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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and Velo3D, Inc. (VELO). Click either name above to swap in a different company.
Velo3D, Inc. is the larger business by last-quarter revenue ($9.4M vs $8.4M, roughly 1.1× Soluna Holdings, Inc). Velo3D, Inc. runs the higher net margin — -231.9% vs -284.7%, a 52.7% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -25.2%). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-8.3M). Over the past eight quarters, Velo3D, Inc.'s revenue compounded faster (-1.8% CAGR vs -8.8%).
Velo3D, Inc. develops and sells advanced end-to-end metal additive manufacturing (3D printing) solutions, comprising industrial-grade printers, specialized processing software, and high-performance metal materials. It primarily serves global aerospace, defense, energy, semiconductor and industrial manufacturing markets, enabling customers to produce complex, high-precision metal parts that are difficult to manufacture with traditional methods.
SLNH vs VELO — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $9.4M |
| Net Profit | $-24.0M | $-21.9M |
| Gross Margin | 9.5% | -73.6% |
| Operating Margin | -92.5% | -231.0% |
| Net Margin | -284.7% | -231.9% |
| Revenue YoY | 11.8% | -25.2% |
| Net Profit YoY | -233.2% | -2.9% |
| EPS (diluted) | $-1.14 | $-0.87 |
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 | — | $9.4M | ||
| Q3 25 | $8.4M | $13.6M | ||
| Q2 25 | $6.2M | $13.6M | ||
| Q1 25 | $5.9M | $9.3M | ||
| Q4 24 | $8.3M | $12.6M | ||
| Q3 24 | $7.5M | $8.2M | ||
| Q2 24 | $9.7M | $10.3M | ||
| Q1 24 | $12.5M | $9.8M |
| Q4 25 | — | $-21.9M | ||
| Q3 25 | $-24.0M | $-11.2M | ||
| Q2 25 | $-7.4M | $-13.3M | ||
| Q1 25 | $-7.6M | $-25.0M | ||
| Q4 24 | $-40.0M | $-21.3M | ||
| Q3 24 | $-7.2M | $-21.9M | ||
| Q2 24 | $-10.9M | $935.0K | ||
| Q1 24 | $-5.3M | $-27.5M |
| Q4 25 | — | -73.6% | ||
| Q3 25 | 9.5% | 3.2% | ||
| Q2 25 | 6.3% | -11.7% | ||
| Q1 25 | 5.7% | 7.5% | ||
| Q4 24 | -360.8% | -3.5% | ||
| Q3 24 | -39.1% | 49.4% | ||
| Q2 24 | 34.6% | -28.0% | ||
| Q1 24 | 45.4% | -28.8% |
| Q4 25 | — | -231.0% | ||
| Q3 25 | -92.5% | -73.3% | ||
| Q2 25 | -107.6% | -85.4% | ||
| Q1 25 | -120.9% | -123.6% | ||
| Q4 24 | -426.0% | -167.0% | ||
| Q3 24 | -119.8% | -213.8% | ||
| Q2 24 | -38.0% | -187.7% | ||
| Q1 24 | 3.2% | -211.1% |
| Q4 25 | — | -231.9% | ||
| Q3 25 | -284.7% | -82.0% | ||
| Q2 25 | -119.9% | -97.7% | ||
| Q1 25 | -127.3% | -268.4% | ||
| Q4 24 | -483.8% | -168.5% | ||
| Q3 24 | -95.5% | -265.3% | ||
| Q2 24 | -112.4% | 9.0% | ||
| Q1 24 | -41.9% | -281.2% |
| Q4 25 | — | $-0.87 | ||
| Q3 25 | $-1.14 | $-0.65 | ||
| Q2 25 | $-0.93 | $-0.94 | ||
| Q1 25 | $-1.21 | $-1.87 | ||
| Q4 24 | $-7.14 | $7.06 | ||
| Q3 24 | $-1.56 | $-35.52 | ||
