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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and Virgin Galactic Holdings, Inc (SPCE). Click either name above to swap in a different company.
Soluna Holdings, Inc is the larger business by last-quarter revenue ($8.4M vs $4.2M, roughly 2.0× Virgin Galactic Holdings, Inc). Soluna Holdings, Inc runs the higher net margin — -284.7% vs -2222.2%, a 1937.5% gap on every dollar of revenue. On growth, Virgin Galactic Holdings, Inc posted the faster year-over-year revenue change (125.5% vs 11.8%). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-113.5M).
Virgin Galactic Holdings, Inc. is a British-American spaceflight company founded by Richard Branson and the Virgin Group conglomerate, which retains an 11.9% stake through Virgin Investments Limited.
SLNH vs SPCE — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2024
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $4.2M |
| Net Profit | $-24.0M | $-93.8M |
| Gross Margin | 9.5% | -546.6% |
| Operating Margin | -92.5% | -2412.1% |
| Net Margin | -284.7% | -2222.2% |
| Revenue YoY | 11.8% | 125.5% |
| Net Profit YoY | -233.2% | 30.2% |
| EPS (diluted) | $-1.14 | $-4.36 |
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 | — | ||
| Q2 25 | $6.2M | — | ||
| Q1 25 | $5.9M | — | ||
| Q4 24 | $8.3M | — | ||
| Q3 24 | $7.5M | — | ||
| Q2 24 | $9.7M | $4.2M | ||
| Q1 24 | $12.5M | $2.0M | ||
| Q4 23 | $10.1M | $2.8M |
| Q3 25 | $-24.0M | — | ||
| Q2 25 | $-7.4M | — | ||
| Q1 25 | $-7.6M | — | ||
| Q4 24 | $-40.0M | — | ||
| Q3 24 | $-7.2M | — | ||
| Q2 24 | $-10.9M | $-93.8M | ||
| Q1 24 | $-5.3M | $-102.0M | ||
| Q4 23 | $-6.7M | $-104.0M |
| Q3 25 | 9.5% | — | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | -360.8% | — | ||
| Q3 24 | -39.1% | — | ||
| Q2 24 | 34.6% | -546.6% | ||
| Q1 24 | 45.4% | -1038.1% | ||
| Q4 23 | 42.4% | -766.4% |
| Q3 25 | -92.5% | — | ||
| Q2 25 | -107.6% | — | ||
| Q1 25 | -120.9% | — | ||
| Q4 24 | -426.0% | — | ||
| Q3 24 | -119.8% | — | ||
| Q2 24 | -38.0% | -2412.1% | ||
| Q1 24 | 3.2% | -5599.9% | ||
| Q4 23 | -23.9% | -4067.8% |
| Q3 25 | -284.7% | — | ||
| Q2 25 | -119.9% | — | ||
| Q1 25 | -127.3% | — | ||
| Q4 24 | -483.8% | — | ||
| Q3 24 | -95.5% | — | ||
| Q2 24 | -112.4% | -2222.2% | ||
| Q1 24 | -41.9% | -5139.1% | ||
| Q4 23 | -66.2% | -3701.8% |
| Q3 25 | $-1.14 | — | ||
| Q2 25 | $-0.93 | — | ||
| Q1 25 | $-1.21 | — | ||
| Q4 24 | $-7.14 | — | ||
| Q3 24 | $-1.56 | — | ||
| Q2 24 | $-3.62 | $-4.36 | ||
| Q1 24 | $-2.62 | $-5.10 | ||
| Q4 23 | $-1.99 | $-14.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $775.7M |
| Total DebtLower is stronger | $13.3M | — |
| Stockholders' EquityBook value | $14.5M | $394.8M |
| Total Assets | $152.0M | $1.1B |
| Debt / EquityLower = less leverage | 0.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $775.7M | ||
| Q1 24 | — | $765.2M | ||
| Q4 23 | — | $874.0M |
| 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 | — | ||
| Q2 25 | $-19.5M | — | ||
| Q1 25 | $-16.1M | — | ||
| Q4 24 | $-12.5M | — | ||
| Q3 24 | $20.9M | — | ||
| Q2 24 | $24.4M | $394.8M | ||
| Q1 24 | $21.5M | $417.6M | ||
| Q4 23 | $26.5M | $505.5M |
| Q3 25 | $152.0M | — | ||
| Q2 25 | $92.0M | — | ||
| Q1 25 | $90.0M | — | ||
| Q4 24 | $88.0M | — | ||
| Q3 24 | $97.3M | — | ||
| Q2 24 | $98.7M | $1.1B | ||
| Q1 24 | $90.6M | $1.1B | ||
| Q4 23 | $91.3M | $1.2B |
| 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 | $-79.1M |
| Free Cash FlowOCF − Capex | $-6.8M | $-113.5M |
| FCF MarginFCF / Revenue | -81.4% | -2690.7% |
| Capex IntensityCapex / Revenue | 55.2% | 815.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | $-458.3M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-2.2M | — | ||
| Q2 25 | $-1.1M | — | ||
| Q1 25 | $-177.0K | — | ||
| Q4 24 | $-5.1M | — | ||
| Q3 24 | $61.0K | — | ||
| Q2 24 | $-7.3M | $-79.1M | ||
| Q1 24 | $3.9M | $-113.2M | ||
| Q4 23 | $1.4M | $-95.3M |
| Q3 25 | $-6.8M | — | ||
| Q2 25 | $-9.7M | — | ||
| Q1 25 | $-4.0M | — | ||
| Q4 24 | $-13.9M | — | ||
| Q3 24 | $-3.4M | — | ||
| Q2 24 | $-7.6M | $-113.5M | ||
| Q1 24 | $3.3M | $-126.3M | ||
| Q4 23 | $1.2M | $-113.7M |
| Q3 25 | -81.4% | — | ||
| Q2 25 | -156.8% | — | ||
| Q1 25 | -67.1% | — | ||
| Q4 24 | -168.3% | — | ||
| Q3 24 | -44.8% | — | ||
| Q2 24 | -78.2% | -2690.7% | ||
| Q1 24 | 26.5% | -6362.8% | ||
| Q4 23 | 12.3% | -4046.9% |
| Q3 25 | 55.2% | — | ||
| Q2 25 | 139.0% | — | ||
| Q1 25 | 64.2% | — | ||
| Q4 24 | 107.0% | — | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 2.5% | 815.5% | ||
| Q1 24 | 4.2% | 658.5% | ||
| Q4 23 | 1.7% | 653.9% |
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% |
SPCE
Segment breakdown not available.
