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Side-by-side financial comparison of Adaptive Biotechnologies Corp (ADPT) and SmartRent, Inc. (SMRT). Click either name above to swap in a different company.
Adaptive Biotechnologies Corp is the larger business by last-quarter revenue ($71.7M vs $36.5M, roughly 2.0× SmartRent, Inc.). SmartRent, Inc. runs the higher net margin — -8.9% vs -18.9%, a 10.0% gap on every dollar of revenue. On growth, Adaptive Biotechnologies Corp posted the faster year-over-year revenue change (51.0% vs 3.1%). SmartRent, Inc. produced more free cash flow last quarter ($7.7M vs $1.4M). Over the past eight quarters, Adaptive Biotechnologies Corp's revenue compounded faster (30.8% CAGR vs -15.0%).
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.
Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. Budget is a subsidiary of the Avis Budget Group, with its operations headquartered in Parsippany, New Jersey.
ADPT vs SMRT — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $71.7M | $36.5M |
| Net Profit | $-13.6M | $-3.2M |
| Gross Margin | 74.6% | 38.6% |
| Operating Margin | -17.8% | -10.9% |
| Net Margin | -18.9% | -8.9% |
| Revenue YoY | 51.0% | 3.1% |
| Net Profit YoY | 59.7% | 71.6% |
| EPS (diluted) | $-0.08 | $-0.02 |
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 | $36.5M | ||
| Q3 25 | $94.0M | $36.2M | ||
| Q2 25 | $58.9M | $38.3M | ||
| Q1 25 | $52.4M | $41.3M | ||
| Q4 24 | $47.5M | $35.4M | ||
| Q3 24 | $46.4M | $40.5M | ||
| Q2 24 | $43.2M | $48.5M | ||
| Q1 24 | $41.9M | $50.5M |
| Q4 25 | $-13.6M | $-3.2M | ||
| Q3 25 | $9.5M | $-6.3M | ||
| Q2 25 | $-25.6M | $-10.9M | ||
| Q1 25 | $-29.9M | $-40.2M | ||
| Q4 24 | $-33.7M | $-11.4M | ||
| Q3 24 | $-32.1M | $-9.9M | ||
| Q2 24 | $-46.2M | $-4.6M | ||
| Q1 24 | $-47.5M | $-7.7M |
| Q4 25 | 74.6% | 38.6% | ||
| Q3 25 | 80.7% | 26.4% | ||
| Q2 25 | 69.4% | 33.1% | ||
| Q1 25 | 67.6% | 32.8% | ||
| Q4 24 | 62.0% | 28.7% | ||
| Q3 24 | 64.1% | 33.2% | ||
| Q2 24 | 55.3% | 35.7% | ||
| Q1 24 | 56.9% | 38.5% |
| Q4 25 | -17.8% | -10.9% | ||
| Q3 25 | 10.9% | -19.4% | ||
| Q2 25 | -42.5% | -30.5% | ||
| Q1 25 | -56.4% | -99.9% | ||
| Q4 24 | -71.3% | -36.6% | ||
| Q3 24 | -70.3% | -29.0% | ||
| Q2 24 | -109.6% | -14.3% | ||
| Q1 24 | -116.5% | -20.1% |
| Q4 25 | -18.9% | -8.9% | ||
| Q3 25 | 10.2% | -17.3% | ||
| Q2 25 | -43.5% | -28.3% | ||
| Q1 25 | -56.9% | -97.2% | ||
| Q4 24 | -71.0% | -32.3% | ||
| Q3 24 | -69.1% | -24.5% | ||
| Q2 24 | -107.0% | -9.5% | ||
| Q1 24 | -113.5% | -15.2% |
| Q4 25 | $-0.08 | $-0.02 | ||
| Q3 25 | $0.06 | $-0.03 | ||
| Q2 25 | $-0.17 | $-0.06 | ||
