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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and TECOGEN INC. (TGEN). Click either name above to swap in a different company.
Soluna Holdings, Inc is the larger business by last-quarter revenue ($8.4M vs $5.3M, roughly 1.6× TECOGEN INC.). TECOGEN INC. runs the higher net margin — -75.1% vs -284.7%, a 209.6% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -12.5%). TECOGEN INC. produced more free cash flow last quarter ($-2.6M vs $-6.8M). Over the past eight quarters, TECOGEN INC.'s revenue compounded faster (-7.3% CAGR vs -8.8%).
SLNH vs TGEN — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $5.3M |
| Net Profit | $-24.0M | $-4.0M |
| Gross Margin | 9.5% | 36.8% |
| Operating Margin | -92.5% | -77.8% |
| Net Margin | -284.7% | -75.1% |
| Revenue YoY | 11.8% | -12.5% |
| Net Profit YoY | -233.2% | -236.7% |
| EPS (diluted) | $-1.14 | $-0.14 |
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 | — | $5.3M | ||
| Q3 25 | $8.4M | $7.2M | ||
| Q2 25 | $6.2M | $7.3M | ||
| Q1 25 | $5.9M | $7.3M | ||
| Q4 24 | $8.3M | $6.1M | ||
| Q3 24 | $7.5M | $5.6M | ||
| Q2 24 | $9.7M | $4.7M | ||
| Q1 24 | $12.5M | $6.2M |
| Q4 25 | — | $-4.0M | ||
| Q3 25 | $-24.0M | $-2.1M | ||
| Q2 25 | $-7.4M | $-1.5M | ||
| Q1 25 | $-7.6M | $-659.9K | ||
| Q4 24 | $-40.0M | $-1.2M | ||
| Q3 24 | $-7.2M | $-930.4K | ||
| Q2 24 | $-10.9M | $-1.5M | ||
| Q1 24 | $-5.3M | $-1.1M |
| Q4 25 | — | 36.8% | ||
| Q3 25 | 9.5% | 30.4% | ||
| Q2 25 | 6.3% | 33.8% | ||
| Q1 25 | 5.7% | 44.3% | ||
| Q4 24 | -360.8% | 45.0% | ||
| Q3 24 | -39.1% | 44.1% | ||
| Q2 24 | 34.6% | 44.0% | ||
| Q1 24 | 45.4% | 41.6% |
| Q4 25 | — | -77.8% | ||
| Q3 25 | -92.5% | -29.2% | ||
| Q2 25 | -107.6% | -19.4% | ||
| Q1 25 | -120.9% | -8.2% | ||
| Q4 24 | -426.0% | -18.7% | ||
| Q3 24 | -119.8% | -15.5% | ||
| Q2 24 | -38.0% | -31.2% | ||
| Q1 24 | 3.2% | -17.0% |
| Q4 25 | — | -75.1% | ||
| Q3 25 | -284.7% | -29.7% | ||
| Q2 25 | -119.9% | -20.1% | ||
| Q1 25 | -127.3% | -9.1% | ||
| Q4 24 | -483.8% | -19.5% | ||
| Q3 24 | -95.5% | -16.5% | ||
| Q2 24 | -112.4% | -32.5% | ||
| Q1 24 | -41.9% | -17.9% |
| Q4 25 | — | $-0.14 | ||
| Q3 25 | $-1.14 | $-0.07 | ||
| Q2 25 | $-0.93 | $-0.06 | ||
| Q1 25 | $-1.21 | $-0.03 | ||
| Q4 24 | $-7.14 | $-0.05 | ||
| Q3 24 | $-1.56 | $-0.04 | ||
| Q2 24 | $-3.62 | $-0.06 | ||
| 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 | — | $12.4M |
| Total DebtLower is stronger | $13.3M | — |
| Stockholders' EquityBook value | $14.5M | $21.6M |
| Total Assets | $152.0M | $37.0M |
| Debt / EquityLower = less leverage | 0.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $12.4M | ||
| Q3 25 | — | $15.3M | ||
| Q2 25 | — | $1.6M | ||
| Q1 25 | — | $4.1M | ||
| Q4 24 | — | $5.4M | ||
| Q3 24 | — | $1.3M | ||
| Q2 24 | — | $841.9K | ||
| Q1 24 | — | $1.5M |
| Q4 25 | — | — | ||
| 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 25 | — | $21.6M | ||
| Q3 25 | $14.5M | $25.5M | ||
| Q2 25 | $-19.5M | $9.1M | ||
| Q1 25 | $-16.1M | $9.6M | ||
| Q4 24 | $-12.5M | $10.2M | ||
| Q3 24 | $20.9M | $11.3M | ||
| Q2 24 | $24.4M | $12.2M | ||
| Q1 24 | $21.5M | $13.7M |
| Q4 25 | — | $37.0M | ||
| Q3 25 | $152.0M | $41.5M | ||
| Q2 25 | $92.0M | $28.4M | ||
| Q1 25 | $90.0M | $29.7M | ||
| Q4 24 | $88.0M | $31.1M | ||
| Q3 24 | $97.3M | $27.5M | ||
| Q2 24 | $98.7M | $27.2M | ||
| Q1 24 | $90.6M | $28.5M |
| Q4 25 | — | — | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | — | — |
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 | $-2.6M |
| Free Cash FlowOCF − Capex | $-6.8M | $-2.6M |
| FCF MarginFCF / Revenue | -81.4% | -49.3% |
| Capex IntensityCapex / Revenue | 55.2% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | $-10.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-2.6M | ||
| Q3 25 | $-2.2M | $-3.6M | ||
| Q2 25 | $-1.1M | $-2.6M | ||
| Q1 25 | $-177.0K | $-1.2M | ||
| Q4 24 | $-5.1M | $4.2M | ||
| Q3 24 | $61.0K | $-207.3K | ||
| Q2 24 | $-7.3M | $-157.9K | ||
| Q1 24 | $3.9M | $248.2K |
| Q4 25 | — | $-2.6M | ||
| Q3 25 | $-6.8M | $-3.6M | ||
| Q2 25 | $-9.7M | $-2.7M | ||
| Q1 25 | $-4.0M | $-1.3M | ||
| Q4 24 | $-13.9M | $4.0M | ||
| Q3 24 | $-3.4M | $-489.6K | ||
| Q2 24 | $-7.6M | $-609.6K | ||
| Q1 24 | $3.3M | $143.3K |
| Q4 25 | — | -49.3% | ||
| Q3 25 | -81.4% | -50.6% | ||
| Q2 25 | -156.8% | -37.7% | ||
| Q1 25 | -67.1% | -17.9% | ||
| Q4 24 | -168.3% | 66.6% | ||
| Q3 24 | -44.8% | -8.7% | ||
| Q2 24 | -78.2% | -12.9% | ||
| Q1 24 | 26.5% | 2.3% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | 55.2% | 1.0% | ||
| Q2 25 | 139.0% | 2.0% | ||
| Q1 25 | 64.2% | 1.8% | ||
| Q4 24 | 107.0% | 2.1% | ||
| Q3 24 | 45.6% | 5.0% | ||
| Q2 24 | 2.5% | 9.6% | ||
| Q1 24 | 4.2% | 1.7% |
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% |
TGEN
| Installation Services | $4.5M | 84% |
| Products Segment | $460.5K | 9% |
| Other | $394.7K | 7% |
