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Side-by-side financial comparison of PURE CYCLE CORP (PCYO) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
PURE CYCLE CORP is the larger business by last-quarter revenue ($9.1M vs $8.4M, roughly 1.1× Soluna Holdings, Inc). PURE CYCLE CORP runs the higher net margin — 50.0% vs -284.7%, a 334.7% gap on every dollar of revenue. On growth, PURE CYCLE CORP posted the faster year-over-year revenue change (58.8% vs 11.8%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% CAGR vs -8.8%).
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
PCYO vs SLNH — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1M | $8.4M |
| Net Profit | $4.6M | $-24.0M |
| Gross Margin | 68.4% | 9.5% |
| Operating Margin | 48.0% | -92.5% |
| Net Margin | 50.0% | -284.7% |
| Revenue YoY | 58.8% | 11.8% |
| Net Profit YoY | 16.0% | -233.2% |
| EPS (diluted) | $0.19 | $-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 | $9.1M | — | ||
| Q3 25 | $11.2M | $8.4M | ||
| Q2 25 | $5.1M | $6.2M | ||
| Q1 25 | $4.0M | $5.9M | ||
| Q4 24 | $5.8M | $8.3M | ||
| Q3 24 | $12.6M | $7.5M | ||
| Q2 24 | $7.6M | $9.7M | ||
| Q1 24 | $3.2M | $12.5M |
| Q4 25 | $4.6M | — | ||
| Q3 25 | $6.1M | $-24.0M | ||
| Q2 25 | $2.3M | $-7.4M | ||
| Q1 25 | $809.0K | $-7.6M | ||
| Q4 24 | $3.9M | $-40.0M | ||
| Q3 24 | $6.6M | $-7.2M | ||
| Q2 24 | $2.8M | $-10.9M | ||
| Q1 24 | $118.0K | $-5.3M |
| Q4 25 | 68.4% | — | ||
| Q3 25 | 67.7% | 9.5% | ||
| Q2 25 | 63.4% | 6.3% | ||
| Q1 25 | 38.2% | 5.7% | ||
| Q4 24 | 63.8% | -360.8% | ||
| Q3 24 | 77.8% | -39.1% | ||
| Q2 24 | 64.0% | 34.6% | ||
| Q1 24 | 55.6% | 45.4% |
| Q4 25 | 48.0% | — | ||
| Q3 25 | 53.1% | -92.5% | ||
| Q2 25 | 26.0% | -107.6% | ||
| Q1 25 | -33.2% | -120.9% | ||
| Q4 24 | 29.9% | -426.0% | ||
| Q3 24 | 62.0% | -119.8% | ||
| Q2 24 | 40.3% | -38.0% | ||
| Q1 24 | -11.5% | 3.2% |
| Q4 25 | 50.0% | — | ||
| Q3 25 | 54.5% | -284.7% | ||
| Q2 25 | 43.9% | -119.9% | ||
| Q1 25 | 20.3% | -127.3% | ||
| Q4 24 | 68.4% | -483.8% | ||
| Q3 24 | 52.6% | -95.5% | ||
| Q2 24 | 37.2% | -112.4% | ||
| Q1 24 | 3.7% | -41.9% |
| Q4 25 | $0.19 | — | ||
| Q3 25 | $0.26 | $-1.14 | ||
| Q2 25 | $0.09 | $-0.93 | ||
| Q1 25 | $0.03 | $-1.21 | ||
| Q4 24 | $0.16 | $-7.14 | ||
| Q3 24 | $0.27 | $-1.56 | ||
| Q2 24 | $0.12 | $-3.62 | ||
| Q1 24 | $0.00 | $-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 | $17.1M | — |
| Total DebtLower is stronger | $8.0M | $13.3M |
| Stockholders' EquityBook value | $147.5M | $14.5M |
| Total Assets | $168.1M | $152.0M |
| Debt / EquityLower = less leverage | 0.05× | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $17.1M | — | ||
| Q3 25 | $21.9M | — | ||
| Q2 25 | $14.4M | — | ||
| Q1 25 | $16.5M | — | ||
| Q4 24 | $19.0M | — | ||
| Q3 24 | $22.1M | — | ||
| Q2 24 | $20.5M | — | ||
| Q1 24 | $20.6M | — |
| Q4 25 | $8.0M | — | ||
| Q3 25 | $6.8M | $13.3M | ||
| Q2 25 | $6.9M | $10.0M | ||
| Q1 25 | $6.9M | $10.2M | ||
| Q4 24 | $6.9M | $7.1M | ||
| Q3 24 | $6.9M | $8.1M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | — | — |
| Q4 25 | $147.5M | — | ||
| Q3 25 | $142.7M | $14.5M | ||
| Q2 25 | $136.7M | $-19.5M | ||
| Q1 25 | $134.4M | $-16.1M | ||
| Q4 24 | $133.6M | $-12.5M | ||
| Q3 24 | $129.7M | $20.9M | ||
| Q2 24 | $123.2M | $24.4M | ||
| Q1 24 | $120.4M | $21.5M |
| Q4 25 | $168.1M | — | ||
| Q3 25 | $162.3M | $152.0M | ||
| Q2 25 | $151.7M | $92.0M | ||
| Q1 25 | $149.7M | $90.0M | ||
| Q4 24 | $149.7M | $88.0M | ||
| Q3 24 | $147.4M | $97.3M | ||
| Q2 24 | $140.4M | $98.7M | ||
| Q1 24 | $135.2M | $90.6M |
| Q4 25 | 0.05× | — | ||
| Q3 25 | 0.05× | 0.92× | ||
| Q2 25 | 0.05× | — | ||
| Q1 25 | 0.05× | — | ||
| Q4 24 | 0.05× | — | ||
| Q3 24 | 0.05× | 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 | $-979.0K | $-2.2M |
| Free Cash FlowOCF − Capex | — | $-6.8M |
| FCF MarginFCF / Revenue | — | -81.4% |
| Capex IntensityCapex / Revenue | — | 55.2% |
| Cash ConversionOCF / Net Profit | -0.21× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-979.0K | — | ||
| Q3 25 | $9.4M | $-2.2M | ||
| Q2 25 | $-503.0K | $-1.1M | ||
| Q1 25 | $-1.4M | $-177.0K | ||
| Q4 24 | $5.7M | $-5.1M | ||
| Q3 24 | $3.1M | $61.0K | ||
| Q2 24 | $892.0K | $-7.3M | ||
| Q1 24 | $-457.0K | $3.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-9.7M | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | — | $-13.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | — | $-7.6M | ||
| Q1 24 | — | $3.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | -81.4% | ||
| Q2 25 | — | -156.8% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | — | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | — | -78.2% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 55.2% | ||
| Q2 25 | — | 139.0% | ||
| Q1 25 | — | 64.2% | ||
| Q4 24 | — | 107.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 4.2% |
| Q4 25 | -0.21× | — | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | -0.22× | — | ||
| Q1 25 | -1.70× | — | ||
| Q4 24 | 1.44× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.32× | — | ||
| Q1 24 | -3.87× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
