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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
Purple Innovation, Inc. is the larger business by last-quarter revenue ($140.7M vs $71.7M, roughly 2.0× Adaptive Biotechnologies Corp). Purple Innovation, Inc. runs the higher net margin — -2.3% vs -18.9%, a 16.7% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs 9.1%). Adaptive Biotechnologies Corp produced more free cash flow last quarter ($1.4M vs $-7.8M). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs 8.3%).
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.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
ADPT vs PRPL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $140.7M |
| Net Profit | $-13.6M | $-3.2M |
| Gross Margin | 74.6% | 41.9% |
| Operating Margin | -17.8% | -1.6% |
| Net Margin | -18.9% | -2.3% |
| Revenue YoY | 51.0% | 9.1% |
| Net Profit YoY | 59.7% | 62.1% |
| EPS (diluted) | $-0.08 | $0.03 |
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 | $140.7M | ||
| Q3 25 | $94.0M | $118.8M | ||
| Q2 25 | $58.9M | $105.1M | ||
| Q1 25 | $52.4M | $104.2M | ||
| Q4 24 | $47.5M | $129.0M | ||
| Q3 24 | $46.4M | $118.6M | ||
| Q2 24 | $43.2M | $120.3M | ||
| Q1 24 | $41.9M | $120.0M |
| Q4 25 | $-13.6M | $-3.2M | ||
| Q3 25 | $9.5M | $-11.7M | ||
| Q2 25 | $-25.6M | $-17.3M | ||
| Q1 25 | $-29.9M | $-19.1M | ||
| Q4 24 | $-33.7M | $-8.5M | ||
| Q3 24 | $-32.1M | $-39.2M | ||
| Q2 24 | $-46.2M | $27.0K | ||
| Q1 24 | $-47.5M | $-50.2M |
| Q4 25 | 74.6% | 41.9% | ||
| Q3 25 | 80.7% | 42.8% | ||
| Q2 25 | 69.4% | 35.9% | ||
| Q1 25 | 67.6% | 39.4% | ||
| Q4 24 | 62.0% | 42.9% | ||
| Q3 24 | 64.1% | 29.7% | ||
| Q2 24 | 55.3% | 40.7% | ||
| Q1 24 | 56.9% | 34.8% |
| Q4 25 | -17.8% | -1.6% | ||
| Q3 25 | 10.9% | -10.2% | ||
| Q2 25 | -42.5% | -13.5% | ||
| Q1 25 | -56.4% | -13.9% | ||
| Q4 24 | -71.3% | -6.0% | ||
| Q3 24 | -70.3% | -39.5% | ||
| Q2 24 | -109.6% | -12.1% | ||
| Q1 24 | -116.5% | -19.3% |
| Q4 25 | -18.9% | -2.3% | ||
| Q3 25 | 10.2% | -9.9% | ||
| Q2 25 | -43.5% | -16.5% | ||
| Q1 25 | -56.9% | -18.4% | ||
| Q4 24 | -71.0% | -6.6% | ||
| Q3 24 | -69.1% | -33.1% | ||
| Q2 24 | -107.0% | 0.0% | ||
| Q1 24 | -113.5% | -41.8% |
| Q4 25 | $-0.08 | $0.03 | ||
| Q3 25 | $0.06 | $0.11 | ||
| Q2 25 | $-0.17 | $0.16 | ||
| Q1 25 | $-0.20 | $0.18 | ||
| Q4 24 | $-0.22 | $0.08 | ||
| Q3 24 | $-0.22 | $0.36 | ||
| Q2 24 | $-0.31 | $0.00 | ||
| Q1 24 | $-0.33 | $0.47 |
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 | $24.3M |
| Total DebtLower is stronger | — | $126.7M |
| Stockholders' EquityBook value | $218.8M | $-29.7M |
| Total Assets | $512.7M | $296.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $24.3M | ||
| Q3 25 | $55.0M | $32.4M | ||
| Q2 25 | $43.2M | $34.2M | ||
| Q1 25 | $50.6M | $21.6M | ||
| Q4 24 | $47.9M | $29.0M | ||
| Q3 24 | $38.1M | $23.4M | ||
| Q2 24 | $59.8M | $23.4M | ||
| Q1 24 | $71.2M | $34.5M |
| Q4 25 | — | $126.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $218.8M | $-29.7M | ||
| Q3 25 | $204.4M | $-26.9M | ||
| Q2 25 | $179.7M | $-15.6M | ||
| Q1 25 | $190.4M | $1.3M | ||
| Q4 24 | $202.7M | $20.2M | ||
| Q3 24 | $223.8M | $28.0M | ||
| Q2 24 | $241.6M | $66.4M | ||
| Q1 24 | $274.9M | $65.5M |
| Q4 25 | $512.7M | $296.3M | ||
| Q3 25 | $490.6M | $302.1M | ||
| Q2 25 | $496.6M | $303.8M | ||
| Q1 25 | $510.9M | $293.8M | ||
| Q4 24 | $539.4M | $307.8M | ||
| Q3 24 | $558.5M | $309.3M | ||
| Q2 24 | $584.9M | $362.1M | ||
| Q1 24 | $620.3M | $382.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-5.8M |
| Free Cash FlowOCF − Capex | $1.4M | $-7.8M |
| FCF MarginFCF / Revenue | 2.0% | -5.5% |
| Capex IntensityCapex / Revenue | 0.9% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $-5.8M | ||
| Q3 25 | $-7.1M | $-968.0K | ||
| Q2 25 | $-12.4M | $-4.0M | ||
| Q1 25 | $-28.5M | $-23.1M | ||
| Q4 24 | $-12.5M | $6.8M | ||
| Q3 24 | $-27.1M | $1.1M | ||
| Q2 24 | $-17.3M | $-8.9M | ||
| Q1 24 | $-38.4M | $-16.8M |
| Q4 25 | $1.4M | $-7.8M | ||
| Q3 25 | $-7.5M | $-1.8M | ||
| Q2 25 | $-13.1M | $-7.0M | ||
| Q1 25 | $-29.7M | $-25.3M | ||
| Q4 24 | $-12.6M | $5.7M | ||
| Q3 24 | $-27.4M | $101.0K | ||
| Q2 24 | $-19.0M | $-11.0M | ||
| Q1 24 | $-39.9M | $-19.9M |
| Q4 25 | 2.0% | -5.5% | ||
| Q3 25 | -8.0% | -1.5% | ||
| Q2 25 | -22.2% | -6.6% | ||
| Q1 25 | -56.7% | -24.3% | ||
| Q4 24 | -26.5% | 4.4% | ||
| Q3 24 | -59.0% | 0.1% | ||
| Q2 24 | -44.1% | -9.2% | ||
| Q1 24 | -95.2% | -16.5% |
| Q4 25 | 0.9% | 1.4% | ||
| Q3 25 | 0.4% | 0.7% | ||
| Q2 25 | 1.1% | 2.8% | ||
| Q1 25 | 2.4% | 2.2% | ||
| Q4 24 | 0.2% | 0.8% | ||
| Q3 24 | 0.7% | 0.9% | ||
| Q2 24 | 4.0% | 1.7% | ||
| Q1 24 | 3.6% | 2.5% |
| Q4 25 | — | — | ||
| Q3 25 | -0.75× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -330.22× | ||
| 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% |
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
