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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and Beta Bionics, Inc. (BBNX). Click either name above to swap in a different company.
ADAMAS TRUST, INC. is the larger business by last-quarter revenue ($43.2M vs $27.6M, roughly 1.6× Beta Bionics, Inc.). ADAMAS TRUST, INC. runs the higher net margin — 124.0% vs -79.3%, a 203.2% gap on every dollar of revenue. On growth, ADAMAS TRUST, INC. posted the faster year-over-year revenue change (61.6% vs 56.6%).
Beta Bionics, Inc. is a medical technology company focused on developing and commercializing advanced automated diabetes management solutions. Its core product is the iLet Bionic Pancreas, a wearable device that automatically adjusts insulin and glucagon delivery for people with Type 1 and Type 2 diabetes, serving primarily the U.S. healthcare market with plans for global expansion.
ADAM vs BBNX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $27.6M |
| Net Profit | $53.5M | $-21.9M |
| Gross Margin | — | 59.5% |
| Operating Margin | — | -47.4% |
| Net Margin | 124.0% | -79.3% |
| Revenue YoY | 61.6% | 56.6% |
| Net Profit YoY | 270.5% | 23.6% |
| EPS (diluted) | $0.45 | $-0.49 |
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.
| Q1 26 | — | $27.6M | ||
| Q4 25 | $43.2M | $32.1M | ||
| Q3 25 | $36.6M | $27.3M | ||
| Q2 25 | $36.4M | $23.2M | ||
| Q1 25 | $33.1M | $17.6M | ||
| Q4 24 | $26.7M | — | ||
| Q3 24 | $20.2M | — | ||
| Q2 24 | $19.0M | — |
| Q1 26 | — | $-21.9M | ||
| Q4 25 | $53.5M | $-13.5M | ||
| Q3 25 | $44.8M | $-14.2M | ||
| Q2 25 | $8.5M | $-16.9M | ||
| Q1 25 | $42.2M | $-28.7M | ||
| Q4 24 | $-31.4M | — | ||
| Q3 24 | $42.8M | — | ||
| Q2 24 | $-15.6M | — |
| Q1 26 | — | 59.5% | ||
| Q4 25 | — | 59.0% | ||
| Q3 25 | — | 55.5% | ||
| Q2 25 | — | 53.8% | ||
| Q1 25 | — | 50.9% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | -47.4% | ||
| Q4 25 | — | -50.2% | ||
| Q3 25 | — | -62.5% | ||
| Q2 25 | 11.7% | -85.5% | ||
| Q1 25 | — | -105.7% | ||
| Q4 24 | -119.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -124.7% | — |
| Q1 26 | — | -79.3% | ||
| Q4 25 | 124.0% | -41.9% | ||
| Q3 25 | 122.5% | -52.1% | ||
| Q2 25 | 23.4% | -72.6% | ||
| Q1 25 | 127.4% | -162.5% | ||
| Q4 24 | -117.5% | — | ||
| Q3 24 | 211.7% | — | ||
| Q2 24 | -81.9% | — |
| Q1 26 | — | $-0.49 | ||
| Q4 25 | $0.45 | $-0.16 | ||
| Q3 25 | $0.36 | $-0.33 | ||
| Q2 25 | $-0.04 | $-0.39 | ||
| Q1 25 | $0.33 | $-0.93 | ||
| Q4 24 | $-0.46 | — | ||
| Q3 24 | $0.36 | — | ||
| Q2 24 | $-0.29 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $199.5M |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $271.2M |
| Total Assets | $12.6B | $304.4M |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $199.5M | ||
| Q4 25 | $210.3M | $219.1M | ||
| Q3 25 | $185.3M | $228.7M | ||
| Q2 25 | $160.4M | $249.7M | ||
| Q1 25 | $177.1M | $231.5M | ||
| Q4 24 | $167.4M | — | ||
| Q3 24 | $195.1M | — | ||
| Q2 24 | $235.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | $735.8M | — | ||
| Q3 25 | $766.6M | — | ||
| Q2 25 | $653.0M | — | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | — | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — |
| Q1 26 | — | $271.2M | ||
| Q4 25 | $1.4B | $287.6M | ||
| Q3 25 | $1.4B | $294.8M | ||
| Q2 25 | $1.4B | $301.6M | ||
| Q1 25 | $1.4B | $313.8M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — |
| Q1 26 | — | $304.4M | ||
| Q4 25 | $12.6B | $328.7M | ||
| Q3 25 | $12.4B | $330.0M | ||
| Q2 25 | $10.6B | $330.0M | ||
| Q1 25 | $10.0B | $338.0M | ||
| Q4 24 | $9.2B | — | ||
| Q3 24 | $8.9B | — | ||
| Q2 24 | $8.2B | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — |
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 | $134.0M | — |
| Free Cash FlowOCF − Capex | $125.9M | — |
| FCF MarginFCF / Revenue | 291.6% | — |
| Capex IntensityCapex / Revenue | 18.9% | — |
| Cash ConversionOCF / Net Profit | 2.50× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $134.0M | $-8.6M | ||
| Q3 25 | $6.9M | $-8.7M | ||
| Q2 25 | $39.2M | $-13.6M | ||
| Q1 25 | $25.8M | $-20.0M | ||
| Q4 24 | $14.1M | — | ||
| Q3 24 | $-922.0K | — | ||
| Q2 24 | $-993.0K | — |
| Q1 26 | — | — | ||
| Q4 25 | $125.9M | $-10.5M | ||
| Q3 25 | — | $-10.0M | ||
| Q2 25 | — | $-15.4M | ||
| Q1 25 | — | $-20.3M | ||
| Q4 24 | $-10.6M | — | ||
| Q3 24 | $-8.6M | — | ||
| Q2 24 | $-8.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | 291.6% | -32.8% | ||
| Q3 25 | — | -36.7% | ||
| Q2 25 | — | -66.2% | ||
| Q1 25 | — | -115.1% | ||
| Q4 24 | -39.6% | — | ||
| Q3 24 | -42.3% | — | ||
| Q2 24 | -44.9% | — |
| Q1 26 | — | — | ||
| Q4 25 | 18.9% | 5.9% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 92.3% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
BBNX
Segment breakdown not available.
