vs
Side-by-side financial comparison of MAXCYTE, INC. (MXCT) 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 $4.8M, roughly 1.8× MAXCYTE, INC.). MAXCYTE, INC. runs the higher net margin — -200.5% vs -284.7%, a 84.2% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -20.9%). MAXCYTE, INC. produced more free cash flow last quarter ($-2.9M vs $-6.8M). Over the past eight quarters, MAXCYTE, INC.'s revenue compounded faster (-7.4% CAGR vs -8.8%).
MaxCyte Inc. is a global biotechnology company focused on developing cell engineering platforms and enabling technologies for cell and gene therapy advancement. Its proprietary non-viral cell modification systems are widely used by pharmaceutical, biotech and life science research entities to develop immunotherapies, gene-edited treatments and next-generation biologic drugs from preclinical research through commercialization.
MXCT vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $8.4M |
| Net Profit | $-9.6M | $-24.0M |
| Gross Margin | — | 9.5% |
| Operating Margin | -234.5% | -92.5% |
| Net Margin | -200.5% | -284.7% |
| Revenue YoY | -20.9% | 11.8% |
| Net Profit YoY | 9.4% | -233.2% |
| EPS (diluted) | — | $-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 | $4.8M | — | ||
| Q3 25 | $4.6M | $8.4M | ||
| Q2 25 | $5.8M | $6.2M | ||
| Q1 25 | $5.7M | $5.9M | ||
| Q4 24 | $6.1M | $8.3M | ||
| Q3 24 | $5.6M | $7.5M | ||
| Q2 24 | $5.0M | $9.7M | ||
| Q1 24 | $5.6M | $12.5M |
| Q4 25 | $-9.6M | — | ||
| Q3 25 | $-12.4M | $-24.0M | ||
| Q2 25 | $-12.4M | $-7.4M | ||
| Q1 25 | $-10.3M | $-7.6M | ||
| Q4 24 | $-10.6M | $-40.0M | ||
| Q3 24 | $-11.6M | $-7.2M | ||
| Q2 24 | $-9.4M | $-10.9M | ||
| Q1 24 | $-9.5M | $-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 | -234.5% | — | ||
| Q3 25 | -307.4% | -92.5% | ||
| Q2 25 | -244.3% | -107.6% | ||
| Q1 25 | -214.1% | -120.9% | ||
| Q4 24 | -213.1% | -426.0% | ||
| Q3 24 | -250.4% | -119.8% | ||
| Q2 24 | -241.0% | -38.0% | ||
| Q1 24 | -219.8% | 3.2% |
| Q4 25 | -200.5% | — | ||
| Q3 25 | -269.7% | -284.7% | ||
| Q2 25 | -212.2% | -119.9% | ||
| Q1 25 | -178.7% | -127.3% | ||
| Q4 24 | -175.0% | -483.8% | ||
| Q3 24 | -205.9% | -95.5% | ||
| Q2 24 | -188.8% | -112.4% | ||
| Q1 24 | -170.6% | -41.9% |
| Q4 25 | — | — | ||
| Q3 25 | $-0.12 | $-1.14 | ||
| Q2 25 | $-0.12 | $-0.93 | ||
| Q1 25 | — | $-1.21 | ||
| Q4 24 | — | $-7.14 | ||
| Q3 24 | $-0.11 | $-1.56 | ||
| Q2 24 | $-0.09 | $-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 | $103.0M | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $171.5M | $14.5M |
| Total Assets | $202.5M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.0M | — | ||
| Q3 25 | $105.7M | — | ||
| Q2 25 | $126.6M | — | ||
| Q1 25 | $138.3M | — | ||
| Q4 24 | $154.5M | — | ||
| Q3 24 | $153.8M | — | ||
| Q2 24 | $157.3M | — | ||
| Q1 24 | $157.5M | — |
| 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 | $171.5M | — | ||
| Q3 25 | $180.3M | $14.5M | ||
| Q2 25 | $190.7M | $-19.5M | ||
| Q1 25 | $199.4M | $-16.1M | ||
| Q4 24 | $206.3M | $-12.5M | ||
| Q3 24 | $213.3M | $20.9M | ||
| Q2 24 | $221.3M | $24.4M | ||
| Q1 24 | $226.4M | $21.5M |
| Q4 25 | $202.5M | — | ||
| Q3 25 | $213.5M | $152.0M | ||
| Q2 25 | $219.8M | $92.0M | ||
| Q1 25 | $230.0M | $90.0M | ||
| Q4 24 | $239.5M | $88.0M | ||
| Q3 24 | $248.6M | $97.3M | ||
| Q2 24 | $251.5M | $98.7M | ||
| Q1 24 | $257.9M | $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 | $-2.7M | $-2.2M |
| Free Cash FlowOCF − Capex | $-2.9M | $-6.8M |
| FCF MarginFCF / Revenue | -61.0% | -81.4% |
| Capex IntensityCapex / Revenue | 4.8% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-36.2M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.7M | — | ||
| Q3 25 | $-7.5M | $-2.2M | ||
| Q2 25 | $-9.9M | $-1.1M | ||
| Q1 25 | $-14.4M | $-177.0K | ||
| Q4 24 | $-7.8M | $-5.1M | ||
| Q3 24 | $-4.4M | $61.0K | ||
| Q2 24 | $-4.8M | $-7.3M | ||
| Q1 24 | $-10.6M | $3.9M |
| Q4 25 | $-2.9M | — | ||
| Q3 25 | $-7.8M | $-6.8M | ||
| Q2 25 | $-10.4M | $-9.7M | ||
| Q1 25 | $-15.1M | $-4.0M | ||
| Q4 24 | $-8.0M | $-13.9M | ||
| Q3 24 | $-4.8M | $-3.4M | ||
| Q2 24 | $-5.1M | $-7.6M | ||
| Q1 24 | $-11.4M | $3.3M |
| Q4 25 | -61.0% | — | ||
| Q3 25 | -168.5% | -81.4% | ||
| Q2 25 | -179.2% | -156.8% | ||
| Q1 25 | -262.3% | -67.1% | ||
| Q4 24 | -131.6% | -168.3% | ||
| Q3 24 | -85.5% | -44.8% | ||
| Q2 24 | -103.3% | -78.2% | ||
| Q1 24 | -203.6% | 26.5% |
| Q4 25 | 4.8% | — | ||
| Q3 25 | 6.5% | 55.2% | ||
| Q2 25 | 10.0% | 139.0% | ||
| Q1 25 | 11.4% | 64.2% | ||
| Q4 24 | 2.4% | 107.0% | ||
| Q3 24 | 7.2% | 45.6% | ||
| Q2 24 | 5.9% | 2.5% | ||
| Q1 24 | 14.4% | 4.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MXCT
| Products | $4.2M | 87% |
| Other | $634.0K | 13% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
