vs
Hut 8 Corp.（HUT）与Soluna Holdings, Inc（SLNH）财务数据对比。点击上方公司名可切换其他公司
Hut 8 Corp.的季度营收约是Soluna Holdings, Inc的10.5倍（$88.5M vs $8.4M），Soluna Holdings, Inc净利率更高（-284.7% vs -316.0%，领先31.4%），Hut 8 Corp.同比增速更快（179.2% vs 11.8%），过去两年Hut 8 Corp.的营收复合增速更高（30.8% vs -8.8%）
Tropical Hut是菲律宾水星集团旗下的快餐连锁品牌，是菲律宾历史第七悠久的餐饮连锁品牌，创立时间早于1978年成立的快乐蜂及1981年进入菲律宾市场的麦当劳。
HUT vs SLNH — 直观对比
营收规模更大
HUT
是对方的10.5倍
$8.4M
营收增速更快
HUT
高出167.4%
11.8%
净利率更高
SLNH
高出31.4%
-316.0%
两年增速更快
HUT
近两年复合增速
-8.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $88.5M | $8.4M |
| 净利润 | $-279.7M | $-24.0M |
| 毛利率 | 60.4% | 9.5% |
| 营业利润率 | -491.4% | -92.5% |
| 净利率 | -316.0% | -284.7% |
| 营收同比 | 179.2% | 11.8% |
| 净利润同比 | -283.7% | -233.2% |
| 每股收益（稀释后） | $-2.45 | $-1.14 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收HUTSLNH
| Q4 25 | $88.5M | — | ||
| Q3 25 | $83.5M | $8.4M | ||
| Q2 25 | $41.3M | $6.2M | ||
| Q1 25 | $21.8M | $5.9M | ||
| Q4 24 | $31.7M | $8.3M | ||
| Q3 24 | $43.7M | $7.5M | ||
| Q2 24 | $35.2M | $9.7M | ||
| Q1 24 | $51.7M | $12.5M |
净利润HUTSLNH
| Q4 25 | $-279.7M | — | ||
| Q3 25 | $50.1M | $-24.0M | ||
| Q2 25 | $137.3M | $-7.4M | ||
| Q1 25 | $-133.9M | $-7.6M | ||
| Q4 24 | $152.2M | $-40.0M | ||
| Q3 24 | $647.0K | $-7.2M | ||
| Q2 24 | $-71.9M | $-10.9M | ||
| Q1 24 | $250.9M | $-5.3M |
毛利率HUTSLNH
| Q4 25 | 60.4% | — | ||
| Q3 25 | 61.3% | 9.5% | ||
| Q2 25 | 47.3% | 6.3% | ||
| Q1 25 | 14.5% | 5.7% | ||
| Q4 24 | 35.9% | -360.8% | ||
| Q3 24 | 59.9% | -39.1% | ||
| Q2 24 | 41.4% | 34.6% | ||
| Q1 24 | 45.6% | 45.4% |
营业利润率HUTSLNH
| Q4 25 | -491.4% | — | ||
| Q3 25 | 87.0% | -92.5% | ||
| Q2 25 | — | -107.6% | ||
| Q1 25 | -676.8% | -120.9% | ||
| Q4 24 | — | -426.0% | ||
| Q3 24 | -3.6% | -119.8% | ||
| Q2 24 | -246.2% | -38.0% | ||
| Q1 24 | — | 3.2% |
净利率HUTSLNH
| Q4 25 | -316.0% | — | ||
| Q3 25 | 60.0% | -284.7% | ||
| Q2 25 | 332.5% | -119.9% | ||
| Q1 25 | -613.7% | -127.3% | ||
| Q4 24 | 480.3% | -483.8% | ||
| Q3 24 | 1.5% | -95.5% | ||
| Q2 24 | -204.1% | -112.4% | ||
| Q1 24 | 484.9% | -41.9% |
每股收益（稀释后）HUTSLNH
| Q4 25 | $-2.45 | — | ||
| Q3 25 | $0.43 | $-1.14 | ||
| Q2 25 | $1.18 | $-0.93 | ||
| Q1 25 | $-1.30 | $-1.21 | ||
| Q4 24 | $1.41 | $-7.14 | ||
| Q3 24 | $0.01 | $-1.56 | ||
| Q2 24 | $-0.78 | $-3.62 | ||
| Q1 24 | $2.76 | $-2.62 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $44.9M | — |
| 总债务越低越好 | — | $13.3M |
| 股东权益账面价值 | $1.4B | $14.5M |
| 总资产 | $2.8B | $152.0M |
| 负债/权益比越低杠杆越低 | — | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资HUTSLNH
| Q4 25 | $44.9M | — | ||
| Q3 25 | $33.5M | — | ||
| Q2 25 | $216.3M | — | ||
| Q1 25 | $108.4M | — | ||
