Soluna vs WhiteFiber
WhiteFiber reported revenue of $79 million in fiscal 2025, 2.7 times Soluna's $30 million in fiscal 2025. Soluna's revenue fell 21.8% in its latest year, and WhiteFiber's grew 66.2%. Soluna had an operating margin of -113.3%, against -33.9% at WhiteFiber. Free cash flow was −$37 million at Soluna and −$223 million at WhiteFiber.
Side by side
| Soluna | WhiteFiber | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $30M | $79M |
| Revenue growth | −21.8% | 66.2% |
| Revenue growth a year, last 5 years | 118.2% | — |
| Gross margin | 6.0% | 60.2% |
| Operating margin | −113.3% | −33.9% |
| Net margin | −179.7% | −31.2% |
| Free cash flow | −$37M | −$223M |
| Free cash flow margin | −125.2% | −281.4% |
| Return on capital | −65.5% | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 468.5% | 16.8% |
| Last close | $0.52 | $8.88 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | — | — |
| Piotroski F-score | 4 of 9 | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
SolunaWhiteFiber
Operating margin
Percent of revenue
SolunaWhiteFiber
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
SolunaWhiteFiber
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Soluna and WhiteFiber pages.