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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Spire Global, Inc. is the larger business by last-quarter revenue ($15.8M vs $8.4M, roughly 1.9× Soluna Holdings, Inc). Spire Global, Inc. runs the higher net margin — -176.6% vs -284.7%, a 108.1% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -26.9%). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-16.2M). Over the past eight quarters, Soluna Holdings, Inc's revenue compounded faster (-8.8% CAGR vs -32.6%).
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
SLNH vs SPIR — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $15.8M |
| Net Profit | $-24.0M | $-28.0M |
| Gross Margin | 9.5% | 40.2% |
| Operating Margin | -92.5% | -164.1% |
| Net Margin | -284.7% | -176.6% |
| Revenue YoY | 11.8% | -26.9% |
| Net Profit YoY | -233.2% | 42.7% |
| EPS (diluted) | $-1.14 | $-0.85 |
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.
| Q4 25 | — | $15.8M | ||
| Q3 25 | $8.4M | $12.7M | ||
| Q2 25 | $6.2M | $19.2M | ||
| Q1 25 | $5.9M | $23.9M | ||
| Q4 24 | $8.3M | $21.7M | ||
| Q3 24 | $7.5M | $28.6M | ||
| Q2 24 | $9.7M | $25.4M | ||
| Q1 24 | $12.5M | $34.8M |
| Q4 25 | — | $-28.0M | ||
| Q3 25 | $-24.0M | $-19.7M | ||
| Q2 25 | $-7.4M | $119.6M | ||
| Q1 25 | $-7.6M | $-20.7M | ||
| Q4 24 | $-40.0M | $-48.8M | ||
| Q3 24 | $-7.2M | $-12.5M | ||
| Q2 24 | $-10.9M | $-16.6M | ||
| Q1 24 | $-5.3M | $-25.5M |
| Q4 25 | — | 40.2% | ||
| Q3 25 | 9.5% | 36.6% | ||
| Q2 25 | 6.3% | 48.9% | ||
| Q1 25 | 5.7% | 36.8% | ||
| Q4 24 | -360.8% | 32.4% | ||
| Q3 24 | -39.1% | 44.5% | ||
| Q2 24 | 34.6% | 43.0% | ||
| Q1 24 | 45.4% | 26.5% |
| Q4 25 | — | -164.1% | ||
| Q3 25 | -92.5% | -166.1% | ||
| Q2 25 | -107.6% | -122.7% | ||
| Q1 25 | -120.9% | -106.5% | ||
| Q4 24 | -426.0% | -144.1% | ||
| Q3 24 | -119.8% | -48.0% | ||
| Q2 24 | -38.0% | -48.6% | ||
| Q1 24 | 3.2% | -34.4% |
| Q4 25 | — | -176.6% | ||
| Q3 25 | -284.7% | -155.3% | ||
| Q2 25 | -119.9% | 623.4% | ||
| Q1 25 | -127.3% | -86.5% | ||
| Q4 24 | -483.8% | -225.2% | ||
| Q3 24 | -95.5% | -43.7% | ||
| Q2 24 | -112.4% | -65.2% | ||
| Q1 24 | -41.9% | -73.3% |
| Q4 25 | — | $-0.85 | ||
| Q3 25 | $-1.14 | $-0.61 | ||
| Q2 25 | $-0.93 | $3.72 | ||
| Q1 25 | $-1.21 | $-0.77 | ||
| Q4 24 | $-7.14 | $-1.93 | ||
| Q3 24 | $-1.56 | $-0.50 | ||
| Q2 24 | $-3.62 | $-0.68 | ||
| Q1 24 | $-2.62 | $-1.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $81.8M |
| Total DebtLower is stronger | $13.3M | — |
| Stockholders' EquityBook value | $14.5M | $112.9M |
