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Side-by-side financial comparison of NextPlat Corp (NXPL) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
NextPlat Corp is the larger business by last-quarter revenue ($12.8M vs $8.4M, roughly 1.5× Soluna Holdings, Inc). NextPlat Corp runs the higher net margin — -40.2% vs -284.7%, a 244.5% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -21.1%). NextPlat Corp produced more free cash flow last quarter ($-339.0K vs $-6.8M). Over the past eight quarters, Soluna Holdings, Inc's revenue compounded faster (-8.8% CAGR vs -14.4%).
NXPL vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.8M | $8.4M |
| Net Profit | $-5.1M | $-24.0M |
| Gross Margin | 14.3% | 9.5% |
| Operating Margin | -28.9% | -92.5% |
| Net Margin | -40.2% | -284.7% |
| Revenue YoY | -21.1% | 11.8% |
| Net Profit YoY | -70.6% | -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 | $12.8M | — | ||
| Q3 25 | $13.8M | $8.4M | ||
| Q2 25 | $13.2M | $6.2M | ||
| Q1 25 | $14.5M | $5.9M | ||
| Q4 24 | $16.2M | $8.3M | ||
| Q3 24 | $15.4M | $7.5M | ||
| Q2 24 | $17.0M | $9.7M | ||
| Q1 24 | $17.5M | $12.5M |
| Q4 25 | $-5.1M | — | ||
| Q3 25 | $-2.2M | $-24.0M | ||
| Q2 25 | $-1.8M | $-7.4M | ||
| Q1 25 | $-1.3M | $-7.6M | ||
| Q4 24 | $-3.0M | $-40.0M | ||
| Q3 24 | $-4.2M | $-7.2M | ||
| Q2 24 | $-5.3M | $-10.9M | ||
| Q1 24 | $-1.5M | $-5.3M |
| Q4 25 | 14.3% | — | ||
| Q3 25 | 19.9% | 9.5% | ||
| Q2 25 | 21.8% | 6.3% | ||
| Q1 25 | 23.8% | 5.7% | ||
| Q4 24 | 16.8% | -360.8% | ||
| Q3 24 | 23.2% | -39.1% | ||
| Q2 24 | 34.5% | 34.6% | ||
| Q1 24 | 27.8% | 45.4% |
| Q4 25 | -28.9% | — | ||
| Q3 25 | -14.5% | -92.5% | ||
| Q2 25 | -13.8% | -107.6% | ||
| Q1 25 | -10.2% | -120.9% | ||
| Q4 24 | -14.1% | -426.0% | ||
| Q3 24 | -52.1% | -119.8% | ||
| Q2 24 | -64.1% | -38.0% | ||
| Q1 24 | -10.5% | 3.2% |
| Q4 25 | -40.2% | — | ||
| Q3 25 | -15.9% | -284.7% | ||
| Q2 25 | -13.5% | -119.9% | ||
| Q1 25 | -9.2% | -127.3% | ||
| Q4 24 | -18.6% | -483.8% | ||
| Q3 24 | -27.4% | -95.5% | ||
| Q2 24 | -31.3% | -112.4% | ||
| Q1 24 | -8.5% | -41.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-1.14 | ||
| Q2 25 | — | $-0.93 | ||
| Q1 25 | $-0.05 | $-1.21 | ||
| Q4 24 | — | $-7.14 | ||
| Q3 24 | $-0.22 | $-1.56 | ||
| Q2 24 | — | $-3.62 | ||
| Q1 24 | $-0.08 | $-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 | $13.7M | — |
| Total DebtLower is stronger | $1.3M | $13.3M |
| Stockholders' EquityBook value | $17.3M | $14.5M |
| Total Assets | $27.5M | $152.0M |
