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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $8.4M, roughly 1.6× Soluna Holdings, Inc). TriSalus Life Sciences, Inc. runs the higher net margin — -73.9% vs -284.7%, a 210.8% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs 11.8%). TriSalus Life Sciences, Inc. produced more free cash flow last quarter ($-2.5M vs $-6.8M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs -8.8%).
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
SLNH vs TLSI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $13.2M |
| Net Profit | $-24.0M | $-9.8M |
| Gross Margin | 9.5% | 86.7% |
| Operating Margin | -92.5% | -24.8% |
| Net Margin | -284.7% | -73.9% |
| Revenue YoY | 11.8% | 59.8% |
| Net Profit YoY | -233.2% | 3.5% |
| EPS (diluted) | $-1.14 | $-0.22 |
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 | — | $13.2M | ||
| Q3 25 | $8.4M | $11.6M | ||
| Q2 25 | $6.2M | $11.2M | ||
| Q1 25 | $5.9M | $9.2M | ||
| Q4 24 | $8.3M | $8.3M | ||
| Q3 24 | $7.5M | $7.3M | ||
| Q2 24 | $9.7M | $7.4M | ||
| Q1 24 | $12.5M | $6.5M |
| Q4 25 | — | $-9.8M | ||
| Q3 25 | $-24.0M | $-10.8M | ||
| Q2 25 | $-7.4M | $-8.3M | ||
| Q1 25 | $-7.6M | $-10.4M | ||
| Q4 24 | $-40.0M | $-10.1M | ||
| Q3 24 | $-7.2M | $-2.4M | ||
| Q2 24 | $-10.9M | $-4.3M | ||
| Q1 24 | $-5.3M | $-13.2M |
| Q4 25 | — | 86.7% | ||
| Q3 25 | 9.5% | 83.5% | ||
| Q2 25 | 6.3% | 83.9% | ||
| Q1 25 | 5.7% | 83.7% | ||
| Q4 24 | -360.8% | 85.3% | ||
| Q3 24 | -39.1% | 86.3% | ||
| Q2 24 | 34.6% | 87.6% | ||
| Q1 24 | 45.4% | 85.0% |
| Q4 25 | — | -24.8% | ||
| Q3 25 | -92.5% | -77.9% | ||
| Q2 25 | -107.6% | -65.4% | ||
| Q1 25 | -120.9% | -79.9% | ||
| Q4 24 | -426.0% | -91.8% | ||
| Q3 24 | -119.8% | -118.9% | ||
| Q2 24 | -38.0% | -111.0% | ||
| Q1 24 | 3.2% | -180.8% |
| Q4 25 | — | -73.9% | ||
| Q3 25 | -284.7% | -93.5% | ||
| Q2 25 | -119.9% | -73.9% | ||
| Q1 25 | -127.3% | -113.2% | ||
| Q4 24 | -483.8% | -122.4% | ||
| Q3 24 | -95.5% | -32.6% | ||
| Q2 24 | -112.4% | -58.8% | ||
| Q1 24 | -41.9% | -204.5% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | $-1.14 | $-0.96 | ||
| Q2 25 | $-0.93 | $-0.27 | ||
| Q1 25 | $-1.21 | $-0.39 | ||
| Q4 24 | $-7.14 | $-0.38 | ||
| Q3 24 | $-1.56 | $-0.12 | ||
| Q2 24 | $-3.62 | $-0.21 | ||
| Q1 24 | $-2.62 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $20.4M |
| Total DebtLower is stronger | $13.3M | — |
| Stockholders' EquityBook value | $14.5M | $-33.9M |
| Total Assets | $152.0M | $35.3M |
| Debt / EquityLower = less leverage | 0.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.4M | ||
| Q3 25 | — | $22.7M | ||
| Q2 25 | — | $26.5M | ||
| Q1 25 | — | $13.0M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $11.3M | ||
| Q2 24 | — | $16.5M | ||
| Q1 24 | — | $4.0M |
| 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 | — | $-33.9M | ||
| Q3 25 | $14.5M | $-26.7M | ||
| Q2 25 | $-19.5M | $-19.4M | ||
| Q1 25 | $-16.1M | $-34.4M | ||
| Q4 24 | $-12.5M | $-25.9M | ||
| Q3 24 | $20.9M | $-20.4M | ||
| Q2 24 | $24.4M | $-25.3M | ||
| Q1 24 | $21.5M | $-36.0M |
| Q4 25 | — | $35.3M | ||
| Q3 25 | $152.0M | $36.5M | ||
| Q2 25 | $92.0M | $41.3M | ||
| Q1 25 | $90.0M | $28.6M | ||
| Q4 24 | $88.0M | $24.0M | ||
| Q3 24 | $97.3M | $27.5M | ||
| Q2 24 | $98.7M | $32.4M | ||
| Q1 24 | $90.6M | $17.9M |
| 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 | $-2.5M |
| Free Cash FlowOCF − Capex | $-6.8M | $-2.5M |
| FCF MarginFCF / Revenue | -81.4% | -19.1% |
| Capex IntensityCapex / Revenue | 55.2% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-2.5M | ||
| Q3 25 | $-2.2M | $-3.7M | ||
| Q2 25 | $-1.1M | $-7.3M | ||
| Q1 25 | $-177.0K | $-4.5M | ||
| Q4 24 | $-5.1M | $-5.7M | ||
| Q3 24 | $61.0K | $-10.8M | ||
| Q2 24 | $-7.3M | $-13.4M | ||
| Q1 24 | $3.9M | $-10.9M |
| Q4 25 | — | $-2.5M | ||
| Q3 25 | $-6.8M | $-3.9M | ||
| Q2 25 | $-9.7M | $-7.4M | ||
| Q1 25 | $-4.0M | $-5.3M | ||
| Q4 24 | $-13.9M | $-5.8M | ||
| Q3 24 | $-3.4M | $-11.0M | ||
| Q2 24 | $-7.6M | $-13.5M | ||
| Q1 24 | $3.3M | $-10.9M |
| Q4 25 | — | -19.1% | ||
| Q3 25 | -81.4% | -33.9% | ||
| Q2 25 | -156.8% | -66.1% | ||
| Q1 25 | -67.1% | -57.3% | ||
| Q4 24 | -168.3% | -69.7% | ||
| Q3 24 | -44.8% | -149.9% | ||
| Q2 24 | -78.2% | -183.1% | ||
| Q1 24 | 26.5% | -169.3% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | 55.2% | 1.9% | ||
| Q2 25 | 139.0% | 0.8% | ||
| Q1 25 | 64.2% | 8.2% | ||
| Q4 24 | 107.0% | 0.6% | ||
| Q3 24 | 45.6% | 2.3% | ||
| Q2 24 | 2.5% | 0.8% | ||
| Q1 24 | 4.2% | 1.0% |
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% |
TLSI
Segment breakdown not available.
