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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and TERAWULF INC. (WULF). Click either name above to swap in a different company.
TERAWULF INC. is the larger business by last-quarter revenue ($26.1M vs $8.4M, roughly 3.1× Soluna Holdings, Inc). Soluna Holdings, Inc runs the higher net margin — -284.7% vs -484.2%, a 199.5% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs -25.3%). Soluna Holdings, Inc produced more free cash flow last quarter ($-6.8M vs $-1.2B). Over the past eight quarters, Soluna Holdings, Inc's revenue compounded faster (-8.8% CAGR vs -21.5%).
TeraWulf Inc. is an American bitcoin mining company. Founded in 2021 and publicly listed on Nasdaq under the ticker WULF, it operates mining facilities in New York and Pennsylvania.
SLNH vs WULF — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $26.1M |
| Net Profit | $-24.0M | $-126.6M |
| Gross Margin | 9.5% | 27.7% |
| Operating Margin | -92.5% | -330.2% |
| Net Margin | -284.7% | -484.2% |
| Revenue YoY | 11.8% | -25.3% |
| Net Profit YoY | -233.2% | -333.5% |
| EPS (diluted) | $-1.14 | $-0.32 |
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 | — | $26.1M | ||
| Q3 25 | $8.4M | $50.6M | ||
| Q2 25 | $6.2M | $47.6M | ||
| Q1 25 | $5.9M | $34.4M | ||
| Q4 24 | $8.3M | $35.0M | ||
| Q3 24 | $7.5M | $27.1M | ||
| Q2 24 | $9.7M | $35.6M | ||
| Q1 24 | $12.5M | $42.4M |
| Q4 25 | — | $-126.6M | ||
| Q3 25 | $-24.0M | $-455.1M | ||
| Q2 25 | $-7.4M | $-18.4M | ||
| Q1 25 | $-7.6M | $-61.4M | ||
| Q4 24 | $-40.0M | $-29.2M | ||
| Q3 24 | $-7.2M | $-22.7M | ||
| Q2 24 | $-10.9M | $-10.9M | ||
| Q1 24 | $-5.3M | $-9.6M |
| Q4 25 | — | 27.7% | ||
| Q3 25 | 9.5% | 57.2% | ||
| Q2 25 | 6.3% | 53.6% | ||
| Q1 25 | 5.7% | 28.6% | ||
| Q4 24 | -360.8% | 26.6% | ||
| Q3 24 | -39.1% | 40.0% | ||
| Q2 24 | 34.6% | 60.9% | ||
| Q1 24 | 45.4% | 66.0% |
| Q4 25 | — | -330.2% | ||
| Q3 25 | -92.5% | -48.8% | ||
| Q2 25 | -107.6% | -32.7% | ||
| Q1 25 | -120.9% | -173.3% | ||
| Q4 24 | -426.0% | -147.0% | ||
| Q3 24 | -119.8% | -58.1% | ||
| Q2 24 | -38.0% | -19.0% | ||
| Q1 24 | 3.2% | -5.5% |
| Q4 25 | — | -484.2% | ||
| Q3 25 | -284.7% | -899.7% | ||
| Q2 25 | -119.9% | -38.6% | ||
| Q1 25 | -127.3% | -178.5% | ||
| Q4 24 | -483.8% | -83.5% | ||
| Q3 24 | -95.5% | -84.0% | ||
| Q2 24 | -112.4% | -30.6% | ||
| Q1 24 | -41.9% | -22.7% |
| Q4 25 | — | $-0.32 | ||
| Q3 25 | $-1.14 | $-1.13 | ||
| Q2 25 | $-0.93 | $-0.05 | ||
| Q1 25 | $-1.21 | $-0.16 | ||
| Q4 24 | $-7.14 | $-0.09 | ||
| Q3 24 | $-1.56 | $-0.06 | ||
| Q2 24 | $-3.62 | $-0.03 | ||
| Q1 24 | $-2.62 | $-0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $3.3B |
