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Side-by-side financial comparison of Adagio Medical Holdings, Inc. (ADGM) and AETHLON MEDICAL INC (AEMD). Click either name above to swap in a different company.

AETHLON MEDICAL INC produced more free cash flow last quarter ($-2.0M vs $-3.5M).

Adagio Medical Holdings, Inc. is a medical technology company focused on developing and commercializing innovative cryoablation platforms for treating cardiac arrhythmias, most notably atrial fibrillation. Its solutions are designed for electrophysiology clinicians, with primary commercial operations across North America and Europe, focused on improving safety and outcomes for patients living with heart rhythm disorders.

Aethlon Medical Inc. is a clinical-stage medical technology firm that develops targeted therapeutic devices to address life-threatening health conditions. Its lead product, the Hemopurifier, is designed to remove harmful viruses, cancer-derived exosomes, and other pathogens from the bloodstream. The company primarily operates in the infectious disease and oncology healthcare segments, with main market presence in North America.

ADGM vs AEMD — Head-to-Head

Bigger by revenue
AEMD
AEMD
Infinity× larger
AEMD
$60.0K
$0
ADGM
More free cash flow
AEMD
AEMD
$1.5M more FCF
AEMD
$-2.0M
$-3.5M
ADGM

Income Statement — Q3 2025 vs Q3 2025

Metric
ADGM
ADGM
AEMD
AEMD
Revenue
$0
$60.0K
Net Profit
$-10.1M
$-1.8M
Gross Margin
Operating Margin
-3026.4%
Net Margin
-2926.4%
Revenue YoY
Net Profit YoY
-380.6%
49.4%
EPS (diluted)
$-0.66
$-10.05

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.

Revenue
ADGM
ADGM
AEMD
AEMD
Q3 25
$0
Q4 24
$60.0K
Q3 24
$132.0K
$95.1K
Q2 24
$254.0K
Net Profit
ADGM
ADGM
AEMD
AEMD
Q3 25
$-10.1M
Q4 24
$-1.8M
Q3 24
$3.6M
$-2.8M
Q2 24
$-5.7M
Gross Margin
ADGM
ADGM
AEMD
AEMD
Q3 25
Q4 24
Q3 24
-213.6%
Q2 24
-168.5%
Operating Margin
ADGM
ADGM
AEMD
AEMD
Q3 25
Q4 24
-3026.4%
Q3 24
-3352.3%
-3050.2%
Q2 24
-2621.7%
Net Margin
ADGM
ADGM
AEMD
AEMD
Q3 25
Q4 24
-2926.4%
Q3 24
2731.8%
-2950.2%
Q2 24
-2257.5%
EPS (diluted)
ADGM
ADGM
AEMD
AEMD
Q3 25
$-0.66
Q4 24
$-10.05
Q3 24
$0.02
$-16.11
Q2 24
$-7.35

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
ADGM
ADGM
AEMD
AEMD
Cash + ST InvestmentsLiquidity on hand
$4.7M
$4.8M
Total DebtLower is stronger
$21.2M
Stockholders' EquityBook value
$-1.3M
$4.3M
Total Assets
$31.5M
$6.5M
Debt / EquityLower = less leverage

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
ADGM
ADGM
AEMD
AEMD
Q3 25
$4.7M
Q4 24
$4.8M
Q3 24
$28.3M
$6.9M
Q2 24
Total Debt
ADGM
ADGM
AEMD
AEMD
Q3 25
$21.2M
Q4 24
Q3 24
$13.8M
Q2 24
Stockholders' Equity
ADGM
ADGM
AEMD
AEMD
Q3 25
$-1.3M
Q4 24
$4.3M
Q3 24
$76.6M
$6.0M
Q2 24
$-140.5M
Total Assets
ADGM
ADGM
AEMD
AEMD
Q3 25
$31.5M
Q4 24
$6.5M
Q3 24
$107.2M
$8.8M
Q2 24
$-140.5M
Debt / Equity
ADGM
ADGM
AEMD
AEMD
Q3 25
Q4 24
Q3 24
0.18×
Q2 24

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
ADGM
ADGM
AEMD
AEMD
Operating Cash FlowLast quarter
$-3.0M
$-2.0M
Free Cash FlowOCF − Capex
$-3.5M
$-2.0M
FCF MarginFCF / Revenue
-3357.0%
Capex IntensityCapex / Revenue
3.7%
Cash ConversionOCF / Net Profit
TTM Free Cash FlowTrailing 4 quarters

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
ADGM
ADGM
AEMD
AEMD
Q3 25
$-3.0M
Q4 24
$-2.0M
Q3 24
$-6.4M
$-2.2M
Q2 24
Free Cash Flow
ADGM
ADGM
AEMD
AEMD
Q3 25
$-3.5M
Q4 24
$-2.0M
Q3 24
$-6.9M
Q2 24
FCF Margin
ADGM
ADGM
AEMD
AEMD
Q3 25
Q4 24
-3357.0%
Q3 24
-5254.5%
Q2 24
Capex Intensity
ADGM
ADGM
AEMD
AEMD
Q3 25
Q4 24
3.7%
Q3 24
437.9%
0.0%
Q2 24
Cash Conversion
ADGM
ADGM
AEMD
AEMD
Q3 25
Q4 24
Q3 24
-1.76×
Q2 24

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

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