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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and NUSCALE POWER Corp (SMR). Click either name above to swap in a different company.
Soluna Holdings, Inc is the larger business by last-quarter revenue ($8.4M vs $8.2M, roughly 1.0× NUSCALE POWER Corp). Soluna Holdings, Inc runs the higher net margin — -284.7% vs -3316.2%, a 3031.5% gap on every dollar of revenue. On growth, NUSCALE POWER Corp posted the faster year-over-year revenue change (1635.2% vs 11.8%). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-199.9M). Over the past eight quarters, NUSCALE POWER Corp's revenue compounded faster (22.4% CAGR vs -8.8%).
NuScale Power Corporation is a publicly traded American company that designs and markets small modular reactors (SMRs). It is headquartered in Tigard, Oregon. The company's VOYGR power plant, which uses 50 MWe modules and scales to 12 modules, was the first SMR to be certified by the US Nuclear Regulatory Commission (NRC) (2022). The newer 77 MWe module designs, known as the VOYGR-4 and VOYGR-6, were submitted for NRC review on January 1, 2023, and approved May 29, 2025. NuScale is now seekin...
SLNH vs SMR — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $8.2M |
| Net Profit | $-24.0M | $-273.3M |
| Gross Margin | 9.5% | 32.9% |
| Operating Margin | -92.5% | -6532.9% |
| Net Margin | -284.7% | -3316.2% |
| Revenue YoY | 11.8% | 1635.2% |
| Net Profit YoY | -233.2% | -1465.5% |
| EPS (diluted) | $-1.14 | $-1.85 |
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.
| Q3 25 | $8.4M | $8.2M | ||
| Q2 25 | $6.2M | $8.1M | ||
| Q1 25 | $5.9M | $13.4M | ||
| Q4 24 | $8.3M | $34.2M | ||
| Q3 24 | $7.5M | — | ||
| Q2 24 | $9.7M | — | ||
| Q1 24 | $12.5M | — | ||
| Q4 23 | $10.1M | $4.6M |
| Q3 25 | $-24.0M | $-273.3M | ||
| Q2 25 | $-7.4M | $-17.6M | ||
| Q1 25 | $-7.6M | $-14.0M | ||
| Q4 24 | $-40.0M | $-75.0M | ||
| Q3 24 | $-7.2M | — | ||
| Q2 24 | $-10.9M | — | ||
| Q1 24 | $-5.3M | — | ||
| Q4 23 | $-6.7M | $-18.8M |
| Q3 25 | 9.5% | 32.9% | ||
| Q2 25 | 6.3% | 22.1% | ||
| Q1 25 | 5.7% | 52.4% | ||
| Q4 24 | -360.8% | 91.1% | ||
| Q3 24 | -39.1% | — | ||
| Q2 24 | 34.6% | — | ||
| Q1 24 | 45.4% | — | ||
| Q4 23 | 42.4% | 15.8% |
| Q3 25 | -92.5% | -6532.9% | ||
| Q2 25 | -107.6% | -534.9% | ||
| Q1 25 | -120.9% | -264.1% | ||
| Q4 24 | -426.0% | -34.6% | ||
| Q3 24 | -119.8% | — | ||
| Q2 24 | -38.0% | — | ||
| Q1 24 | 3.2% | — | ||
| Q4 23 | -23.9% | -1558.2% |
| Q3 25 | -284.7% | -3316.2% | ||
| Q2 25 | -119.9% | -219.0% | ||
| Q1 25 | -127.3% | -104.7% | ||
| Q4 24 | -483.8% | -219.1% | ||
| Q3 24 | -95.5% | — | ||
| Q2 24 | -112.4% | — | ||
| Q1 24 | -41.9% | — | ||
| Q4 23 | -66.2% | -411.3% |
| Q3 25 | $-1.14 | $-1.85 | ||
| Q2 25 | $-0.93 | $-0.13 | ||
| Q1 25 | $-1.21 | $-0.11 | ||
| Q4 24 | $-7.14 | $-0.77 | ||
| Q3 24 | $-1.56 | — | ||
| Q2 24 | $-3.62 | — | ||
| Q1 24 | $-2.62 | — | ||
| Q4 23 | $-1.99 | $-0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $691.8M |
| Total DebtLower is stronger | $13.3M | — |
| Stockholders' EquityBook value | $14.5M | $828.7M |
| Total Assets | $152.0M | $883.1M |
| Debt / EquityLower = less leverage | 0.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $691.8M | ||
| Q2 25 | — | $420.7M | ||
| Q1 25 | — | $521.4M | ||
| Q4 24 | — | $441.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | $120.3M |
| 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 23 | — | — |
| Q3 25 | $14.5M | $828.7M | ||
| Q2 25 | $-19.5M | $692.9M | ||
| Q1 25 | $-16.1M | $704.0M | ||
| Q4 24 | $-12.5M | $618.7M | ||
| Q3 24 | $20.9M | — | ||
| Q2 24 | $24.4M | — | ||
| Q1 24 | $21.5M | — | ||
| Q4 23 | $26.5M | $93.5M |
| Q3 25 | $152.0M | $883.1M | ||
| Q2 25 | $92.0M | $606.5M | ||
| Q1 25 | $90.0M | $618.1M | ||
| Q4 24 | $88.0M | $544.7M | ||
| Q3 24 | $97.3M | — | ||
| Q2 24 | $98.7M | — | ||
| Q1 24 | $90.6M | — | ||
| Q4 23 | $91.3M | $224.9M |
| Q3 25 | 0.92× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | $-2.2M | $-199.8M |
| Free Cash FlowOCF − Capex | $-6.8M | $-199.9M |
| FCF MarginFCF / Revenue | -81.4% | -2425.1% |
| Capex IntensityCapex / Revenue | 55.2% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-2.2M | $-199.8M | ||
| Q2 25 | $-1.1M | $-33.3M | ||
| Q1 25 | $-177.0K | $-22.8M | ||
| Q4 24 | $-5.1M | $-26.4M | ||
| Q3 24 | $61.0K | — | ||
| Q2 24 | $-7.3M | — | ||
| Q1 24 | $3.9M | — | ||
| Q4 23 | $1.4M | $-73.2M |
| Q3 25 | $-6.8M | $-199.9M | ||
| Q2 25 | $-9.7M | — | ||
| Q1 25 | $-4.0M | $-22.9M | ||
| Q4 24 | $-13.9M | $-26.5M | ||
| Q3 24 | $-3.4M | — | ||
| Q2 24 | $-7.6M | — | ||
| Q1 24 | $3.3M | — | ||
| Q4 23 | $1.2M | $-73.3M |
| Q3 25 | -81.4% | -2425.1% | ||
| Q2 25 | -156.8% | — | ||
| Q1 25 | -67.1% | -170.9% | ||
| Q4 24 | -168.3% | -77.3% | ||
| Q3 24 | -44.8% | — | ||
| Q2 24 | -78.2% | — | ||
| Q1 24 | 26.5% | — | ||
| Q4 23 | 12.3% | -1606.6% |
| Q3 25 | 55.2% | 0.9% | ||
| Q2 25 | 139.0% | — | ||
| Q1 25 | 64.2% | 0.5% | ||
| Q4 24 | 107.0% | 0.1% | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 4.2% | — | ||
| Q4 23 | 1.7% | 1.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
SMR
| Power Plant And NPM Engineering Design And Licensing Services And Fees | $8.0M | 97% |
| Other | $208.0K | 3% |
