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Side-by-side financial comparison of AbCellera Biologics Inc. (ABCL) and Arena Group Holdings, Inc. (AREN). Click either name above to swap in a different company.
AbCellera Biologics Inc. is the larger business by last-quarter revenue ($44.9M vs $28.2M, roughly 1.6× Arena Group Holdings, Inc.). Arena Group Holdings, Inc. runs the higher net margin — 18.9% vs -19.9%, a 38.8% gap on every dollar of revenue. On growth, AbCellera Biologics Inc. posted the faster year-over-year revenue change (788.4% vs -22.0%). Over the past eight quarters, AbCellera Biologics Inc.'s revenue compounded faster (112.3% CAGR vs -1.2%).
AbCellera Biologics Inc. is a Vancouver, British Columbia-based biotechnology company that discovers and develops antibody therapeutics. The company is best known for its leading role in the Pandemic Prevention Platform, a project of DARPA's Biological Technologies Office. AbCellera utilizes a proprietary technology platform, which they claim can develop "medical countermeasures within 60 days." Its platform for single-cell screening was initially developed at the University of British Columbia.
Arena Racing Company, also called ARC Racing and Leisure Group is a UK private company, created in 2012 by the merger of Arena Leisure and Northern Racing. It owns and operates 16 racecourses in Great Britain, accounting for 39% of British racing fixtures. It also operates hotels at Wolverhampton Racecourse, Lingfield Park Racecourse and Doncaster Racecourse and golf courses at Lingfield, Southwell and Newcastle.
ABCL vs AREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $44.9M | $28.2M |
| Net Profit | $-8.9M | $5.3M |
| Gross Margin | — | 43.6% |
| Operating Margin | -63.7% | 26.6% |
| Net Margin | -19.9% | 18.9% |
| Revenue YoY | 788.4% | -22.0% |
| Net Profit YoY | 73.9% | -22.5% |
| EPS (diluted) | $-0.03 | $0.12 |
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 | $44.9M | $28.2M | ||
| Q3 25 | $9.0M | $29.8M | ||
| Q2 25 | $17.1M | $45.0M | ||
| Q1 25 | $4.2M | $31.8M | ||
| Q4 24 | $5.0M | $36.2M | ||
| Q3 24 | $6.5M | $33.6M | ||
| Q2 24 | $7.3M | $27.2M | ||
| Q1 24 | $10.0M | $28.9M |
| Q4 25 | $-8.9M | $5.3M | ||
| Q3 25 | $-57.1M | $6.9M | ||
| Q2 25 | $-34.7M | $108.6M | ||
| Q1 25 | $-45.6M | $4.0M | ||
| Q4 24 | — | $6.9M | ||
| Q3 24 | $-51.1M | $4.0M | ||
| Q2 24 | $-36.9M | $-8.2M | ||
| Q1 24 | $-40.6M | $-103.4M |
| Q4 25 | — | 43.6% | ||
| Q3 25 | — | 50.2% | ||
| Q2 25 | — | 56.5% | ||
| Q1 25 | — | 49.3% | ||
| Q4 24 | — | 52.6% | ||
| Q3 24 | — | 50.6% | ||
| Q2 24 | — | 39.4% | ||
| Q1 24 | — | 30.9% |
| Q4 25 | -63.7% | 26.6% | ||
| Q3 25 | -851.8% | 31.9% | ||
| Q2 25 | -290.2% | 36.5% | ||
| Q1 25 | -1479.6% | 23.1% | ||
| Q4 24 | — | 28.6% | ||
| Q3 24 | -1439.4% | 24.0% | ||
| Q2 24 | -1276.2% | -9.5% | ||
| Q1 24 | -551.5% | -27.5% |
| Q4 25 | -19.9% | 18.9% | ||
| Q3 25 | -637.8% | 23.1% | ||
| Q2 25 | -203.3% | 241.4% | ||
