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Side-by-side financial comparison of OCULAR THERAPEUTIX, INC (OCUL) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
OCULAR THERAPEUTIX, INC is the larger business by last-quarter revenue ($13.3M vs $8.4M, roughly 1.6× Soluna Holdings, Inc). Soluna Holdings, Inc runs the higher net margin — -284.7% vs -488.0%, a 203.3% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -22.4%). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-57.1M). Over the past eight quarters, OCULAR THERAPEUTIX, INC's revenue compounded faster (-5.3% CAGR vs -8.8%).
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
OCUL vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.3M | $8.4M |
| Net Profit | $-64.7M | $-24.0M |
| Gross Margin | 88.0% | 9.5% |
| Operating Margin | -526.5% | -92.5% |
| Net Margin | -488.0% | -284.7% |
| Revenue YoY | -22.4% | 11.8% |
| Net Profit YoY | -33.6% | -233.2% |
| EPS (diluted) | $-0.27 | $-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 | $13.3M | — | ||
| Q3 25 | $14.5M | $8.4M | ||
| Q2 25 | $13.5M | $6.2M | ||
| Q1 25 | $10.7M | $5.9M | ||
| Q4 24 | $17.1M | $8.3M | ||
| Q3 24 | $15.4M | $7.5M | ||
| Q2 24 | $16.4M | $9.7M | ||
| Q1 24 | $14.8M | $12.5M |
| Q4 25 | $-64.7M | — | ||
| Q3 25 | $-69.4M | $-24.0M | ||
| Q2 25 | $-67.8M | $-7.4M | ||
| Q1 25 | $-64.1M | $-7.6M | ||
| Q4 24 | $-48.4M | $-40.0M | ||
| Q3 24 | $-36.5M | $-7.2M | ||
| Q2 24 | $-43.8M | $-10.9M | ||
| Q1 24 | $-64.8M | $-5.3M |
| Q4 25 | 88.0% | — | ||
| Q3 25 | 87.8% | 9.5% | ||
| Q2 25 | 85.6% | 6.3% | ||
| Q1 25 | 88.2% | 5.7% | ||
| Q4 24 | 92.8% | -360.8% | ||
| Q3 24 | 89.9% | -39.1% | ||
| Q2 24 | 90.8% | 34.6% | ||
| Q1 24 | 91.0% | 45.4% |
| Q4 25 | -526.5% | — | ||
| Q3 25 | -472.3% | -92.5% | ||
| Q2 25 | -502.6% | -107.6% | ||
| Q1 25 | -597.5% | -120.9% | ||
| Q4 24 | -296.1% | -426.0% | ||
| Q3 24 | -298.2% | -119.8% | ||
| Q2 24 | -265.1% | -38.0% | ||
| Q1 24 | -214.0% | 3.2% |
| Q4 25 | -488.0% | — | ||
| Q3 25 | -477.3% | -284.7% | ||
| Q2 25 | -503.9% | -119.9% | ||
| Q1 25 | -598.7% | -127.3% | ||
| Q4 24 | -283.3% | -483.8% | ||
| Q3 24 | -236.6% | -95.5% | ||
| Q2 24 | -266.3% | -112.4% | ||
| Q1 24 | -438.9% | -41.9% |
| Q4 25 | $-0.27 | — | ||
| Q3 25 | $-0.38 | $-1.14 | ||
| Q2 25 | $-0.39 | $-0.93 | ||
| Q1 25 | $-0.38 | $-1.21 | ||
| Q4 24 | $-0.25 | $-7.14 | ||
| Q3 24 | $-0.22 | $-1.56 | ||
| Q2 24 | $-0.26 | $-3.62 | ||
| Q1 24 | $-0.49 | $-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 | $737.1M | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $654.3M | $14.5M |
| Total Assets | $808.1M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $737.1M | — | ||
| Q3 25 | $344.8M | — | ||
| Q2 25 | $391.1M | — | ||
| Q1 25 | $349.7M | — | ||
| Q4 24 | $392.1M | — | ||
| Q3 24 | $427.2M | — | ||
| Q2 24 | $459.7M | — | ||
| Q1 24 | $482.9M | — |
| 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 | $654.3M | — | ||
| Q3 25 | $258.2M | $14.5M | ||
| Q2 25 | $305.9M | $-19.5M | ||
| Q1 25 | $265.9M | $-16.1M | ||
| Q4 24 | $315.3M | $-12.5M | ||
| Q3 24 | $352.0M | $20.9M | ||
| Q2 24 | $377.7M | $24.4M | ||
| Q1 24 | $408.0M | $21.5M |
| Q4 25 | $808.1M | — | ||
| Q3 25 | $410.9M | $152.0M | ||
| Q2 25 | $451.3M | $92.0M | ||
| Q1 25 | $405.9M | $90.0M | ||
| Q4 24 | $457.9M | $88.0M | ||
| Q3 24 | $490.4M | $97.3M | ||
| Q2 24 | $517.1M | $98.7M | ||
| Q1 24 | $538.9M | $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 | $-54.2M | $-2.2M |
| Free Cash FlowOCF − Capex | $-57.1M | $-6.8M |
| FCF MarginFCF / Revenue | -430.9% | -81.4% |
| Capex IntensityCapex / Revenue | 21.4% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-216.9M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-54.2M | — | ||
| Q3 25 | $-50.7M | $-2.2M | ||
| Q2 25 | $-55.2M | $-1.1M | ||
| Q1 25 | $-44.7M | $-177.0K | ||
| Q4 24 | $-39.4M | $-5.1M | ||
| Q3 24 | $-36.6M | $61.0K | ||
| Q2 24 | $-24.8M | $-7.3M | ||
| Q1 24 | $-33.9M | $3.9M |
| Q4 25 | $-57.1M | — | ||
| Q3 25 | $-56.7M | $-6.8M | ||
| Q2 25 | $-56.5M | $-9.7M | ||
| Q1 25 | $-46.6M | $-4.0M | ||
| Q4 24 | $-39.6M | $-13.9M | ||
| Q3 24 | $-36.6M | $-3.4M | ||
| Q2 24 | $-25.5M | $-7.6M | ||
| Q1 24 | $-34.1M | $3.3M |
| Q4 25 | -430.9% | — | ||
| Q3 25 | -390.0% | -81.4% | ||
| Q2 25 | -419.7% | -156.8% | ||
| Q1 25 | -435.6% | -67.1% | ||
| Q4 24 | -232.0% | -168.3% | ||
| Q3 24 | -237.6% | -44.8% | ||
| Q2 24 | -155.4% | -78.2% | ||
| Q1 24 | -231.1% | 26.5% |
| Q4 25 | 21.4% | — | ||
| Q3 25 | 41.2% | 55.2% | ||
| Q2 25 | 9.3% | 139.0% | ||
| Q1 25 | 18.1% | 64.2% | ||
| Q4 24 | 1.2% | 107.0% | ||
| Q3 24 | 0.6% | 45.6% | ||
| Q2 24 | 4.5% | 2.5% | ||
| Q1 24 | 1.7% | 4.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
OCUL
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