| Debt / EquityLower = less leverage | 0.07× | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.7M | — | ||
| Q3 25 | $13.9M | — | ||
| Q2 25 | $16.6M | — | ||
| Q1 25 | $17.7M | — | ||
| Q4 24 | $20.0M | — | ||
| Q3 24 | $20.4M | — | ||
| Q2 24 | $24.9M | — | ||
| Q1 24 | $23.5M | — |
| Q4 25 | $1.3M | — | ||
| Q3 25 | $1.2M | $13.3M | ||
| Q2 25 | $1.2M | $10.0M | ||
| Q1 25 | $1.3M | $10.2M | ||
| Q4 24 | $1.4M | $7.1M | ||
| Q3 24 | $1.5M | $8.1M | ||
| Q2 24 | $1.3M | $9.0M | ||
| Q1 24 | $1.4M | — |
| Q4 25 | $17.3M | — | ||
| Q3 25 | $21.4M | $14.5M | ||
| Q2 25 | $23.5M | $-19.5M | ||
| Q1 25 | $25.3M | $-16.1M | ||
| Q4 24 | $27.3M | $-12.5M | ||
| Q3 24 | $22.5M | $20.9M | ||
| Q2 24 | $26.5M | $24.4M | ||
| Q1 24 | $31.2M | $21.5M |
| Q4 25 | $27.5M | — | ||
| Q3 25 | $30.0M | $152.0M | ||
| Q2 25 | $31.0M | $92.0M | ||
| Q1 25 | $35.2M | $90.0M | ||
| Q4 24 | $37.1M | $88.0M | ||
| Q3 24 | $41.1M | $97.3M | ||
| Q2 24 | $51.5M | $98.7M | ||
| Q1 24 | $65.1M | $90.6M |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.05× | 0.92× | ||
| Q2 25 | 0.05× | — | ||
| Q1 25 | 0.05× | — | ||
| Q4 24 | 0.05× | — | ||
| Q3 24 | 0.07× | 0.39× | ||
| Q2 24 | 0.05× | 0.37× | ||
| Q1 24 | 0.04× | — |
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 | $-302.0K | $-2.2M |
| Free Cash FlowOCF − Capex | $-339.0K | $-6.8M |
| FCF MarginFCF / Revenue | -2.6% | -81.4% |
| Capex IntensityCapex / Revenue | 0.3% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-302.0K | — | ||
| Q3 25 | $-2.7M | $-2.2M | ||
| Q2 25 | $-1.0M | $-1.1M | ||
| Q1 25 | $-2.1M | $-177.0K | ||
| Q4 24 | $-476.0K | $-5.1M | ||
| Q3 24 | $-4.6M | $61.0K | ||
| Q2 24 | $2.3M | $-7.3M | ||
| Q1 24 | $-2.7M | $3.9M |
| Q4 25 | $-339.0K | — | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | $-1.1M | $-9.7M | ||
| Q1 25 | $-2.1M | $-4.0M | ||
| Q4 24 | $-508.0K | $-13.9M | ||
| Q3 24 | $-4.7M | $-3.4M | ||
| Q2 24 | $2.2M | $-7.6M | ||
| Q1 24 | $-2.7M | $3.3M |
| Q4 25 | -2.6% | — | ||
| Q3 25 | — | -81.4% | ||
| Q2 25 | -8.0% | -156.8% | ||
| Q1 25 | -14.3% | -67.1% | ||
| Q4 24 | -3.1% | -168.3% | ||
| Q3 24 | -30.6% | -44.8% | ||
| Q2 24 | 13.2% | -78.2% | ||
| Q1 24 | -15.7% | 26.5% |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.0% | 55.2% | ||
| Q2 25 | 0.1% | 139.0% | ||
| Q1 25 | 0.2% | 64.2% | ||
| Q4 24 | 0.2% | 107.0% | ||
| Q3 24 | 0.6% | 45.6% | ||
| Q2 24 | 0.4% | 2.5% | ||
| Q1 24 | 0.4% | 4.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NXPL
| Healthcare Operations | $9.0M | 70% |
| Ecommerce Revenue | $3.8M | 30% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
