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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
SWK Holdings Corp is the larger business by last-quarter revenue ($8.7M vs $8.4M, roughly 1.0× Soluna Holdings, Inc). On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-6.8M). Over the past eight quarters, Soluna Holdings, Inc's revenue compounded faster (-8.8% CAGR vs -12.5%).
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
SLNH vs SWKH — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $8.7M |
| Net Profit | $-24.0M | $-19.4M |
| Gross Margin | 9.5% | — |
| Operating Margin | -92.5% | 9.9% |
| Net Margin | -284.7% | — |
| Revenue YoY | 11.8% | -29.7% |
| Net Profit YoY | -233.2% | -430.2% |
| EPS (diluted) | $-1.14 | $-1.59 |
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 | — | $8.7M | ||
| Q3 25 | $8.4M | $10.9M | ||
| Q2 25 | $6.2M | $10.1M | ||
| Q1 25 | $5.9M | $11.8M | ||
| Q4 24 | $8.3M | $12.4M | ||
| Q3 24 | $7.5M | $10.4M | ||
| Q2 24 | $9.7M | $10.8M | ||
| Q1 24 | $12.5M | $11.4M |
| Q4 25 | — | $-19.4M | ||
| Q3 25 | $-24.0M | $8.8M | ||
| Q2 25 | $-7.4M | $3.5M | ||
| Q1 25 | $-7.6M | $4.5M | ||
| Q4 24 | $-40.0M | $5.9M | ||
| Q3 24 | $-7.2M | $3.5M | ||
| Q2 24 | $-10.9M | $3.7M | ||
| Q1 24 | $-5.3M | $468.0K |
| Q4 25 | — | — | ||
| Q3 25 | 9.5% | — | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | -360.8% | — | ||
| Q3 24 | -39.1% | — | ||
| Q2 24 | 34.6% | — | ||
| Q1 24 | 45.4% | — |
| Q4 25 | — | 9.9% | ||
| Q3 25 | -92.5% | 61.3% | ||
| Q2 25 | -107.6% | 46.1% | ||
| Q1 25 | -120.9% | 68.6% | ||
| Q4 24 | -426.0% | 44.7% | ||
| Q3 24 | -119.8% | 39.2% | ||
| Q2 24 | -38.0% | 8.3% | ||
| Q1 24 | 3.2% | 9.5% |
| Q4 25 | — | — | ||
| Q3 25 | -284.7% | 80.7% | ||
| Q2 25 | -119.9% | 35.2% | ||
| Q1 25 | -127.3% | 38.4% | ||
| Q4 24 | -483.8% | 47.5% | ||
| Q3 24 | -95.5% | 33.3% | ||
| Q2 24 | -112.4% | 33.9% | ||
| Q1 24 | -41.9% | 4.1% |
| Q4 25 | — | $-1.59 | ||
| Q3 25 | $-1.14 | $0.72 | ||
| Q2 25 | $-0.93 | $0.29 | ||
| Q1 25 | $-1.21 | $0.37 | ||
| Q4 24 | $-7.14 | $0.47 | ||
| Q3 24 | $-1.56 | $0.28 | ||
| Q2 24 | $-3.62 | $0.30 | ||
| Q1 24 | $-2.62 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $42.8M |
| Total DebtLower is stronger | $13.3M | $33.0M |
| Stockholders' EquityBook value | $14.5M | $235.1M |
| Total Assets | $152.0M | $272.4M |
| Debt / EquityLower = less leverage | 0.92× | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $42.8M | ||
| Q3 25 | — | $10.2M | ||
| Q2 25 | — | $8.0M | ||
| Q1 25 | — | $29.8M | ||
| Q4 24 | — | $5.9M | ||
| Q3 24 | — | $17.2M | ||
| Q2 24 | — | $5.5M | ||
| Q1 24 | — | $5.5M |
| Q4 25 | — | $33.0M | ||
| Q3 25 | $13.3M | $33.0M | ||
| Q2 25 | $10.0M | $33.0M | ||
| Q1 25 | $10.2M | $33.0M | ||
| Q4 24 | $7.1M | $33.0M | ||
| Q3 24 | $8.1M | $33.0M | ||
| Q2 24 | $9.0M | $33.0M | ||
| Q1 24 | — | $33.0M |
| Q4 25 | — | $235.1M | ||
| Q3 25 | $14.5M | $254.2M | ||
| Q2 25 | $-19.5M | $246.5M | ||
| Q1 25 | $-16.1M | $292.7M | ||
| Q4 24 | $-12.5M | $288.7M | ||
| Q3 24 | $20.9M | $283.4M | ||
| Q2 24 | $24.4M | $282.8M | ||
| Q1 24 | $21.5M | $279.9M |
| Q4 25 | — | $272.4M | ||
| Q3 25 | $152.0M | $289.4M | ||
| Q2 25 | $92.0M | $285.7M | ||
| Q1 25 | $90.0M | $331.3M | ||
| Q4 24 | $88.0M | $332.2M | ||
| Q3 24 | $97.3M | $321.3M | ||
| Q2 24 | $98.7M | $321.0M | ||
| Q1 24 | $90.6M | $322.0M |
| Q4 25 | — | 0.14× | ||
| Q3 25 | 0.92× | 0.13× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.11× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | 0.39× | 0.12× | ||
| Q2 24 | 0.37× | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $-6.8M | $26.8M |
| FCF MarginFCF / Revenue | -81.4% | 308.1% |
| Capex IntensityCapex / Revenue | 55.2% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $27.3M | ||
| Q3 25 | $-2.2M | $906.0K | ||
| Q2 25 | $-1.1M | $7.8M | ||
| Q1 25 | $-177.0K | $8.3M | ||
| Q4 24 | $-5.1M | $23.0M | ||
| Q3 24 | $61.0K | $6.3M | ||
| Q2 24 | $-7.3M | $5.4M | ||
| Q1 24 | $3.9M | $4.4M |
| Q4 25 | — | $26.8M | ||
| Q3 25 | $-6.8M | $557.0K | ||
| Q2 25 | $-9.7M | $7.7M | ||
| Q1 25 | $-4.0M | $8.2M | ||
| Q4 24 | $-13.9M | $22.9M | ||
| Q3 24 | $-3.4M | $6.3M | ||
| Q2 24 | $-7.6M | $5.4M | ||
| Q1 24 | $3.3M | — |
| Q4 25 | — | 308.1% | ||
| Q3 25 | -81.4% | 5.1% | ||
| Q2 25 | -156.8% | 77.0% | ||
| Q1 25 | -67.1% | 69.1% | ||
| Q4 24 | -168.3% | 185.3% | ||
| Q3 24 | -44.8% | 60.4% | ||
| Q2 24 | -78.2% | 49.7% | ||
| Q1 24 | 26.5% | — |
| Q4 25 | — | 5.9% | ||
| Q3 25 | 55.2% | 3.2% | ||
| Q2 25 | 139.0% | 0.6% | ||
| Q1 25 | 64.2% | 0.8% | ||
| Q4 24 | 107.0% | 1.1% | ||
| Q3 24 | 45.6% | 0.3% | ||
| Q2 24 | 2.5% | 0.2% | ||
| Q1 24 | 4.2% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 9.47× |
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% |
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