| Q4 24 | $85.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $11.5M | — |
总债务HUTSLNH
| Q4 25 | — | — | ||
| Q3 25 | — | $13.3M | ||
| Q2 25 | — | $10.0M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | $300.6M | $7.1M | ||
| Q3 24 | $297.3M | $8.1M | ||
| Q2 24 | $328.8M | $9.0M | ||
| Q1 24 | $177.6M | — |
股东权益HUTSLNH
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | $14.5M | ||
| Q2 25 | $1.3B | $-19.5M | ||
| Q1 25 | $960.0M | $-16.1M | ||
| Q4 24 | $976.7M | $-12.5M | ||
| Q3 24 | $703.9M | $20.9M | ||
| Q2 24 | $660.1M | $24.4M | ||
| Q1 24 | $732.0M | $21.5M |
总资产HUTSLNH
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.7B | $152.0M | ||
| Q2 25 | $2.0B | $92.0M | ||
| Q1 25 | $1.6B | $90.0M | ||
| Q4 24 | $1.5B | $88.0M | ||
| Q3 24 | $1.1B | $97.3M | ||
| Q2 24 | $1.1B | $98.7M | ||
| Q1 24 | $999.0M | $90.6M |
负债/权益比HUTSLNH
| Q4 25 | — | — | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.42× | 0.39× | ||
| Q2 24 | 0.50× | 0.37× | ||
| Q1 24 | 0.24× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-139.2M | $-2.2M |
| 自由现金流经营现金流 - 资本支出 | — | $-6.8M |
| 自由现金流率自由现金流/营收 | — | -81.4% |
| 资本支出强度资本支出/营收 | — | 55.2% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $-34.4M |
8季度趋势，按日历期对齐
经营现金流HUTSLNH
| Q4 25 | $-139.2M | — | ||
| Q3 25 | $770.0K | $-2.2M | ||
| Q2 25 | $-48.8M | $-1.1M | ||
| Q1 25 | $-33.8M | $-177.0K | ||
| Q4 24 | $-68.5M | $-5.1M | ||
| Q3 24 | $-4.2M | $61.0K | ||
| Q2 24 | $-16.4M | $-7.3M | ||
| Q1 24 | $-26.3M | $3.9M |
自由现金流HUTSLNH
| Q4 25 | — | — | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-9.7M | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | — | $-13.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | — | $-7.6M | ||
| Q1 24 | — | $3.3M |
自由现金流率HUTSLNH
| Q4 25 | — | — | ||
| Q3 25 | — | -81.4% | ||
| Q2 25 | — | -156.8% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | — | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | — | -78.2% | ||
| Q1 24 | — | 26.5% |
资本支出强度HUTSLNH
| Q4 25 | — | — | ||
| Q3 25 | — | 55.2% | ||
| Q2 25 | — | 139.0% | ||
| Q1 25 | — | 64.2% | ||
| Q4 24 | — | 107.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 4.2% |
现金转化率HUTSLNH
| Q4 25 | — | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -0.36× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.45× | — | ||
| Q3 24 | -6.49× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.11× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
HUT
| High Performance Computing Colocation And Cloud | $81.9M | 93% |
| Power | $5.0M | 6% |
| Digital Infrastructure | $1.6M | 2% |
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