| Q1 25 | -1077.2% | 12.6% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | -785.4% | 11.8% | ||
| Q2 24 | -504.3% | -30.1% | ||
| Q1 24 | -408.0% | -357.1% |
| Q4 25 | $-0.03 | $0.12 | ||
| Q3 25 | $-0.19 | $0.14 | ||
| Q2 25 | $-0.12 | $2.28 | ||
| Q1 25 | $-0.15 | $0.08 | ||
| Q4 24 | — | $1.23 | ||
| Q3 24 | $-0.17 | $0.11 | ||
| Q2 24 | $-0.13 | $-0.28 | ||
| Q1 24 | $-0.14 | $-3.91 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $128.5M | $10.3M |
| Total DebtLower is stronger | — | $97.6M |
| Stockholders' EquityBook value | $966.9M | $-4.8M |
| Total Assets | $1.4B | $112.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $128.5M | $10.3M | ||
| Q3 25 | $83.2M | $12.5M | ||
| Q2 25 | $92.4M | $6.8M | ||
| Q1 25 | $159.3M | $2.9M | ||
| Q4 24 | $156.3M | $4.4M | ||
| Q3 24 | $126.6M | $5.8M | ||
| Q2 24 | $148.3M | $6.1M | ||
| Q1 24 | $123.6M | $4.0M |
| Q4 25 | — | $97.6M | ||
| Q3 25 | — | $110.5M | ||
| Q2 25 | — | $110.5M | ||
| Q1 25 | — | $110.5M | ||
| Q4 24 | — | $110.4M | ||
| Q3 24 | — | $102.4M | ||
| Q2 24 | — | $102.4M | ||
| Q1 24 | — | $102.3M |
| Q4 25 | $966.9M | $-4.8M | ||
| Q3 25 | $964.0M | $-10.4M | ||
| Q2 25 | $1.0B | $-17.3M | ||
| Q1 25 | $1.0B | $-126.1M | ||
| Q4 24 | $1.1B | $-130.3M | ||
| Q3 24 | $1.1B | $-137.5M | ||
| Q2 24 | $1.1B | $-157.2M | ||
| Q1 24 | $1.1B | $-149.6M |
| Q4 25 | $1.4B | $112.6M | ||
| Q3 25 | $1.4B | $121.4M | ||
| Q2 25 | $1.4B | $127.8M | ||
| Q1 25 | $1.3B | $114.6M | ||
| Q4 24 | $1.4B | $116.4M | ||
| Q3 24 | $1.4B | $114.2M | ||
| Q2 24 | $1.4B | $113.4M | ||
| Q1 24 | $1.5B | $120.3M |
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 | $-34.7M | $13.1M |
| Free Cash FlowOCF − Capex | $-44.6M | — |
| FCF MarginFCF / Revenue | -99.4% | — |
| Capex IntensityCapex / Revenue | 21.9% | — |
| Cash ConversionOCF / Net Profit | — | 2.46× |
| TTM Free Cash FlowTrailing 4 quarters | $-174.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-34.7M | $13.1M | ||
| Q3 25 | $-52.6M | $12.2M | ||
| Q2 25 | $-32.4M | $10.3M | ||
| Q1 25 | $-11.6M | $3.7M | ||
| Q4 24 | $-108.6M | $-8.6M | ||
| Q3 24 | $-28.9M | $-2.3M | ||
| Q2 24 | $-30.0M | $-3.2M | ||
| Q1 24 | $-41.7M | $-2.0M |
| Q4 25 | $-44.6M | — | ||
| Q3 25 | $-61.5M | — | ||
| Q2 25 | $-45.8M | — | ||
| Q1 25 | $-22.2M | — | ||
| Q4 24 | $-187.0M | — | ||
| Q3 24 | $-47.4M | $-2.4M | ||
| Q2 24 | $-50.1M | — | ||
| Q1 24 | $-65.8M | — |
| Q4 25 | -99.4% | — | ||
| Q3 25 | -687.0% | — | ||
| Q2 25 | -267.9% | — | ||
| Q1 25 | -524.0% | — | ||
| Q4 24 | -3702.8% | — | ||
| Q3 24 | -728.4% | -7.1% | ||
| Q2 24 | -683.8% | — | ||
| Q1 24 | -661.5% | — |
| Q4 25 | 21.9% | — | ||
| Q3 25 | 99.7% | 0.0% | ||
| Q2 25 | 78.2% | — | ||
| Q1 25 | 251.1% | — | ||
| Q4 24 | 1552.7% | — | ||
| Q3 24 | 284.6% | 0.1% | ||
| Q2 24 | 274.6% | — | ||
| Q1 24 | 242.5% | — |
| Q4 25 | — | 2.46× | ||
| Q3 25 | — | 1.77× | ||
| Q2 25 | — | 0.09× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | -1.25× | ||
| Q3 24 | — | -0.59× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
