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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and DNA X, Inc. (SONM). Click either name above to swap in a different company.
DNA X, Inc. is the larger business by last-quarter revenue ($16.2M vs $8.4M, roughly 1.9× Soluna Holdings, Inc). DNA X, Inc. runs the higher net margin — -29.3% vs -284.7%, a 255.4% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs 7.9%). Over the past eight quarters, DNA X, Inc.'s revenue compounded faster (9.9% CAGR vs -8.8%).
SLNH vs SONM — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $16.2M |
| Net Profit | $-24.0M | $-4.8M |
| Gross Margin | 9.5% | 11.2% |
| Operating Margin | -92.5% | -24.5% |
| Net Margin | -284.7% | -29.3% |
| Revenue YoY | 11.8% | 7.9% |
| Net Profit YoY | -233.2% | -89.2% |
| EPS (diluted) | $-1.14 | $-4.83 |
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 | $16.2M | ||
| Q2 25 | $6.2M | $11.2M | ||
| Q1 25 | $5.9M | $16.7M | ||
| Q4 24 | $8.3M | $15.3M | ||
| Q3 24 | $7.5M | $15.0M | ||
| Q2 24 | $9.7M | $11.5M | ||
| Q1 24 | $12.5M | $9.1M | ||
| Q4 23 | $10.1M | $13.4M |
| Q3 25 | $-24.0M | $-4.8M | ||
| Q2 25 | $-7.4M | $-7.5M | ||
| Q1 25 | $-7.6M | $458.0K | ||
| Q4 24 | $-40.0M | $-21.6M | ||
| Q3 24 | $-7.2M | $-2.5M | ||
| Q2 24 | $-10.9M | $-6.6M | ||
| Q1 24 | $-5.3M | $-2.9M | ||
| Q4 23 | $-6.7M | $-1.4M |
| Q3 25 | 9.5% | 11.2% | ||
| Q2 25 | 6.3% | 7.6% | ||
| Q1 25 | 5.7% | 50.0% | ||
| Q4 24 | -360.8% | -1.2% | ||
| Q3 24 | -39.1% | 28.2% | ||
| Q2 24 | 34.6% | 25.8% | ||
| Q1 24 | 45.4% | 31.8% | ||
| Q4 23 | 42.4% | 38.1% |
| Q3 25 | -92.5% | -24.5% | ||
| Q2 25 | -107.6% | -60.2% | ||
| Q1 25 | -120.9% | 3.9% | ||
| Q4 24 | -426.0% | 55.3% | ||
| Q3 24 | -119.8% | -15.8% | ||
| Q2 24 | -38.0% | -56.2% | ||
| Q1 24 | 3.2% | -29.5% | ||
| Q4 23 | -23.9% | -9.3% |
| Q3 25 | -284.7% | -29.3% | ||
| Q2 25 | -119.9% | -66.8% | ||
| Q1 25 | -127.3% | 2.7% | ||
| Q4 24 | -483.8% | -141.6% | ||
| Q3 24 | -95.5% | -16.7% | ||
| Q2 24 | -112.4% | -57.5% | ||
| Q1 24 | -41.9% | -31.9% | ||
| Q4 23 | -66.2% | -10.1% |
| Q3 25 | $-1.14 | $-4.83 | ||
| Q2 25 | $-0.93 | $-0.79 | ||
| Q1 25 | $-1.21 | $0.08 | ||
| Q4 24 | $-7.14 | $-116.99 | ||
| Q3 24 | $-1.56 | $-9.32 | ||
| Q2 24 | $-3.62 | $-1.41 | ||
| Q1 24 | $-2.62 | $-0.65 | ||
| Q4 23 | $-1.99 | $-0.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.1M |
| Total DebtLower is stronger | $13.3M | $5.1M |
| Stockholders' EquityBook value | $14.5M | $-701.0K |
| Total Assets | $152.0M | $40.2M |
| Debt / EquityLower = less leverage | 0.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $2.1M | ||
| Q2 25 | — | $2.0M | ||
| Q1 25 | — | $2.1M | ||
| Q4 24 | — | $5.3M | ||
| Q3 24 | — | $9.1M | ||
| Q2 24 | — | $9.6M | ||
| Q1 24 | — | $9.3M | ||
| Q4 23 | — | $9.4M |
| Q3 25 | $13.3M | $5.1M | ||
| Q2 25 | $10.0M | $2.9M | ||
| Q1 25 | $10.2M | $2.8M | ||
| Q4 24 | $7.1M | — | ||
| Q3 24 | $8.1M | — | ||
| Q2 24 | $9.0M | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q3 25 | $14.5M | $-701.0K | ||
| Q2 25 | $-19.5M | $-1.3M | ||
| Q1 25 | $-16.1M | $-1.1M | ||
| Q4 24 | $-12.5M | $-5.7M | ||
| Q3 24 | $20.9M | $15.3M | ||
| Q2 24 | $24.4M | $17.5M | ||
| Q1 24 | $21.5M | $19.8M | ||
| Q4 23 | $26.5M | $22.4M |
| Q3 25 | $152.0M | $40.2M | ||
| Q2 25 | $92.0M | $36.1M | ||
| Q1 25 | $90.0M | $36.0M | ||
| Q4 24 | $88.0M | $39.7M | ||
| Q3 24 | $97.3M | $49.1M | ||
| Q2 24 | $98.7M | $45.9M | ||
| Q1 24 | $90.6M | $42.4M | ||
| Q4 23 | $91.3M | $56.0M |
| 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 | $-7.0M |
| 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.
| Q3 25 | $-2.2M | $-7.0M | ||
| Q2 25 | $-1.1M | $-4.9M | ||
| Q1 25 | $-177.0K | $-9.6M | ||
| Q4 24 | $-5.1M | $-4.5M | ||
| Q3 24 | $61.0K | $-417.0K | ||
| Q2 24 | $-7.3M | $-3.4M | ||
| Q1 24 | $3.9M | $-168.0K | ||
| Q4 23 | $1.4M | $-351.0K |
| Q3 25 | $-6.8M | — | ||
| Q2 25 | $-9.7M | — | ||
| Q1 25 | $-4.0M | — | ||
| Q4 24 | $-13.9M | $-4.5M | ||
| Q3 24 | $-3.4M | $-554.0K | ||
| Q2 24 | $-7.6M | $-3.4M | ||
| Q1 24 | $3.3M | $-198.0K | ||
| Q4 23 | $1.2M | — |
| Q3 25 | -81.4% | — | ||
| Q2 25 | -156.8% | — | ||
| Q1 25 | -67.1% | — | ||
| Q4 24 | -168.3% | -29.6% | ||
| Q3 24 | -44.8% | -3.7% | ||
| Q2 24 | -78.2% | -29.8% | ||
| Q1 24 | 26.5% | -2.2% | ||
| Q4 23 | 12.3% | — |
| Q3 25 | 55.2% | — | ||
| Q2 25 | 139.0% | — | ||
| Q1 25 | 64.2% | — | ||
| Q4 24 | 107.0% | 0.1% | ||
| Q3 24 | 45.6% | 0.9% | ||
| Q2 24 | 2.5% | 0.3% | ||
| Q1 24 | 4.2% | 0.3% | ||
| Q4 23 | 1.7% | — |
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -20.97× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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% |
SONM
Segment breakdown not available.