| Q2 24 | $-3.62 | $1.65 | ||
| Q1 24 | $-2.62 | $-55.51 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $39.0M |
| Total DebtLower is stronger | $13.3M | $31.0M |
| Stockholders' EquityBook value | $14.5M | $38.2M |
| Total Assets | $152.0M | $105.3M |
| Debt / EquityLower = less leverage | 0.92× | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $39.0M | ||
| Q3 25 | — | $11.8M | ||
| Q2 25 | — | $854.0K | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | — | $1.2M | ||
| Q3 24 | — | $1.6M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $10.9M |
| Q4 25 | — | $31.0M | ||
| Q3 25 | $13.3M | $23.0M | ||
| Q2 25 | $10.0M | $22.5M | ||
| Q1 25 | $10.2M | $21.7M | ||
| Q4 24 | $7.1M | $5.7M | ||
| Q3 24 | $8.1M | $32.3M | ||
| Q2 24 | $9.0M | $33.5M | ||
| Q1 24 | — | $44.0M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | $14.5M | $29.9M | ||
| Q2 25 | $-19.5M | $21.4M | ||
| Q1 25 | $-16.1M | $32.8M | ||
| Q4 24 | $-12.5M | $39.7M | ||
| Q3 24 | $20.9M | $34.4M | ||
| Q2 24 | $24.4M | $52.1M | ||
| Q1 24 | $21.5M | $45.5M |
| Q4 25 | — | $105.3M | ||
| Q3 25 | $152.0M | $93.7M | ||
| Q2 25 | $92.0M | $78.4M | ||
| Q1 25 | $90.0M | $91.3M | ||
| Q4 24 | $88.0M | $89.2M | ||
| Q3 24 | $97.3M | $110.8M | ||
| Q2 24 | $98.7M | $116.7M | ||
| Q1 24 | $90.6M | $136.1M |
| Q4 25 | — | 0.81× | ||
| Q3 25 | 0.92× | 0.77× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | 0.39× | 0.94× | ||
| Q2 24 | 0.37× | 0.64× | ||
| Q1 24 | — | 0.97× |
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 | $-7.7M |
| Free Cash FlowOCF − Capex | $-6.8M | $-8.3M |
| FCF MarginFCF / Revenue | -81.4% | -88.3% |
| Capex IntensityCapex / Revenue | 55.2% | 6.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-7.7M | ||
| Q3 25 | $-2.2M | $-6.0M | ||
| Q2 25 | $-1.1M | $-1.2M | ||
| Q1 25 | $-177.0K | $-12.3M | ||
| Q4 24 | $-5.1M | $-2.2M | ||
| Q3 24 | $61.0K | $-2.0M | ||
| Q2 24 | $-7.3M | $-8.0M | ||
| Q1 24 | $3.9M | $-20.5M |
| Q4 25 | — | $-8.3M | ||
| Q3 25 | $-6.8M | $-6.3M | ||
| Q2 25 | $-9.7M | $-3.0M | ||
| Q1 25 | $-4.0M | — | ||
| Q4 24 | $-13.9M | $-2.2M | ||
| Q3 24 | $-3.4M | $-2.0M | ||
| Q2 24 | $-7.6M | $-8.0M | ||
| Q1 24 | $3.3M | $-20.5M |
| Q4 25 | — | -88.3% | ||
| Q3 25 | -81.4% | -46.5% | ||
| Q2 25 | -156.8% | -22.2% | ||
| Q1 25 | -67.1% | — | ||
| Q4 24 | -168.3% | -17.7% | ||
| Q3 24 | -44.8% | -24.2% | ||
| Q2 24 | -78.2% | -77.1% | ||
| Q1 24 | 26.5% | -209.8% |
| Q4 25 | — | 6.4% | ||
| Q3 25 | 55.2% | 2.3% | ||
| Q2 25 | 139.0% | 13.3% | ||
| Q1 25 | 64.2% | 0.0% | ||
| Q4 24 | 107.0% | 0.2% | ||
| Q3 24 | 45.6% | 0.2% | ||
| Q2 24 | 2.5% | 0.0% | ||
| Q1 24 | 4.2% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -8.52× | ||
| 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% |
VELO
Segment breakdown not available.