| Total Assets | $152.0M | $211.0M |
| Debt / EquityLower = less leverage | 0.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $81.8M | ||
| Q3 25 | — | $96.8M | ||
| Q2 25 | — | $117.6M | ||
| Q1 25 | — | $35.9M | ||
| Q4 24 | — | $19.2M | ||
| Q3 24 | — | $36.6M | ||
| Q2 24 | — | $45.8M | ||
| Q1 24 | — | $63.7M |
| Q4 25 | — | — | ||
| Q3 25 | $13.3M | — | ||
| Q2 25 | $10.0M | — | ||
| Q1 25 | $10.2M | $103.7M | ||
| Q4 24 | $7.1M | $103.1M | ||
| Q3 24 | $8.1M | $4.9M | ||
| Q2 24 | $9.0M | $4.9M | ||
| Q1 24 | — | $123.1M |
| Q4 25 | — | $112.9M | ||
| Q3 25 | $14.5M | $133.1M | ||
| Q2 25 | $-19.5M | $149.2M | ||
| Q1 25 | $-16.1M | $3.7M | ||
| Q4 24 | $-12.5M | $-11.7M | ||
| Q3 24 | $20.9M | $30.8M | ||
| Q2 24 | $24.4M | $40.3M | ||
| Q1 24 | $21.5M | $52.5M |
| Q4 25 | — | $211.0M | ||
| Q3 25 | $152.0M | $224.3M | ||
| Q2 25 | $92.0M | $239.5M | ||
| Q1 25 | $90.0M | $208.8M | ||
| Q4 24 | $88.0M | $193.6M | ||
| Q3 24 | $97.3M | $224.2M | ||
| Q2 24 | $98.7M | $230.8M | ||
| Q1 24 | $90.6M | $252.3M |
| Q4 25 | — | — | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.39× | 0.16× | ||
| Q2 24 | 0.37× | 0.12× | ||
| Q1 24 | — | 2.35× |
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 | $-4.3M |
| Free Cash FlowOCF − Capex | $-6.8M | $-16.2M |
| FCF MarginFCF / Revenue | -81.4% | -102.1% |
| Capex IntensityCapex / Revenue | 55.2% | 75.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-4.3M | ||
| Q3 25 | $-2.2M | $-12.0M | ||
| Q2 25 | $-1.1M | $-35.1M | ||
| Q1 25 | $-177.0K | $-8.4M | ||
| Q4 24 | $-5.1M | $-19.2M | ||
| Q3 24 | $61.0K | $14.0M | ||
| Q2 24 | $-7.3M | $-4.4M | ||
| Q1 24 | $3.9M | $-8.8M |
| Q4 25 | — | $-16.2M | ||
| Q3 25 | $-6.8M | $-20.4M | ||
| Q2 25 | $-9.7M | $-38.7M | ||
| Q1 25 | $-4.0M | $-17.3M | ||
| Q4 24 | $-13.9M | $-24.3M | ||
| Q3 24 | $-3.4M | $5.1M | ||
| Q2 24 | $-7.6M | $-9.9M | ||
| Q1 24 | $3.3M | $-15.9M |
| Q4 25 | — | -102.1% | ||
| Q3 25 | -81.4% | -161.3% | ||
| Q2 25 | -156.8% | -201.7% | ||
| Q1 25 | -67.1% | -72.6% | ||
| Q4 24 | -168.3% | -112.2% | ||
| Q3 24 | -44.8% | 17.8% | ||
| Q2 24 | -78.2% | -39.0% | ||
| Q1 24 | 26.5% | -45.7% |
| Q4 25 | — | 75.1% | ||
| Q3 25 | 55.2% | 66.2% | ||
| Q2 25 | 139.0% | 18.8% | ||
| Q1 25 | 64.2% | 37.3% | ||
| Q4 24 | 107.0% | 23.5% | ||
| Q3 24 | 45.6% | 31.2% | ||
| Q2 24 | 2.5% | 21.8% | ||
| Q1 24 | 4.2% | 20.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.29× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
SPIR
Segment breakdown not available.