| Q1 25 | $-0.20 | $-0.21 | ||
| Q4 24 | $-0.22 | $-0.06 | ||
| Q3 24 | $-0.22 | $-0.05 | ||
| Q2 24 | $-0.31 | $-0.02 | ||
| Q1 24 | $-0.33 | $-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 | $70.5M | $104.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $218.8M | $232.1M |
| Total Assets | $512.7M | $320.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $70.5M | $104.5M | ||
| Q3 25 | $55.0M | $100.0M | ||
| Q2 25 | $43.2M | $105.0M | ||
| Q1 25 | $50.6M | $125.6M | ||
| Q4 24 | $47.9M | $142.5M | ||
| Q3 24 | $38.1M | $163.4M | ||
| Q2 24 | $59.8M | $187.4M | ||
| Q1 24 | $71.2M | $204.7M |
| Q4 25 | $218.8M | $232.1M | ||
| Q3 25 | $204.4M | $234.4M | ||
| Q2 25 | $179.7M | $238.8M | ||
| Q1 25 | $190.4M | $250.7M | ||
| Q4 24 | $202.7M | $289.4M | ||
| Q3 24 | $223.8M | $305.1M | ||
| Q2 24 | $241.6M | $329.4M | ||
| Q1 24 | $274.9M | $333.1M |
| Q4 25 | $512.7M | $320.9M | ||
| Q3 25 | $490.6M | $335.8M | ||
| Q2 25 | $496.6M | $354.0M | ||
| Q1 25 | $510.9M | $366.1M | ||
| Q4 24 | $539.4M | $420.2M | ||
| Q3 24 | $558.5M | $448.6M | ||
| Q2 24 | $584.9M | $475.3M | ||
| Q1 24 | $620.3M | $485.5M |
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 | $7.7M |
| Free Cash FlowOCF − Capex | $1.4M | $7.7M |
| FCF MarginFCF / Revenue | 2.0% | 21.0% |
| Capex IntensityCapex / Revenue | 0.9% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-48.9M | $-25.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.1M | $7.7M | ||
| Q3 25 | $-7.1M | $-2.1M | ||
| Q2 25 | $-12.4M | $-14.9M | ||
| Q1 25 | $-28.5M | $-12.2M | ||
| Q4 24 | $-12.5M | $-12.0M | ||
| Q3 24 | $-27.1M | $-3.7M | ||
| Q2 24 | $-17.3M | $-13.9M | ||
| Q1 24 | $-38.4M | $-3.3M |
| Q4 25 | $1.4M | $7.7M | ||
| Q3 25 | $-7.5M | $-2.2M | ||
| Q2 25 | $-13.1M | $-16.2M | ||
| Q1 25 | $-29.7M | $-14.3M | ||
| Q4 24 | $-12.6M | $-13.3M | ||
| Q3 24 | $-27.4M | $-3.9M | ||
| Q2 24 | $-19.0M | $-14.1M | ||
| Q1 24 | $-39.9M | $-3.4M |
| Q4 25 | 2.0% | 21.0% | ||
| Q3 25 | -8.0% | -6.1% | ||
| Q2 25 | -22.2% | -42.3% | ||
| Q1 25 | -56.7% | -34.7% | ||
| Q4 24 | -26.5% | -37.5% | ||
| Q3 24 | -59.0% | -9.7% | ||
| Q2 24 | -44.1% | -29.1% | ||
| Q1 24 | -95.2% | -6.7% |
| Q4 25 | 0.9% | 0.0% | ||
| Q3 25 | 0.4% | 0.2% | ||
| Q2 25 | 1.1% | 3.3% | ||
| Q1 25 | 2.4% | 5.3% | ||
| Q4 24 | 0.2% | 3.5% | ||
| Q3 24 | 0.7% | 0.6% | ||
| Q2 24 | 4.0% | 0.5% | ||
| Q1 24 | 3.6% | 0.1% |
| 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% |
SMRT
| Hosted Services | $18.1M | 50% |
| Hardware Service | $12.5M | 34% |
| Smart Operations Solutions | $2.6M | 7% |
| Access Control | $2.0M | 5% |
| Other Smart Communities Solutions | $1.3M | 3% |
