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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and Venus Concept Inc. (VERO). Click either name above to swap in a different company.
Venus Concept Inc. is the larger business by last-quarter revenue ($13.8M vs $8.4M, roughly 1.6× Soluna Holdings, Inc). Venus Concept Inc. runs the higher net margin — -163.8% vs -284.7%, a 120.9% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -8.2%). Venus Concept Inc. produced more free cash flow last quarter ($-4.9M vs $-6.8M). Over the past eight quarters, Soluna Holdings, Inc's revenue compounded faster (-8.8% CAGR vs -12.8%).
Venus Concept Inc is a global medical technology firm specializing in the development, manufacturing, and distribution of non-invasive and minimally invasive aesthetic medical devices. Its product portfolio covers hair removal, skin rejuvenation, body contouring, and anti-aging solutions, serving dermatology clinics, plastic surgery centers, and medical spas across North America, Europe, and Asia Pacific markets.
SLNH vs VERO — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $13.8M |
| Net Profit | $-24.0M | $-22.6M |
| Gross Margin | 9.5% | 64.0% |
| Operating Margin | -92.5% | -68.9% |
| Net Margin | -284.7% | -163.8% |
| Revenue YoY | 11.8% | -8.2% |
| Net Profit YoY | -233.2% | -143.0% |
| EPS (diluted) | $-1.14 | $-12.14 |
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.
| Q3 25 | $8.4M | $13.8M | ||
| Q2 25 | $6.2M | $15.7M | ||
| Q1 25 | $5.9M | $13.6M | ||
| Q4 24 | $8.3M | $15.8M | ||
| Q3 24 | $7.5M | $15.0M | ||
| Q2 24 | $9.7M | $16.6M | ||
| Q1 24 | $12.5M | $17.5M | ||
| Q4 23 | $10.1M | $18.1M |
| Q3 25 | $-24.0M | $-22.6M | ||
| Q2 25 | $-7.4M | $-11.7M | ||
| Q1 25 | $-7.6M | $-12.4M | ||
| Q4 24 | $-40.0M | $-8.0M | ||
| Q3 24 | $-7.2M | $-9.3M | ||
| Q2 24 | $-10.9M | $-20.0M | ||
| Q1 24 | $-5.3M | $-9.8M | ||
| Q4 23 | $-6.7M | $-11.1M |
| Q3 25 | 9.5% | 64.0% | ||
| Q2 25 | 6.3% | 60.1% | ||
| Q1 25 | 5.7% | 64.2% | ||
| Q4 24 | -360.8% | 69.1% | ||
| Q3 24 | -39.1% | 66.1% | ||
| Q2 24 | 34.6% | 71.5% | ||
| Q1 24 | 45.4% | 66.6% | ||
| Q4 23 | 42.4% | 66.5% |
| Q3 25 | -92.5% | -68.9% | ||
| Q2 25 | -107.6% | -57.6% | ||
| Q1 25 | -120.9% | -69.8% | ||
| Q4 24 | -426.0% | -42.3% | ||
| Q3 24 | -119.8% | -47.7% | ||
| Q2 24 | -38.0% | -33.7% | ||
| Q1 24 | 3.2% | -44.4% | ||
| Q4 23 | -23.9% | -42.1% |
| Q3 25 | -284.7% | -163.8% | ||
| Q2 25 | -119.9% | -74.7% | ||
| Q1 25 | -127.3% | -90.6% | ||
| Q4 24 | -483.8% | -50.5% | ||
| Q3 24 | -95.5% | -61.9% | ||
| Q2 24 | -112.4% | -120.3% | ||
| Q1 24 | -41.9% | -56.0% | ||
| Q4 23 | -66.2% | -61.3% |
| Q3 25 | $-1.14 | $-12.14 | ||
| Q2 25 | $-0.93 | $-8.03 | ||
