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Side-by-side financial comparison of FUEL TECH, INC. (FTEK) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
Soluna Holdings, Inc is the larger business by last-quarter revenue ($8.4M vs $7.2M, roughly 1.2× FUEL TECH, INC.). On growth, FUEL TECH, INC. posted the faster year-over-year revenue change (37.2% vs 11.8%). FUEL TECH, INC. produced more free cash flow last quarter ($-2.0M vs $-6.8M). Over the past eight quarters, FUEL TECH, INC.'s revenue compounded faster (20.9% CAGR vs -8.8%).
Rocket Fuel was an ad technology company based in Redwood City, California. It was founded in 2008 by alumni of Yahoo!.
FTEK vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.2M | $8.4M |
| Net Profit | — | $-24.0M |
| Gross Margin | 44.6% | 9.5% |
| Operating Margin | -19.7% | -92.5% |
| Net Margin | — | -284.7% |
| Revenue YoY | 37.2% | 11.8% |
| Net Profit YoY | — | -233.2% |
| EPS (diluted) | $-0.05 | $-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 | $7.2M | — | ||
| Q3 25 | $7.5M | $8.4M | ||
| Q2 25 | $5.6M | $6.2M | ||
| Q1 25 | $6.4M | $5.9M | ||
| Q4 24 | $5.3M | $8.3M | ||
| Q3 24 | $7.9M | $7.5M | ||
| Q2 24 | $7.0M | $9.7M | ||
| Q1 24 | $5.0M | $12.5M |
| Q4 25 | — | — | ||
| Q3 25 | $303.0K | $-24.0M | ||
| Q2 25 | $-689.0K | $-7.4M | ||
| Q1 25 | $-739.0K | $-7.6M | ||
| Q4 24 | — | $-40.0M | ||
| Q3 24 | $80.0K | $-7.2M | ||
| Q2 24 | $-421.0K | $-10.9M | ||
| Q1 24 | $281.0K | $-5.3M |
| Q4 25 | 44.6% | — | ||
| Q3 25 | 48.9% | 9.5% | ||
| Q2 25 | 45.5% | 6.3% | ||
| Q1 25 | 46.4% | 5.7% | ||
| Q4 24 | 42.3% | -360.8% | ||
| Q3 24 | 43.4% | -39.1% | ||
| Q2 24 | 41.9% | 34.6% | ||
| Q1 24 | 40.9% | 45.4% |
| Q4 25 | -19.7% | — | ||
| Q3 25 | 0.1% | -92.5% | ||
| Q2 25 | -23.5% | -107.6% | ||
| Q1 25 | -14.9% | -120.9% | ||
| Q4 24 | -40.1% | -426.0% | ||
| Q3 24 | -2.3% | -119.8% | ||
| Q2 24 | -10.2% | -38.0% | ||
| Q1 24 | -34.1% | 3.2% |
| Q4 25 | — | — | ||
| Q3 25 | 4.0% | -284.7% | ||
| Q2 25 | -12.4% | -119.9% | ||
| Q1 25 | -11.6% | -127.3% | ||
| Q4 24 | — | -483.8% | ||
| Q3 24 | 1.0% | -95.5% | ||
| Q2 24 | -6.0% | -112.4% | ||
| Q1 24 | 5.7% | -41.9% |
| Q4 25 | $-0.05 | — | ||
| Q3 25 | $0.01 | $-1.14 | ||
| Q2 25 | $-0.02 | $-0.93 | ||
| Q1 25 | $-0.02 | $-1.21 | ||
| Q4 24 | $-0.06 | $-7.14 | ||
| Q3 24 | $0.00 | $-1.56 | ||
| Q2 24 | $-0.01 | $-3.62 | ||
| Q1 24 | $0.01 | $-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 | $39.9M | $14.5M |
| Total Assets | $47.2M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | — | ||
| Q3 25 | $25.9M | — | ||
| Q2 25 | $23.0M | — | ||
| Q1 25 | $21.8M | — | ||
| Q4 24 | $18.7M | — | ||
| Q3 24 | $20.4M | — | ||
| Q2 24 | $20.1M | — | ||
| Q1 24 | $23.3M | — |
| 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 | $39.9M | — | ||
| Q3 25 | $41.0M | $14.5M | ||
| Q2 25 | $40.7M | $-19.5M | ||
| Q1 25 | $41.4M | $-16.1M | ||
| Q4 24 | $42.0M | $-12.5M | ||
| Q3 24 | $43.9M | $20.9M | ||
| Q2 24 | $43.6M | $24.4M | ||
| Q1 24 | $44.0M | $21.5M |
| Q4 25 | $47.2M | — | ||
| Q3 25 | $47.9M | $152.0M | ||
| Q2 25 | $47.0M | $92.0M | ||
| Q1 25 | $46.7M | $90.0M | ||
| Q4 24 | $48.8M | $88.0M | ||
| Q3 24 | $50.1M | $97.3M | ||
| Q2 24 | $49.0M | $98.7M | ||
| Q1 24 | $49.4M | $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 | $-1.6M | $-2.2M |
| Free Cash FlowOCF − Capex | $-2.0M | $-6.8M |
| FCF MarginFCF / Revenue | -27.7% | -81.4% |
| Capex IntensityCapex / Revenue | 6.1% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.3M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.6M | — | ||
| Q3 25 | $3.1M | $-2.2M | ||
| Q2 25 | $-21.0K | $-1.1M | ||
| Q1 25 | $1.5M | $-177.0K | ||
| Q4 24 | $-1.6M | $-5.1M | ||
| Q3 24 | $879.0K | $61.0K | ||
| Q2 24 | $-1.6M | $-7.3M | ||
| Q1 24 | $-1.1M | $3.9M |
| Q4 25 | $-2.0M | — | ||
| Q3 25 | $3.0M | $-6.8M | ||
| Q2 25 | $-57.0K | $-9.7M | ||
| Q1 25 | $1.4M | $-4.0M | ||
| Q4 24 | $-1.7M | $-13.9M | ||
| Q3 24 | $767.0K | $-3.4M | ||
| Q2 24 | $-1.7M | $-7.6M | ||
| Q1 24 | $-1.2M | $3.3M |
| Q4 25 | -27.7% | — | ||
| Q3 25 | 39.6% | -81.4% | ||
| Q2 25 | -1.0% | -156.8% | ||
| Q1 25 | 22.6% | -67.1% | ||
| Q4 24 | -32.4% | -168.3% | ||
| Q3 24 | 9.8% | -44.8% | ||
| Q2 24 | -23.8% | -78.2% | ||
| Q1 24 | -24.0% | 26.5% |
| Q4 25 | 6.1% | — | ||
| Q3 25 | 1.7% | 55.2% | ||
| Q2 25 | 0.6% | 139.0% | ||
| Q1 25 | 1.0% | 64.2% | ||
| Q4 24 | 1.2% | 107.0% | ||
| Q3 24 | 1.4% | 45.6% | ||
| Q2 24 | 1.3% | 2.5% | ||
| Q1 24 | 2.3% | 4.2% |
| Q4 25 | — | — | ||
| Q3 25 | 10.22× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 10.99× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.83× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FTEK
| Transferred At Point In Time | $5.3M | 73% |
| Other | $2.0M | 27% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