| Total DebtLower is stronger | $13.3M | $3.1B |
| Stockholders' EquityBook value | $14.5M | $140.4M |
| Total Assets | $152.0M | $6.6B |
| Debt / EquityLower = less leverage | 0.92× | 22.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $711.3M | ||
| Q2 25 | — | $90.0M | ||
| Q1 25 | — | $218.2M | ||
| Q4 24 | — | $274.1M | ||
| Q3 24 | — | $23.9M | ||
| Q2 24 | — | $104.1M | ||
| Q1 24 | — | $45.8M |
| Q4 25 | — | $3.1B | ||
| Q3 25 | $13.3M | — | ||
| Q2 25 | $10.0M | — | ||
| Q1 25 | $10.2M | — | ||
| Q4 24 | $7.1M | $0 | ||
| Q3 24 | $8.1M | $0 | ||
| Q2 24 | $9.0M | $72.3M | ||
| Q1 24 | — | $99.4M |
| Q4 25 | — | $140.4M | ||
| Q3 25 | $14.5M | $247.3M | ||
| Q2 25 | $-19.5M | $174.3M | ||
| Q1 25 | $-16.1M | $170.4M | ||
| Q4 24 | $-12.5M | $244.4M | ||
| Q3 24 | $20.9M | $372.6M | ||
| Q2 24 | $24.4M | $386.2M | ||
| Q1 24 | $21.5M | $272.3M |
| Q4 25 | — | $6.6B | ||
| Q3 25 | $152.0M | $2.5B | ||
| Q2 25 | $92.0M | $869.4M | ||
| Q1 25 | $90.0M | $841.2M | ||
| Q4 24 | $88.0M | $787.5M | ||
| Q3 24 | $97.3M | $405.9M | ||
| Q2 24 | $98.7M | $479.6M | ||
| Q1 24 | $90.6M | $395.4M |
| Q4 25 | — | 22.06× | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | 0.39× | 0.00× | ||
| Q2 24 | 0.37× | 0.19× | ||
| Q1 24 | — | 0.37× |
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 | $-123.2M |
| Free Cash FlowOCF − Capex | $-6.8M | $-1.2B |
| FCF MarginFCF / Revenue | -81.4% | -4527.0% |
| Capex IntensityCapex / Revenue | 55.2% | 4055.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | $-1.7B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-123.2M | ||
| Q3 25 | $-2.2M | $-36.7M | ||
| Q2 25 | $-1.1M | $-54.8M | ||
| Q1 25 | $-177.0K | $56.5M | ||
| Q4 24 | $-5.1M | $-24.4M | ||
| Q3 24 | $61.0K | $-20.9M | ||
| Q2 24 | $-7.3M | $16.4M | ||
| Q1 24 | $3.9M | $22.8M |
| Q4 25 | — | $-1.2B | ||
| Q3 25 | $-6.8M | $-268.3M | ||
| Q2 25 | $-9.7M | $-174.8M | ||
| Q1 25 | $-4.0M | $-37.2M | ||
| Q4 24 | $-13.9M | $-292.4M | ||
| Q3 24 | $-3.4M | $-41.7M | ||
| Q2 24 | $-7.6M | $-30.2M | ||
| Q1 24 | $3.3M | $-24.1M |
| Q4 25 | — | -4527.0% | ||
| Q3 25 | -81.4% | -530.4% | ||
| Q2 25 | -156.8% | -366.8% | ||
| Q1 25 | -67.1% | -108.1% | ||
| Q4 24 | -168.3% | -835.7% | ||
| Q3 24 | -44.8% | -153.9% | ||
| Q2 24 | -78.2% | -84.9% | ||
| Q1 24 | 26.5% | -56.9% |
| Q4 25 | — | 4055.8% | ||
| Q3 25 | 55.2% | 457.8% | ||
| Q2 25 | 139.0% | 251.8% | ||
| Q1 25 | 64.2% | 272.3% | ||
| Q4 24 | 107.0% | 765.9% | ||
| Q3 24 | 45.6% | 76.6% | ||
| Q2 24 | 2.5% | 131.0% | ||
| Q1 24 | 4.2% | 110.7% |
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% |
WULF
Segment breakdown not available.
