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Side-by-side financial comparison of Soluna Holdings, Inc (SLNH) and Zedge, Inc. (ZDGE). Click either name above to swap in a different company.
Soluna Holdings, Inc is the larger business by last-quarter revenue ($8.4M vs $7.6M, roughly 1.1× Zedge, Inc.). Zedge, Inc. runs the higher net margin — 10.4% vs -284.7%, a 295.0% gap on every dollar of revenue. On growth, Soluna Holdings, Inc posted the faster year-over-year revenue change (11.8% vs 5.8%). Zedge, Inc. produced more free cash flow last quarter ($808.0K vs $-6.8M). Over the past eight quarters, Zedge, Inc.'s revenue compounded faster (-1.0% CAGR vs -8.8%).
Zedge is a content distribution platform that provides consumers with a way to personalize their mobile devices. It has offices in Trondheim, Vilnius, and New York City.
SLNH vs ZDGE — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $8.4M | $7.6M |
| Net Profit | $-24.0M | $788.0K |
| Gross Margin | 9.5% | — |
| Operating Margin | -92.5% | 12.0% |
| Net Margin | -284.7% | 10.4% |
| Revenue YoY | 11.8% | 5.8% |
| Net Profit YoY | -233.2% | 332.4% |
| EPS (diluted) | $-1.14 | $0.06 |
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 | — | $7.6M | ||
| Q3 25 | $8.4M | $7.5M | ||
| Q2 25 | $6.2M | $7.8M | ||
| Q1 25 | $5.9M | $7.0M | ||
| Q4 24 | $8.3M | $7.2M | ||
| Q3 24 | $7.5M | $7.6M | ||
| Q2 24 | $9.7M | $7.7M | ||
| Q1 24 | $12.5M | $7.8M |
| Q4 25 | — | $788.0K | ||
| Q3 25 | $-24.0M | $-559.0K | ||
| Q2 25 | $-7.4M | $185.0K | ||
| Q1 25 | $-7.6M | $-1.7M | ||
| Q4 24 | $-40.0M | $-339.0K | ||
| Q3 24 | $-7.2M | $-39.0K | ||
| Q2 24 | $-10.9M | $113.0K | ||
| Q1 24 | $-5.3M | $-9.2M |
| Q4 25 | — | — | ||
| Q3 25 | 9.5% | — | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | -360.8% | — | ||
| Q3 24 | -39.1% | — | ||
| Q2 24 | 34.6% | — | ||
| Q1 24 | 45.4% | — |
| Q4 25 | — | 12.0% | ||
| Q3 25 | -92.5% | -9.6% | ||
| Q2 25 | -107.6% | 2.1% | ||
| Q1 25 | -120.9% | -31.8% | ||
| Q4 24 | -426.0% | -6.4% | ||
| Q3 24 | -119.8% | -0.8% | ||
| Q2 24 | -38.0% | -1.7% | ||
| Q1 24 | 3.2% | -153.5% |
| Q4 25 | — | 10.4% | ||
| Q3 25 | -284.7% | -7.5% | ||
| Q2 25 | -119.9% | 2.4% | ||
| Q1 25 | -127.3% | -24.1% | ||
| Q4 24 | -483.8% | -4.7% | ||
| Q3 24 | -95.5% | -0.5% | ||
| Q2 24 | -112.4% | 1.5% | ||
| Q1 24 | -41.9% | -118.8% |
| Q4 25 | — | $0.06 | ||
| Q3 25 | $-1.14 | $-0.04 | ||
| Q2 25 | $-0.93 | $0.01 | ||
| Q1 25 | $-1.21 | $-0.12 | ||
| Q4 24 | $-7.14 | $-0.02 | ||
| Q3 24 | $-1.56 | $0.00 | ||
| Q2 24 | $-3.62 | $0.01 | ||
| Q1 24 | $-2.62 | $-0.66 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $18.5M |
| Total DebtLower is stronger | $13.3M | — |
| Stockholders' EquityBook value | $14.5M | $25.9M |
| Total Assets | $152.0M | $36.0M |
| Debt / EquityLower = less leverage | 0.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $18.5M | ||
| Q3 25 | — | $18.6M | ||
| Q2 25 | — | $20.4M | ||
| Q1 25 | — | $20.1M | ||
| Q4 24 | — | $20.2M | ||
| Q3 24 | — | $20.0M | ||
| Q2 24 | — | $19.9M | ||
| Q1 24 | — | $18.1M |
| 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 | — | $25.9M | ||
| Q3 25 | $14.5M | $25.9M | ||
| Q2 25 | $-19.5M | $28.6M | ||
| Q1 25 | $-16.1M | $28.2M | ||
| Q4 24 | $-12.5M | $30.1M | ||
| Q3 24 | $20.9M | $30.9M | ||
| Q2 24 | $24.4M | $30.9M | ||
| Q1 24 | $21.5M | $30.7M |
| Q4 25 | — | $36.0M | ||
| Q3 25 | $152.0M | $35.7M | ||
| Q2 25 | $92.0M | $37.8M | ||
| Q1 25 | $90.0M | $37.1M | ||
| Q4 24 | $88.0M | $38.2M | ||
| Q3 24 | $97.3M | $38.2M | ||
| Q2 24 | $98.7M | $38.1M | ||
| Q1 24 | $90.6M | $37.1M |
| 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 | $825.0K |
| Free Cash FlowOCF − Capex | $-6.8M | $808.0K |
| FCF MarginFCF / Revenue | -81.4% | 10.6% |
| Capex IntensityCapex / Revenue | 55.2% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 1.05× |
| TTM Free Cash FlowTrailing 4 quarters | $-34.4M | $3.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $825.0K | ||
| Q3 25 | $-2.2M | $674.0K | ||
| Q2 25 | $-1.1M | $870.0K | ||
| Q1 25 | $-177.0K | $708.0K | ||
| Q4 24 | $-5.1M | $1.2M | ||
| Q3 24 | $61.0K | $695.0K | ||
| Q2 24 | $-7.3M | $2.3M | ||
| Q1 24 | $3.9M | $1.6M |
| Q4 25 | — | $808.0K | ||
| Q3 25 | $-6.8M | $640.0K | ||
| Q2 25 | $-9.7M | $851.0K | ||
| Q1 25 | $-4.0M | $689.0K | ||
| Q4 24 | $-13.9M | $1.2M | ||
| Q3 24 | $-3.4M | $683.0K | ||
| Q2 24 | $-7.6M | $2.3M | ||
| Q1 24 | $3.3M | $1.6M |
| Q4 25 | — | 10.6% | ||
| Q3 25 | -81.4% | 8.6% | ||
| Q2 25 | -156.8% | 11.0% | ||
| Q1 25 | -67.1% | 9.9% | ||
| Q4 24 | -168.3% | 16.1% | ||
| Q3 24 | -44.8% | 9.0% | ||
| Q2 24 | -78.2% | 30.4% | ||
| Q1 24 | 26.5% | 20.0% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | 55.2% | 0.5% | ||
| Q2 25 | 139.0% | 0.2% | ||
| Q1 25 | 64.2% | 0.3% | ||
| Q4 24 | 107.0% | 0.2% | ||
| Q3 24 | 45.6% | 0.2% | ||
| Q2 24 | 2.5% | 0.2% | ||
| Q1 24 | 4.2% | 0.0% |
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 4.70× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 20.73× | ||
| 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% |
ZDGE
| Zedge Marketplace | $7.1M | 94% |
| Other | $468.0K | 6% |
