
| Q1 24 | -14.7% | 3.2% |
| Q4 25 | -379.9% | — | ||
| Q3 25 | 7.5% | -284.7% | ||
| Q2 25 | 164.2% | -119.9% | ||
| Q1 25 | -689.6% | -127.3% | ||
| Q4 24 | 5.8% | -483.8% | ||
| Q3 24 | -1188.7% | -95.5% | ||
| Q2 24 | -45.1% | -112.4% | ||
| Q1 24 | -19.2% | -41.9% |
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $0.01 | $-1.14 | ||
| Q2 25 | $0.28 | $-0.93 | ||
| Q1 25 | $-1.92 | $-1.21 | ||
| Q4 24 | $0.09 | $-7.14 | ||
| Q3 24 | $-10.68 | $-1.56 | ||
| Q2 24 | $-0.40 | $-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 | $7.7M | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $63.0M | $14.5M |
| Total Assets | $153.5M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.7M | — | ||
| Q3 25 | $6.7M | — | ||
| Q2 25 | $6.6M | — | ||
| Q1 25 | $11.7M | — | ||
| Q4 24 | $18.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| 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 | $63.0M | — | ||
| Q3 25 | $94.7M | $14.5M | ||
| Q2 25 | $88.5M | $-19.5M | ||
| Q1 25 | $71.9M | $-16.1M | ||
| Q4 24 | $-67.8M | $-12.5M | ||
| Q3 24 | $-7.4M | $20.9M | ||
| Q2 24 | $-74.0M | $24.4M | ||
| Q1 24 | $-9.4M | $21.5M |
| Q4 25 | $153.5M | — | ||
| Q3 25 | $191.0M | $152.0M | ||
| Q2 25 | $182.1M | $92.0M | ||
| Q1 25 | $148.5M | $90.0M | ||
| Q4 24 | $125.7M | $88.0M | ||
| Q3 24 | $52.2M | $97.3M | ||
| Q2 24 | $51.8M | $98.7M | ||
| Q1 24 | $51.5M | $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 | $-16.1M | $-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 | $-16.1M | — | ||
| Q3 25 | $-2.5M | $-2.2M | ||
| Q2 25 | $-4.0M | $-1.1M | ||
| Q1 25 | $-5.0M | $-177.0K | ||
| Q4 24 | $-3.3M | $-5.1M | ||
| Q3 24 | $-2.2M | $61.0K | ||
| Q2 24 | $-859.6K | $-7.3M | ||
| Q1 24 | $-354.2K | $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 | -4.47× | — | ||
| Q2 25 | -0.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -6.82× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FLD
| Banking And Payment Revenues | $8.4M | 92% |
| Other | $706.0K | 8% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
