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Side-by-side financial comparison of REED'S, INC. (REED) 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 $7.5M, roughly 1.1× REED'S, INC.). REED'S, INC. runs the higher net margin — -50.5% vs -284.7%, a 234.1% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -23.1%). REED'S, INC. produced more free cash flow last quarter ($-3.9M vs $-6.8M). Over the past eight quarters, Soluna Holdings, Inc's revenue compounded faster (-8.8% CAGR vs -11.7%).
Waddell & Reed Financial, Inc. was an American asset management and financial planning company founded in 1937 in Kansas City, Missouri. It was a publicly traded company from 1998 to 2021, and briefly had its headquarters in Overland Park, Kansas, and was planning a move back to Downtown Kansas City before the company was sold. It operated asset management and distribution subsidiaries, including Ivy Investment Management Company and Waddell & Reed Investment Management Company.
REED vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $7.5M | $8.4M |
| Net Profit | $-3.8M | $-24.0M |
| Gross Margin | 20.4% | 9.5% |
| Operating Margin | -46.9% | -92.5% |
| Net Margin | -50.5% | -284.7% |
| Revenue YoY | -23.1% | 11.8% |
| Net Profit YoY | 8.2% | -233.2% |
| EPS (diluted) | $-1.26 | $-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 | $7.5M | — | ||
| Q3 25 | $7.0M | $8.4M | ||
| Q2 25 | $9.5M | $6.2M | ||
| Q1 25 | $10.0M | $5.9M | ||
| Q4 24 | $9.7M | $8.3M | ||
| Q3 24 | $6.8M | $7.5M | ||
| Q2 24 | $11.9M | $9.7M | ||
| Q1 24 | $9.6M | $12.5M |
| Q4 25 | $-3.8M | — | ||
| Q3 25 | $-4.0M | $-24.0M | ||
| Q2 25 | $-6.0M | $-7.4M | ||
| Q1 25 | $-2.0M | $-7.6M | ||
| Q4 24 | $-4.1M | $-40.0M | ||
| Q3 24 | $-4.2M | $-7.2M | ||
| Q2 24 | $-3.2M | $-10.9M | ||
| Q1 24 | $-1.7M | $-5.3M |
| Q4 25 | 20.4% | — | ||
| Q3 25 | 17.4% | 9.5% | ||
| Q2 25 | 8.5% | 6.3% | ||
| Q1 25 | 33.9% | 5.7% | ||
| Q4 24 | 30.0% | -360.8% | ||
| Q3 24 | 18.0% | -39.1% | ||
| Q2 24 | 32.3% | 34.6% | ||
| Q1 24 | 35.6% | 45.4% |
| Q4 25 | -46.9% | — | ||
| Q3 25 | -58.3% | -92.5% | ||
| Q2 25 | -60.8% | -107.6% | ||
| Q1 25 | -17.4% | -120.9% | ||
| Q4 24 | -37.6% | -426.0% | ||
| Q3 24 | -46.5% | -119.8% | ||
| Q2 24 | -5.6% | -38.0% | ||
| Q1 24 | -6.8% | 3.2% |
| Q4 25 | -50.5% | — | ||
| Q3 25 | -56.6% | -284.7% | ||
| Q2 25 | -63.5% | -119.9% | ||
| Q1 25 | -20.3% | -127.3% | ||
| Q4 24 | -42.3% | -483.8% | ||
| Q3 24 | -61.5% | -95.5% | ||
| Q2 24 | -27.1% | -112.4% | ||
| Q1 24 | -17.4% | -41.9% |
| Q4 25 | $-1.26 | — | ||
| Q3 25 | $-0.48 | $-1.14 | ||
| Q2 25 | $-0.13 | $-0.93 | ||
| Q1 25 | $-0.04 | $-1.21 | ||
| Q4 24 | $-3.73 | $-7.14 | ||
| Q3 24 | $-4.91 | $-1.56 | ||
| Q2 24 | $-0.77 | $-3.62 | ||
| Q1 24 | $-0.40 | $-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 | — | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $9.2M | $14.5M |
| Total Assets | $23.3M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| 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 | $9.2M | — | ||
| Q3 25 | $2.8M | $14.5M | ||
| Q2 25 | $1.7M | $-19.5M | ||
| Q1 25 | $4.7M | $-16.1M | ||
| Q4 24 | $6.6M | $-12.5M | ||
| Q3 24 | $-22.0M | $20.9M | ||
| Q2 24 | $-23.8M | $24.4M | ||
| Q1 24 | $-20.7M | $21.5M |
| Q4 25 | $23.3M | — | ||
| Q3 25 | $19.9M | $152.0M | ||
| Q2 25 | $23.7M | $92.0M | ||
| Q1 25 | $24.5M | $90.0M | ||
| Q4 24 | $25.1M | $88.0M | ||
| Q3 24 | $15.0M | $97.3M | ||
| Q2 24 | $18.7M | $98.7M | ||
| Q1 24 | $19.3M | $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 | $-3.8M | $-2.2M |
| Free Cash FlowOCF − Capex | $-3.9M | $-6.8M |
| FCF MarginFCF / Revenue | -52.0% | -81.4% |
| Capex IntensityCapex / Revenue | 1.1% | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-17.3M | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.8M | — | ||
| Q3 25 | $-2.8M | $-2.2M | ||
| Q2 25 | $-5.0M | $-1.1M | ||
| Q1 25 | $-5.4M | $-177.0K | ||
| Q4 24 | $-3.9M | $-5.1M | ||
| Q3 24 | $1.1M | $61.0K | ||
| Q2 24 | $-912.0K | $-7.3M | ||
| Q1 24 | $-2.4M | $3.9M |
| Q4 25 | $-3.9M | — | ||
| Q3 25 | $-2.9M | $-6.8M | ||
| Q2 25 | $-5.1M | $-9.7M | ||
| Q1 25 | $-5.4M | $-4.0M | ||
| Q4 24 | $-4.0M | $-13.9M | ||
| Q3 24 | $1.0M | $-3.4M | ||
| Q2 24 | $-924.0K | $-7.6M | ||
| Q1 24 | $-2.4M | $3.3M |
| Q4 25 | -52.0% | — | ||
| Q3 25 | -41.5% | -81.4% | ||
| Q2 25 | -53.2% | -156.8% | ||
| Q1 25 | -54.2% | -67.1% | ||
| Q4 24 | -40.8% | -168.3% | ||
| Q3 24 | 15.3% | -44.8% | ||
| Q2 24 | -7.8% | -78.2% | ||
| Q1 24 | -25.1% | 26.5% |
| Q4 25 | 1.1% | — | ||
| Q3 25 | 1.4% | 55.2% | ||
| Q2 25 | 0.2% | 139.0% | ||
| Q1 25 | 0.7% | 64.2% | ||
| Q4 24 | 1.0% | 107.0% | ||
| Q3 24 | 0.3% | 45.6% | ||
| Q2 24 | 0.1% | 2.5% | ||
| Q1 24 | 0.2% | 4.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
REED
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
