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Side-by-side financial comparison of Alpha Cognition Inc. (ACOG) and SES AI Corp (SES). Click either name above to swap in a different company.
SES AI Corp is the larger business by last-quarter revenue ($4.6M vs $2.8M, roughly 1.6× Alpha Cognition Inc.). Alpha Cognition Inc. runs the higher net margin — -245.5% vs -373.5%, a 128.0% gap on every dollar of revenue. Alpha Cognition Inc. produced more free cash flow last quarter ($-7.1M vs $-11.1M).
SES S.A. is a Luxembourgish communications satellite operator supplying video and data connectivity worldwide to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions.
ACOG vs SES — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8M | $4.6M |
| Net Profit | $-6.9M | $-17.0M |
| Gross Margin | — | 11.3% |
| Operating Margin | -283.7% | -387.7% |
| Net Margin | -245.5% | -373.5% |
| Revenue YoY | — | — |
| Net Profit YoY | — | 50.7% |
| EPS (diluted) | $-0.10 | $-0.05 |
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 | $2.8M | $4.6M | ||
| Q3 25 | $2.8M | $7.1M | ||
| Q2 25 | $1.7M | $3.5M | ||
| Q1 25 | $2.9M | $5.8M |
| Q4 25 | $-6.9M | $-17.0M | ||
| Q3 25 | $-1.3M | $-20.9M | ||
| Q2 25 | $-10.5M | $-22.7M | ||
| Q1 25 | $-2.0M | $-12.4M |
| Q4 25 | — | 11.3% | ||
| Q3 25 | — | 51.1% | ||
| Q2 25 | 96.7% | 73.7% | ||
| Q1 25 | 99.6% | 78.7% |
| Q4 25 | -283.7% | -387.7% | ||
| Q3 25 | -187.0% | -262.0% | ||
| Q2 25 | -346.1% | -652.3% | ||
| Q1 25 | -125.9% | -401.7% |
| Q4 25 | -245.5% | -373.5% | ||
| Q3 25 | -46.4% | -293.9% | ||
| Q2 25 | -632.7% | -642.2% | ||
| Q1 25 | -68.5% | -214.6% |
| Q4 25 | $-0.10 | $-0.05 | ||
| Q3 25 | $-0.30 | $-0.06 | ||
| Q2 25 | $-0.65 | $-0.07 | ||
| Q1 25 | $-0.13 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $66.0M | $29.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $62.5M | $214.8M |
| Total Assets | $79.7M | $272.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.0M | $29.5M | ||
| Q3 25 | $35.4M | $35.3M | ||
| Q2 25 | $39.4M | $11.8M | ||
| Q1 25 | $45.5M | $56.1M |
| Q4 25 | $62.5M | $214.8M | ||
| Q3 25 | $33.9M | $228.2M | ||
| Q2 25 | $31.9M | $249.2M | ||
| Q1 25 | $40.8M | $269.9M |
| Q4 25 | $79.7M | $272.6M | ||
| Q3 25 | $46.3M | $288.8M | ||
| Q2 25 | $45.1M | $290.5M | ||
| Q1 25 | $48.6M | $306.0M |
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 | $-6.9M | $-10.4M |
| Free Cash FlowOCF − Capex | $-7.1M | $-11.1M |
| FCF MarginFCF / Revenue | -252.6% | -243.7% |
| Capex IntensityCapex / Revenue | 5.3% | 15.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-20.7M | $-61.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.9M | $-10.4M | ||
| Q3 25 | $-5.3M | $-14.3M | ||
| Q2 25 | $-6.1M | $-10.8M | ||
| Q1 25 | $-2.0M | $-22.8M |
| Q4 25 | $-7.1M | $-11.1M | ||
| Q3 25 | $-5.4M | $-14.7M | ||
| Q2 25 | $-6.1M | $-11.6M | ||
| Q1 25 | $-2.1M | $-23.7M |
| Q4 25 | -252.6% | -243.7% | ||
| Q3 25 | -188.8% | -206.9% | ||
| Q2 25 | -370.9% | -329.6% | ||
| Q1 25 | -72.0% | -410.0% |
| Q4 25 | 5.3% | 15.6% | ||
| Q3 25 | 2.6% | 6.0% | ||
| Q2 25 | 0.5% | 22.8% | ||
| Q1 25 | 2.2% | 15.8% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
