vs
Side-by-side financial comparison of LENZ Therapeutics, Inc. (LENZ) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
LENZ Therapeutics, Inc. is the larger business by last-quarter revenue ($12.5M vs $8.4M, roughly 1.5× Soluna Holdings, Inc). LENZ Therapeutics, Inc. runs the higher net margin — -133.6% vs -284.7%, a 151.1% gap on every dollar of revenue. Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-9.0M).
LENZ Therapeutics, Inc. is a clinical-stage biopharmaceutical firm dedicated to developing novel ophthalmic therapies. Its lead product candidates address presbyopia, the age-related loss of near vision, catering to global patient groups with unmet medical needs in the eye care sector.
LENZ vs SLNH — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.5M | $8.4M |
| Net Profit | $-16.7M | $-24.0M |
| Gross Margin | — | 9.5% |
| Operating Margin | -151.1% | -92.5% |
| Net Margin | -133.6% | -284.7% |
| Revenue YoY | — | 11.8% |
| Net Profit YoY | -63.5% | -233.2% |
| EPS (diluted) | $-0.59 | $-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.
| Q3 25 | $12.5M | $8.4M | ||
| Q2 25 | $5.0M | $6.2M | ||
| Q1 25 | — | $5.9M | ||
| Q4 24 | — | $8.3M | ||
| Q3 24 | $0 | $7.5M | ||
| Q2 24 | $0 | $9.7M | ||
| Q1 24 | — | $12.5M | ||
| Q4 23 | — | $10.1M |
| Q3 25 | $-16.7M | $-24.0M | ||
| Q2 25 | $-14.9M | $-7.4M | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | — | $-40.0M | ||
| Q3 24 | $-10.2M | $-7.2M | ||
| Q2 24 | $-10.3M | $-10.9M | ||
| Q1 24 | — | $-5.3M | ||
| Q4 23 | — | $-6.7M |
| 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 23 | — | 42.4% |
| Q3 25 | -151.1% | -92.5% | ||
| Q2 25 | -337.1% | -107.6% | ||
| Q1 25 | — | -120.9% | ||
| Q4 24 | — | -426.0% | ||
| Q3 24 | — | -119.8% | ||
| Q2 24 | — | -38.0% | ||
| Q1 24 | — | 3.2% | ||
| Q4 23 | — | -23.9% |
| Q3 25 | -133.6% | -284.7% | ||
| Q2 25 | -298.2% | -119.9% | ||
| Q1 25 | — | -127.3% | ||
| Q4 24 | — | -483.8% | ||
| Q3 24 | — | -95.5% | ||
| Q2 24 | — | -112.4% | ||
| Q1 24 | — | -41.9% | ||
| Q4 23 | — | -66.2% |
| Q3 25 | $-0.59 | $-1.14 | ||
| Q2 25 | $-0.53 | $-0.93 | ||
| Q1 25 | — | $-1.21 | ||
| Q4 24 | — | $-7.14 | ||
| Q3 24 | $-0.38 | $-1.56 | ||
| Q2 24 | $-0.40 | $-3.62 | ||
| Q1 24 | — | $-2.62 | ||
| Q4 23 | — | $-1.99 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $25.4M | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $193.9M | $14.5M |
| Total Assets | $210.7M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $25.4M | — | ||
| Q2 25 | $37.6M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $41.0M | — | ||
| Q2 24 | $84.0M | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| 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 23 | — | — |
| Q3 25 | $193.9M | $14.5M | ||
| Q2 25 | $206.4M | $-19.5M | ||
| Q1 25 | — | $-16.1M | ||
| Q4 24 | — | $-12.5M | ||
| Q3 24 | $215.3M | $20.9M | ||
| Q2 24 | $192.9M | $24.4M | ||
| Q1 24 | — | $21.5M | ||
| Q4 23 | — | $26.5M |
| Q3 25 | $210.7M | $152.0M | ||
| Q2 25 | $217.3M | $92.0M | ||
| Q1 25 | — | $90.0M | ||
| Q4 24 | — | $88.0M | ||
| Q3 24 | $224.0M | $97.3M | ||
| Q2 24 | $202.6M | $98.7M | ||
| Q1 24 | — | $90.6M | ||
| Q4 23 | — | $91.3M |
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | $-8.6M | $-2.2M |
| Free Cash FlowOCF − Capex | $-9.0M | $-6.8M |
| FCF MarginFCF / Revenue | -72.2% | -81.4% |
| Capex IntensityCapex / Revenue | 3.5% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-47.5M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-8.6M | $-2.2M | ||
| Q2 25 | $-11.5M | $-1.1M | ||
| Q1 25 | — | $-177.0K | ||
| Q4 24 | — | $-5.1M | ||
| Q3 24 | $-10.6M | $61.0K | ||
| Q2 24 | $-15.8M | $-7.3M | ||
| Q1 24 | — | $3.9M | ||
| Q4 23 | — | $1.4M |
| Q3 25 | $-9.0M | $-6.8M | ||
| Q2 25 | $-11.7M | $-9.7M | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | — | $-13.9M | ||
| Q3 24 | $-10.8M | $-3.4M | ||
| Q2 24 | $-15.9M | $-7.6M | ||
| Q1 24 | — | $3.3M | ||
| Q4 23 | — | $1.2M |
| Q3 25 | -72.2% | -81.4% | ||
| Q2 25 | -235.0% | -156.8% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | — | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | — | -78.2% | ||
| Q1 24 | — | 26.5% | ||
| Q4 23 | — | 12.3% |
| Q3 25 | 3.5% | 55.2% | ||
| Q2 25 | 4.8% | 139.0% | ||
| Q1 25 | — | 64.2% | ||
| Q4 24 | — | 107.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 4.2% | ||
| Q4 23 | — | 1.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LENZ
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