| Q1 25 | $-1.21 | $-17.44 | ||
| Q4 24 | $-7.14 | $-10.26 | ||
| Q3 24 | $-1.56 | $-13.10 | ||
| Q2 24 | $-3.62 | $-30.93 | ||
| Q1 24 | $-2.62 | $-16.92 | ||
| Q4 23 | $-1.99 | $-63.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.3M |
| Total DebtLower is stronger | $13.3M | — |
| Stockholders' EquityBook value | $14.5M | $2.7M |
| Total Assets | $152.0M | $61.6M |
| Debt / EquityLower = less leverage | 0.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $4.3M | ||
| Q2 25 | — | $3.9M | ||
| Q1 25 | — | $3.2M | ||
| Q4 24 | — | $4.3M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | — | $5.7M | ||
| Q1 24 | — | $5.1M | ||
| Q4 23 | — | $5.4M |
| 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 23 | — | — |
| Q3 25 | $14.5M | $2.7M | ||
| Q2 25 | $-19.5M | $2.3M | ||
| Q1 25 | $-16.1M | $2.3M | ||
| Q4 24 | $-12.5M | $2.4M | ||
| Q3 24 | $20.9M | $10.1M | ||
| Q2 24 | $24.4M | $3.7M | ||
| Q1 24 | $21.5M | $-22.5M | ||
| Q4 23 | $26.5M | $-14.0M |
| Q3 25 | $152.0M | $61.6M | ||
| Q2 25 | $92.0M | $63.1M | ||
| Q1 25 | $90.0M | $63.5M | ||
| Q4 24 | $88.0M | $68.2M | ||
| Q3 24 | $97.3M | $72.3M | ||
| Q2 24 | $98.7M | $79.8M | ||
| Q1 24 | $90.6M | $85.1M | ||
| Q4 23 | $91.3M | $93.7M |
| Q3 25 | 0.92× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.39× | — | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | $-4.9M |
| Free Cash FlowOCF − Capex | $-6.8M | $-4.9M |
| FCF MarginFCF / Revenue | -81.4% | -35.6% |
| Capex IntensityCapex / Revenue | 55.2% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | $-20.7M |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-2.2M | $-4.9M | ||
| Q2 25 | $-1.1M | $-5.4M | ||
| Q1 25 | $-177.0K | $-6.3M | ||
| Q4 24 | $-5.1M | $-3.8M | ||
| Q3 24 | $61.0K | $-3.0M | ||
| Q2 24 | $-7.3M | $-1.3M | ||
| Q1 24 | $3.9M | $-2.9M | ||
| Q4 23 | $1.4M | $-774.0K |
| Q3 25 | $-6.8M | $-4.9M | ||
| Q2 25 | $-9.7M | $-5.6M | ||
| Q1 25 | $-4.0M | $-6.3M | ||
| Q4 24 | $-13.9M | $-3.9M | ||
| Q3 24 | $-3.4M | $-3.1M | ||
| Q2 24 | $-7.6M | $-1.4M | ||
| Q1 24 | $3.3M | $-2.9M | ||
| Q4 23 | $1.2M | $-801.0K |
| Q3 25 | -81.4% | -35.6% | ||
| Q2 25 | -156.8% | -35.8% | ||
| Q1 25 | -67.1% | -46.5% | ||
| Q4 24 | -168.3% | -24.7% | ||
| Q3 24 | -44.8% | -20.3% | ||
| Q2 24 | -78.2% | -8.2% | ||
| Q1 24 | 26.5% | -16.6% | ||
| Q4 23 | 12.3% | -4.4% |
| Q3 25 | 55.2% | 0.1% | ||
| Q2 25 | 139.0% | 1.0% | ||
| Q1 25 | 64.2% | 0.3% | ||
| Q4 24 | 107.0% | 0.5% | ||
| Q3 24 | 45.6% | 0.0% | ||
| Q2 24 | 2.5% | 0.1% | ||
| Q1 24 | 4.2% | 0.1% | ||
| Q4 23 | 1.7% | 0.1% |
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% |
VERO
| Products And Services | $10.8M | 79% |
| Leases | $2.9M | 21% |
