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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and C3.ai, Inc. (AI). Click either name above to swap in a different company.
C3.ai, Inc. is the larger business by last-quarter revenue ($75.1M vs $71.7M, roughly 1.0× Adaptive Biotechnologies Corp). Adaptive Biotechnologies Corp runs the higher net margin — -18.9% vs -139.3%, a 120.3% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs -20.3%). Adaptive Biotechnologies Corp produced more free cash flow last quarter ($1.4M vs $-46.9M). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs -2.1%).
ExpreS2ion Biotechnologies is a Danish biotechnology company specialised in the development of new vaccines and immunotherapy products based in Hørsholm, Denmark and listed on the Nasdaq First North Growth Market Sweden.
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
ADPT vs AI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $75.1M |
| Net Profit | $-13.6M | $-104.7M |
| Gross Margin | 74.6% | 40.4% |
| Operating Margin | -17.8% | -149.2% |
| Net Margin | -18.9% | -139.3% |
| Revenue YoY | 51.0% | -20.3% |
| Net Profit YoY | 59.7% | -58.7% |
| EPS (diluted) | $-0.08 | $-0.75 |
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 | $71.7M | $75.1M | ||
| Q3 25 | $94.0M | $70.3M | ||
| Q2 25 | $58.9M | $108.7M | ||
| Q1 25 | $52.4M | $98.8M | ||
| Q4 24 | $47.5M | $94.3M | ||
| Q3 24 | $46.4M | $87.2M | ||
| Q2 24 | $43.2M | $86.6M | ||
| Q1 24 | $41.9M | $78.4M |
| Q4 25 | $-13.6M | $-104.7M | ||
| Q3 25 | $9.5M | $-116.8M | ||
| Q2 25 | $-25.6M | $-79.7M | ||
| Q1 25 | $-29.9M | $-80.2M | ||
| Q4 24 | $-33.7M | $-66.0M | ||
| Q3 24 | $-32.1M | $-62.8M | ||
| Q2 24 | $-46.2M | $-72.9M | ||
| Q1 24 | $-47.5M | $-72.6M |
| Q4 25 | 74.6% | 40.4% | ||
| Q3 25 | 80.7% | 37.6% | ||
| Q2 25 | 69.4% | 62.1% | ||
| Q1 25 | 67.6% | 59.1% | ||
| Q4 24 | 62.0% | 61.3% | ||
| Q3 24 | 64.1% | 59.8% | ||
| Q2 24 | 55.3% | 59.6% | ||
| Q1 24 | 56.9% | 57.8% |
| Q4 25 | -17.8% | -149.2% | ||
| Q3 25 | 10.9% | -177.7% | ||
| Q2 25 | -42.5% | -81.8% | ||
| Q1 25 | -56.4% | -88.7% | ||
| Q4 24 | -71.3% | -79.8% | ||
| Q3 24 | -70.3% | -83.2% | ||
| Q2 24 | -109.6% | -95.1% | ||
| Q1 24 | -116.5% | -105.3% |
| Q4 25 | -18.9% | -139.3% | ||
| Q3 25 | 10.2% | -166.2% | ||
| Q2 25 | -43.5% | -73.3% | ||
| Q1 25 | -56.9% | -81.2% | ||
| Q4 24 | -71.0% | -69.9% | ||
| Q3 24 | -69.1% | -72.0% | ||
| Q2 24 | -107.0% | -84.2% | ||
| Q1 24 | -113.5% | -92.6% |
| Q4 25 | $-0.08 | $-0.75 | ||
| Q3 25 | $0.06 | $-0.86 | ||
| Q2 25 | $-0.17 | $-0.60 | ||
| Q1 25 | $-0.20 | $-0.62 | ||
