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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and X3 Holdings Co., Ltd. (XTKG). Click either name above to swap in a different company.
Soluna Holdings, Inc is the larger business by last-quarter revenue ($8.4M vs $5.0M, roughly 1.7× X3 Holdings Co., Ltd.). X3 Holdings Co., Ltd. produced more free cash flow last quarter ($-1.7M vs $-6.8M).
SLNH vs XTKG — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $5.0M |
| Net Profit | $-24.0M | — |
| Gross Margin | 9.5% | — |
| Operating Margin | -92.5% | — |
| Net Margin | -284.7% | — |
| Revenue YoY | 11.8% | — |
| Net Profit YoY | -233.2% | — |
| EPS (diluted) | $-1.14 | — |
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 | — | ||
| Q2 25 | $6.2M | $5.0M | ||
| Q1 25 | $5.9M | — | ||
| Q4 24 | $8.3M | — | ||
| Q3 24 | $7.5M | — | ||
| Q2 24 | $9.7M | $6.6M | ||
| Q1 24 | $12.5M | — | ||
| Q4 23 | $10.1M | — |
| Q3 25 | $-24.0M | — | ||
| Q2 25 | $-7.4M | — | ||
| Q1 25 | $-7.6M | — | ||
| Q4 24 | $-40.0M | — | ||
| Q3 24 | $-7.2M | — | ||
| Q2 24 | $-10.9M | $-57.6M | ||
| Q1 24 | $-5.3M | — | ||
| Q4 23 | $-6.7M | — |
| Q3 25 | 9.5% | — | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | -360.8% | — | ||
| Q3 24 | -39.1% | — | ||
| Q2 24 | 34.6% | 28.0% | ||
| Q1 24 | 45.4% | — | ||
| Q4 23 | 42.4% | — |
| Q3 25 | -92.5% | — | ||
| Q2 25 | -107.6% | — | ||
| Q1 25 | -120.9% | — | ||
| Q4 24 | -426.0% | — | ||
| Q3 24 | -119.8% | — | ||
| Q2 24 | -38.0% | -219.1% | ||
| Q1 24 | 3.2% | — | ||
| Q4 23 | -23.9% | — |
| Q3 25 | -284.7% | — | ||
| Q2 25 | -119.9% | — | ||
| Q1 25 | -127.3% | — | ||
| Q4 24 | -483.8% | — | ||
| Q3 24 | -95.5% | — | ||
| Q2 24 | -112.4% | -874.1% | ||
| Q1 24 | -41.9% | — | ||
| Q4 23 | -66.2% | — |
| Q3 25 | $-1.14 | — | ||
| Q2 25 | $-0.93 | — | ||
| Q1 25 | $-1.21 | — | ||
| Q4 24 | $-7.14 | — | ||
| Q3 24 | $-1.56 | — | ||
| Q2 24 | $-3.62 | — | ||
| Q1 24 | $-2.62 | — | ||
| Q4 23 | $-1.99 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.6M |
| Total DebtLower is stronger | $13.3M | — |
| Stockholders' EquityBook value | $14.5M | $42.6M |
| Total Assets | $152.0M | $71.7M |
| Debt / EquityLower = less leverage | 0.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q2 25 | — | $2.6M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.5M | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| 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 | — | ||
| Q2 25 | $-19.5M | $42.6M | ||
| Q1 25 | $-16.1M | — | ||
| Q4 24 | $-12.5M | — | ||
| Q3 24 | $20.9M | — | ||
| Q2 24 | $24.4M | $125.5M | ||
| Q1 24 | $21.5M | — | ||
| Q4 23 | $26.5M | — |
| Q3 25 | $152.0M | — | ||
| Q2 25 | $92.0M | $71.7M | ||
| Q1 25 | $90.0M | — | ||
| Q4 24 | $88.0M | — | ||
| Q3 24 | $97.3M | — | ||
| Q2 24 | $98.7M | $171.3M | ||
| Q1 24 | $90.6M | — | ||
| Q4 23 | $91.3M | — |
| 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 | $-1.1M |
| Free Cash FlowOCF − Capex | $-6.8M | $-1.7M |
| FCF MarginFCF / Revenue | -81.4% | -34.1% |
| Capex IntensityCapex / Revenue | 55.2% | 12.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $-2.2M | — | ||
| Q2 25 | $-1.1M | $-1.1M | ||
| Q1 25 | $-177.0K | — | ||
| Q4 24 | $-5.1M | — | ||
| Q3 24 | $61.0K | — | ||
| Q2 24 | $-7.3M | $-7.0M | ||
| Q1 24 | $3.9M | — | ||
| Q4 23 | $1.4M | — |
| Q3 25 | $-6.8M | — | ||
| Q2 25 | $-9.7M | $-1.7M | ||
| Q1 25 | $-4.0M | — | ||
| Q4 24 | $-13.9M | — | ||
| Q3 24 | $-3.4M | — | ||
| Q2 24 | $-7.6M | $-7.0M | ||
| Q1 24 | $3.3M | — | ||
| Q4 23 | $1.2M | — |
| Q3 25 | -81.4% | — | ||
| Q2 25 | -156.8% | -34.1% | ||
| Q1 25 | -67.1% | — | ||
| Q4 24 | -168.3% | — | ||
| Q3 24 | -44.8% | — | ||
| Q2 24 | -78.2% | -106.9% | ||
| Q1 24 | 26.5% | — | ||
| Q4 23 | 12.3% | — |
| Q3 25 | 55.2% | — | ||
| Q2 25 | 139.0% | 12.1% | ||
| Q1 25 | 64.2% | — | ||
| Q4 24 | 107.0% | — | ||
| Q3 24 | 45.6% | — | ||
| Q2 24 | 2.5% | 0.3% | ||
| Q1 24 | 4.2% | — | ||
| Q4 23 | 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% |
XTKG
| Consulting and technical support services | $2.4M | 48% |
| Other | $1.5M | 30% |
| Application development services | $884.5K | 18% |
| Subscription services | $215.4K | 4% |
