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Side-by-side financial comparison of Scilex Holding Co (SCLX) 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× Scilex Holding Co). Soluna Holdings, Inc runs the higher net margin — -284.7% vs -961.9%, a 677.2% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -67.8%). Over the past eight quarters, Soluna Holdings, Inc's revenue compounded faster (-8.8% CAGR vs -33.6%).
Scilex Holding Co is a commercial-stage biopharmaceutical firm focused on developing and commercializing innovative non-opioid pain management therapies for acute and chronic pain segments. It primarily serves the US market, offering prescription and over-the-counter pain relief solutions for patients and healthcare providers.
SCLX vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $8.4M |
| Net Profit | $-46.1M | $-24.0M |
| Gross Margin | 45.5% | 9.5% |
| Operating Margin | -2317.8% | -92.5% |
| Net Margin | -961.9% | -284.7% |
| Revenue YoY | -67.8% | 11.8% |
| Net Profit YoY | -613.7% | -233.2% |
| EPS (diluted) | $-4.63 | $-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 | $4.8M | — | ||
| Q3 25 | $10.6M | $8.4M | ||
| Q2 25 | $9.9M | $6.2M | ||
| Q1 25 | $5.0M | $5.9M | ||
| Q4 24 | $14.9M | $8.3M | ||
| Q3 24 | $14.4M | $7.5M | ||
| Q2 24 | $16.4M | $9.7M | ||
| Q1 24 | $10.9M | $12.5M |
| Q4 25 | $-46.1M | — | ||
| Q3 25 | $-257.8M | $-24.0M | ||
| Q2 25 | $-44.0M | $-7.4M | ||
| Q1 25 | $-26.1M | $-7.6M | ||
| Q4 24 | $-6.5M | $-40.0M | ||
| Q3 24 | $-4.4M | $-7.2M | ||
| Q2 24 | $-37.6M | $-10.9M | ||
| Q1 24 | $-24.4M | $-5.3M |
| Q4 25 | 45.5% | — | ||
| Q3 25 | 68.5% | 9.5% | ||
| Q2 25 | 66.9% | 6.3% | ||
| Q1 25 | 72.3% | 5.7% | ||
| Q4 24 | 68.5% | -360.8% | ||
| Q3 24 | 73.9% | -39.1% | ||
| Q2 24 | 73.2% | 34.6% | ||
| Q1 24 | 64.7% | 45.4% |
| Q4 25 | -2317.8% | — | ||
| Q3 25 | -1766.2% | -92.5% | ||
| Q2 25 | -207.2% | -107.6% | ||
| Q1 25 | -557.5% | -120.9% | ||
| Q4 24 | -190.5% | -426.0% | ||
| Q3 24 | -138.0% | -119.8% | ||
| Q2 24 | -95.4% | -38.0% | ||
| Q1 24 | -179.0% | 3.2% |
| Q4 25 | -961.9% | — | ||
| Q3 25 | -2441.5% | -284.7% | ||
| Q2 25 | -445.1% | -119.9% | ||
| Q1 25 | -521.2% | -127.3% | ||
| Q4 24 | -43.4% | -483.8% | ||
| Q3 24 | -30.4% | -95.5% | ||
| Q2 24 | -229.6% | -112.4% | ||
| Q1 24 | -224.0% | -41.9% |
| Q4 25 | $-4.63 | — | ||
| Q3 25 | $-22.17 | $-1.14 | ||
| Q2 25 | $-7.42 | $-0.93 | ||
| Q1 25 | $-2.26 | $-1.21 | ||
| Q4 24 | $8.53 | $-7.14 | ||
| Q3 24 | $-0.58 | $-1.56 | ||
| Q2 24 | $-7.67 | $-3.62 | ||
| Q1 24 | $-8.33 | $-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 | $5.0M | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $-207.8M | $14.5M |
| Total Assets | $365.0M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.0M | — | ||
| Q3 25 | $878.0K | — | ||
| Q2 25 | $4.1M | — | ||
| Q1 25 | $5.8M | — | ||
| Q4 24 | $3.3M | — | ||
| Q3 24 | $77.0K | — | ||
| Q2 24 | $6.9M | — | ||
| Q1 24 | $1.8M | — |
| 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 | $-207.8M | — | ||
| Q3 25 | $-176.9M | $14.5M | ||
| Q2 25 | $-249.0M | $-19.5M | ||
| Q1 25 | $-211.5M | $-16.1M | ||
| Q4 24 | $-192.6M | $-12.5M | ||
| Q3 24 | $-211.3M | $20.9M | ||
| Q2 24 | $-214.7M | $24.4M | ||
| Q1 24 | $-189.8M | $21.5M |
| Q4 25 | $365.0M | — | ||
| Q3 25 | $275.9M | $152.0M | ||
| Q2 25 | $83.8M | $92.0M | ||
| Q1 25 | $79.0M | $90.0M | ||
| Q4 24 | $93.0M | $88.0M | ||
| Q3 24 | $100.4M | $97.3M | ||
| Q2 24 | $104.5M | $98.7M | ||
| Q1 24 | $91.2M | $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 | $-17.5M | $-2.2M |
| Free Cash FlowOCF − Capex | — | $-6.8M |
| FCF MarginFCF / Revenue | — | -81.4% |
| Capex IntensityCapex / Revenue | — | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-17.5M | — | ||
| Q3 25 | $8.2M | $-2.2M | ||
| Q2 25 | $7.0M | $-1.1M | ||
| Q1 25 | $6.0M | $-177.0K | ||
| Q4 24 | $2.5M | $-5.1M | ||
| Q3 24 | $5.1M | $61.0K | ||
| Q2 24 | $2.3M | $-7.3M | ||
| Q1 24 | $9.4M | $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 | 0.0% | 45.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 4.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SCLX
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