| Q4 24 | $-0.22 | $-0.52 | ||
| Q3 24 | $-0.22 | $-0.50 | ||
| Q2 24 | $-0.31 | $-0.59 | ||
| Q1 24 | $-0.33 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $70.5M | $675.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $218.8M | $771.9M |
| Total Assets | $512.7M | $961.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $675.0M | ||
| Q3 25 | $55.0M | $711.9M | ||
| Q2 25 | $43.2M | $742.7M | ||
| Q1 25 | $50.6M | $724.3M | ||
| Q4 24 | $47.9M | $730.4M | ||
| Q3 24 | $38.1M | $762.5M | ||
| Q2 24 | $59.8M | $750.4M | ||
| Q1 24 | $71.2M | $723.3M |
| Q4 25 | $218.8M | $771.9M | ||
| Q3 25 | $204.4M | $798.8M | ||
| Q2 25 | $179.7M | $838.3M | ||
| Q1 25 | $190.4M | $860.2M | ||
| Q4 24 | $202.7M | $859.0M | ||
| Q3 24 | $223.8M | $874.9M | ||
| Q2 24 | $241.6M | $873.4M | ||
| Q1 24 | $274.9M | $898.0M |
| Q4 25 | $512.7M | $961.3M | ||
| Q3 25 | $490.6M | $968.7M | ||
| Q2 25 | $496.6M | $1.0B | ||
| Q1 25 | $510.9M | $1.1B | ||
| Q4 24 | $539.4M | $1.0B | ||
| Q3 24 | $558.5M | $1.1B | ||
| Q2 24 | $584.9M | $1.0B | ||
| Q1 24 | $620.3M | $1.1B |
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 | $2.1M | $-46.5M |
| Free Cash FlowOCF − Capex | $1.4M | $-46.9M |
| FCF MarginFCF / Revenue | 2.0% | -62.4% |
| Capex IntensityCapex / Revenue | 0.9% | 0.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | $-93.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $-46.5M | ||
| Q3 25 | $-7.1M | $-33.5M | ||
| Q2 25 | $-12.4M | $11.3M | ||
| Q1 25 | $-28.5M | $-22.0M | ||
| Q4 24 | $-12.5M | $-38.7M | ||
| Q3 24 | $-27.1M | $8.0M | ||
| Q2 24 | $-17.3M | $21.3M | ||
| Q1 24 | $-38.4M | $-39.1M |
| Q4 25 | $1.4M | $-46.9M | ||
| Q3 25 | $-7.5M | $-34.3M | ||
| Q2 25 | $-13.1M | $10.3M | ||
| Q1 25 | $-29.7M | $-22.4M | ||
| Q4 24 | $-12.6M | $-39.5M | ||
| Q3 24 | $-27.4M | $7.1M | ||
| Q2 24 | $-19.0M | $18.8M | ||
| Q1 24 | $-39.9M | $-45.1M |
| Q4 25 | 2.0% | -62.4% | ||
| Q3 25 | -8.0% | -48.8% | ||
| Q2 25 | -22.2% | 9.5% | ||
| Q1 25 | -56.7% | -22.7% | ||
| Q4 24 | -26.5% | -41.9% | ||
| Q3 24 | -59.0% | 8.2% | ||
| Q2 24 | -44.1% | 21.7% | ||
| Q1 24 | -95.2% | -57.6% |
| Q4 25 | 0.9% | 0.5% | ||
| Q3 25 | 0.4% | 1.1% | ||
| Q2 25 | 1.1% | 0.9% | ||
| Q1 25 | 2.4% | 0.4% | ||
| Q4 24 | 0.2% | 0.9% | ||
| Q3 24 | 0.7% | 1.1% | ||
| Q2 24 | 4.0% | 2.9% | ||
| Q1 24 | 3.6% | 7.8% |
| Q4 25 | — | — | ||
| Q3 25 | -0.75× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADPT
| Mrd Business Segment | $61.9M | 86% |
| Immune Medicine Business | $9.8M | 14% |
| Immune Medicine Service Revenue | $100.0K | 0% |
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
