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Side-by-side financial comparison of NovaBay Pharmaceuticals, Inc. (NBY) 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 $4.8M, roughly 1.8× NovaBay Pharmaceuticals, Inc.). NovaBay Pharmaceuticals, Inc. runs the higher net margin — -25.5% vs -284.7%, a 259.2% gap on every dollar of revenue. On growth, NovaBay Pharmaceuticals, Inc. posted the faster year-over-year revenue change (126.1% vs 11.8%). NovaBay Pharmaceuticals, Inc. produced more free cash flow last quarter ($-1.7M vs $-6.8M). Over the past eight quarters, NovaBay Pharmaceuticals, Inc.'s revenue compounded faster (42.5% CAGR vs -8.8%).
NovaBay Pharmaceuticals, Inc. is an Emeryville, California based clinical-stage biopharmaceutical company, focused on products for eye care. Major products include Avenova, cleared by FDA for lid and lash cleansing as part of a regimen for Blepharitis. and NeutroPhase, used in treatment of Necrotizing Fasciitis
NBY vs SLNH — Head-to-Head
Income Statement — Q4 FY2024 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $8.4M |
| Net Profit | $-1.2M | $-24.0M |
| Gross Margin | 65.2% | 9.5% |
| Operating Margin | -37.2% | -92.5% |
| Net Margin | -25.5% | -284.7% |
| Revenue YoY | 126.1% | 11.8% |
| Net Profit YoY | 70.5% | -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.
| Q3 25 | — | $8.4M | ||
| Q2 25 | — | $6.2M | ||
| Q1 25 | — | $5.9M | ||
| Q4 24 | $4.8M | $8.3M | ||
| Q3 24 | $0 | $7.5M | ||
| Q2 24 | $2.4M | $9.7M | ||
| Q1 24 | $2.6M | $12.5M | ||
| Q4 23 | $2.1M | $10.1M |
| Q3 25 | — | $-24.0M | ||
| Q2 25 | — | $-7.4M | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | $-1.2M | $-40.0M | ||
| Q3 24 | $-1.2M | $-7.2M | ||
| Q2 24 | $-1.6M | $-10.9M | ||
| Q1 24 | $-3.2M | $-5.3M | ||
| Q4 23 | $-4.1M | $-6.7M |
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | 65.2% | -360.8% | ||
| Q3 24 | — | -39.1% | ||
| Q2 24 | 66.3% | 34.6% | ||
| Q1 24 | 68.2% | 45.4% | ||
| Q4 23 | 51.5% | 42.4% |
| Q3 25 | — | -92.5% | ||
| Q2 25 | — | -107.6% | ||
| Q1 25 | — | -120.9% | ||
| Q4 24 | -37.2% | -426.0% | ||
| Q3 24 | — | -119.8% | ||
| Q2 24 | -67.4% | -38.0% | ||
| Q1 24 | -87.1% | 3.2% | ||
| Q4 23 | -48.0% | -23.9% |
| Q3 25 | — | -284.7% | ||
| Q2 25 | — | -119.9% | ||
| Q1 25 | — | -127.3% | ||
| Q4 24 | -25.5% | -483.8% | ||
| Q3 24 | — | -95.5% | ||
| Q2 24 | -66.0% | -112.4% | ||
| Q1 24 | -122.2% | -41.9% | ||
| Q4 23 | -195.5% | -66.2% |
| Q3 25 | — | $-1.14 | ||
| Q2 25 | — | $-0.93 | ||
| Q1 25 | — | $-1.21 | ||
| Q4 24 | — | $-7.14 | ||
| Q3 24 | $-1.92 | $-1.56 | ||
| Q2 24 | $-1.37 | $-3.62 | ||
| Q1 24 | $-29.95 | $-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 | $430.0K | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $-129.0K | $14.5M |
| Total Assets | $3.4M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $430.0K | — | ||
| Q3 24 | $776.0K | — | ||
| Q2 24 | $751.0K | — | ||
| Q1 24 | $1.8M | — | ||
| Q4 23 | $2.9M | — |
| 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 | — | $14.5M | ||
| Q2 25 | — | $-19.5M | ||
| Q1 25 | — | $-16.1M | ||
| Q4 24 | $-129.0K | $-12.5M | ||
| Q3 24 | $1.1M | $20.9M | ||
| Q2 24 | $-617.0K | $24.4M | ||
| Q1 24 | $160.0K | $21.5M | ||
| Q4 23 | $3.3M | $26.5M |
| Q3 25 | — | $152.0M | ||
| Q2 25 | — | $92.0M | ||
| Q1 25 | — | $90.0M | ||
| Q4 24 | $3.4M | $88.0M | ||
| Q3 24 | $3.9M | $97.3M | ||
| Q2 24 | $3.9M | $98.7M | ||
| Q1 24 | $5.4M | $90.6M | ||
| Q4 23 | $9.0M | $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 | $-1.7M | $-2.2M |
| Free Cash FlowOCF − Capex | $-1.7M | $-6.8M |
| FCF MarginFCF / Revenue | -35.4% | -81.4% |
| Capex IntensityCapex / Revenue | 0.1% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $-2.2M | ||
| Q2 25 | — | $-1.1M | ||
| Q1 25 | — | $-177.0K | ||
| Q4 24 | $-1.7M | $-5.1M | ||
| Q3 24 | $-2.4M | $61.0K | ||
| Q2 24 | $-1.4M | $-7.3M | ||
| Q1 24 | $-2.0M | $3.9M | ||
| Q4 23 | $-592.0K | $1.4M |
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-9.7M | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | $-1.7M | $-13.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | — | $-7.6M | ||
| Q1 24 | $-2.0M | $3.3M | ||
| Q4 23 | $-595.0K | $1.2M |
| Q3 25 | — | -81.4% | ||
| Q2 25 | — | -156.8% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | -35.4% | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | — | -78.2% | ||
| Q1 24 | -75.3% | 26.5% | ||
| Q4 23 | -28.3% | 12.3% |
| Q3 25 | — | 55.2% | ||
| Q2 25 | — | 139.0% | ||
| Q1 25 | — | 64.2% | ||
| Q4 24 | 0.1% | 107.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | 0.0% | 2.5% | ||
| Q1 24 | 0.1% | 4.2% | ||
| Q4 23 | 0.1% | 1.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NBY
| Other | $2.4M | 51% |
| Total Product Revenue | $2.3M | 49% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
