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SAIHEAT vs Soluna: revenue, profit, margins and growth compared

SAIHEAT brought in $4.5M of revenue in fiscal 2025, Soluna $29.7M in fiscal 2025. Revenue changed by -18.4% at SAIHEAT and -21.8% at Soluna on the year before, so SAIHEAT grew faster. SAIHEAT kept -142.7% of its revenue as net profit, Soluna -179.7%.

Side by side, latest fiscal year

SAIHSLNHP
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$4.5M$29.7M
Revenue growth-18.4%-21.8%
Net income-$6.5M-$53.4M
Net margin-142.7%-179.7%
Free cash flown/a-$37.2M
Free cash flow marginn/a-125.2%
Earnings per share (diluted)-$3.51-$2.38
Cash$202K$76.4M
Debtn/a$17.9M
Price to earningsn/an/a
Market value$55.3M$3.1B
Dividend yieldn/an/a
Rank by revenue in sector#497 of 530 · Technology#461 of 530 · Technology

Over the years

Revenue
SAIH FY2020: $2MSAIH FY2021: $17MSAIH FY2022: $10.6MSAIH FY2023: $6.8MSAIH FY2024: $5.5MSAIH FY2025: $4.5MSLNHP FY2017: $7.1MSLNHP FY2020: $6.6MSLNHP FY2020: $595KSLNHP FY2021: $14.3MSLNHP FY2022: $28.5MSLNHP FY2023: $21.1MSLNHP FY2024: $38MSLNHP FY2025: $29.7MFY17FY20FY21FY22FY23FY24FY25
SAIH $4.5MSLNHP $29.7M
Net income
SAIH FY2020: $403KSAIH FY2021: -$16.7MSAIH FY2022: -$8.8MSAIH FY2023: -$6.1MSAIH FY2024: -$5.9MSAIH FY2025: -$6.5MSLNHP FY2017: $582KSLNHP FY2020: $323KSLNHP FY2020: $1.9MSLNHP FY2021: -$5.3MSLNHP FY2022: -$98.7MSLNHP FY2023: -$29.2MSLNHP FY2024: -$63.3MSLNHP FY2025: -$53.4MFY17FY20FY21FY22FY23FY24FY25
SAIH -$6.5MSLNHP -$53.4M
Net margin
SAIH FY2020: 20.6%SAIH FY2021: -98.0%SAIH FY2022: -83.1%SAIH FY2023: -90.3%SAIH FY2024: -106.2%SAIH FY2025: -142.7%SLNHP FY2017: 8.2%SLNHP FY2020: 4.9%SLNHP FY2020: 327.1%SLNHP FY2021: -36.7%SLNHP FY2022: -345.8%SLNHP FY2023: -138.6%SLNHP FY2024: -166.6%SLNHP FY2025: -179.7%FY17FY20FY21FY22FY23FY24FY25
SAIH -142.7%SLNHP -179.7%
Revenue growth
SAIH FY2021: +770.6%SAIH FY2022: -37.6%SAIH FY2023: -36.3%SAIH FY2024: -18.2%SAIH FY2025: -18.4%SLNHP FY2020: -90.9%SLNHP FY2021: +2,310.9%SLNHP FY2022: +99.0%SLNHP FY2023: -26.2%SLNHP FY2024: +80.5%SLNHP FY2025: -21.8%FY20FY21FY22FY23FY24FY25
SAIH -18.4%SLNHP -21.8%
Free cash flow
SAIH FY2020: -$1.4MSAIH FY2021: -$5MSAIH FY2022: -$6.8MSAIH FY2023: -$8.2MSAIH FY2024: -$6.3MSLNHP FY2017: $256KSLNHP FY2020: $206KSLNHP FY2020: -$2MSLNHP FY2021: -$41.2MSLNHP FY2022: -$69.8MSLNHP FY2023: -$15.7MSLNHP FY2024: -$13.9MSLNHP FY2025: -$37.2MFY17FY20FY21FY22FY23FY24FY25
SAIH -$6.3MSLNHP -$37.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about SAIHEAT and Soluna

Which is bigger by revenue, SAIHEAT or Soluna?

Soluna is bigger by revenue: $29.7M in fiscal 2025, against $4.5M for SAIHEAT in fiscal 2025.

Which keeps more of its revenue as profit, SAIHEAT or Soluna?

SAIHEAT had a net margin of -142.7% in fiscal 2025; Soluna had -179.7% in fiscal 2025.

Which grew revenue faster, SAIHEAT or Soluna?

In their latest fiscal years revenue changed by -18.4% at SAIHEAT and -21.8% at Soluna.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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