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Side-by-side financial comparison of C3.ai, Inc. (AI) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $75.1M, roughly 1.2× C3.ai, Inc.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs -20.3%). C3.ai, Inc. produced more free cash flow last quarter ($-46.9M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs -2.1%).
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.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
AI vs IOVA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $86.8M |
| Net Profit | $-104.7M | — |
| Gross Margin | 40.4% | 67.4% |
| Operating Margin | -149.2% | -84.7% |
| Net Margin | -139.3% | — |
| Revenue YoY | -20.3% | 17.7% |
| Net Profit YoY | -58.7% | — |
| EPS (diluted) | $-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 | $75.1M | $86.8M | ||
| Q3 25 | $70.3M | $67.5M | ||
| Q2 25 | $108.7M | $60.0M | ||
| Q1 25 | $98.8M | $49.3M | ||
| Q4 24 | $94.3M | $73.7M | ||
| Q3 24 | $87.2M | $58.6M | ||
| Q2 24 | $86.6M | $31.1M | ||
| Q1 24 | $78.4M | $715.0K |
| Q4 25 | $-104.7M | — | ||
| Q3 25 | $-116.8M | $-91.3M | ||
| Q2 25 | $-79.7M | $-111.7M | ||
| Q1 25 | $-80.2M | $-116.2M | ||
| Q4 24 | $-66.0M | — | ||
| Q3 24 | $-62.8M | $-83.5M | ||
| Q2 24 | $-72.9M | $-97.1M | ||
| Q1 24 | $-72.6M | $-113.0M |
| Q4 25 | 40.4% | 67.4% | ||
| Q3 25 | 37.6% | 43.0% | ||
| Q2 25 | 62.1% | 5.5% | ||
| Q1 25 | 59.1% | -0.8% | ||
| Q4 24 | 61.3% | 68.7% | ||
| Q3 24 | 59.8% | 46.2% | ||
| Q2 24 | 59.6% | -0.8% | ||
| Q1 24 | 57.8% | — |
| Q4 25 | -149.2% | -84.7% | ||
| Q3 25 | -177.7% | -140.7% | ||
| Q2 25 | -81.8% | -189.8% | ||
| Q1 25 | -88.7% | -245.8% | ||
| Q4 24 | -79.8% | -117.5% | ||
| Q3 24 | -83.2% | -152.1% | ||
| Q2 24 | -95.1% | -327.6% | ||
| Q1 24 | -105.3% | -16464.6% |
| Q4 25 | -139.3% | — | ||
| Q3 25 | -166.2% | -135.3% | ||
| Q2 25 | -73.3% | -186.2% | ||
| Q1 25 | -81.2% | -235.5% | ||
| Q4 24 | -69.9% | — | ||
| Q3 24 | -72.0% | -142.7% | ||
| Q2 24 | -84.2% | -312.2% | ||
| Q1 24 | -92.6% | -15800.8% |
| Q4 25 | $-0.75 | — | ||
| Q3 25 | $-0.86 | — | ||
| Q2 25 | $-0.60 | $-0.33 | ||
| Q1 25 | $-0.62 | $-0.36 | ||
| Q4 24 | $-0.52 | $-0.24 | ||
| Q3 24 | $-0.50 | $-0.28 | ||
| Q2 24 | $-0.59 | $-0.34 | ||
| Q1 24 | $-0.60 | $-0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $297.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $698.6M |
| Total Assets | $961.3M | $913.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $297.0M | ||
| Q3 25 | $711.9M | $300.8M | ||
| Q2 25 | $742.7M | $301.2M | ||
| Q1 25 | $724.3M | $359.7M | ||
| Q4 24 | $730.4M | $323.8M | ||
| Q3 24 | $762.5M | $397.5M | ||
| Q2 24 | $750.4M | $412.5M | ||
| Q1 24 | $723.3M | $356.2M |
| Q4 25 | $771.9M | $698.6M | ||
| Q3 25 | $798.8M | $702.3M | ||
| Q2 25 | $838.3M | $698.5M | ||
| Q1 25 | $860.2M | $767.9M | ||
| Q4 24 | $859.0M | $710.4M | ||
| Q3 24 | $874.9M | $773.5M | ||
| Q2 24 | $873.4M | $768.5M | ||
| Q1 24 | $898.0M | $680.0M |
| Q4 25 | $961.3M | $913.2M | ||
| Q3 25 | $968.7M | $904.9M | ||
| Q2 25 | $1.0B | $907.4M | ||
| Q1 25 | $1.1B | $966.7M | ||
| Q4 24 | $1.0B | $910.4M | ||
| Q3 24 | $1.1B | $991.1M | ||
| Q2 24 | $1.0B | $964.3M | ||
| Q1 24 | $1.1B | $869.8M |
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 | $-46.5M | $-52.6M |
| Free Cash FlowOCF − Capex | $-46.9M | $-61.9M |
| FCF MarginFCF / Revenue | -62.4% | -71.3% |
| Capex IntensityCapex / Revenue | 0.5% | 10.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $-52.6M | ||
| Q3 25 | $-33.5M | $-78.7M | ||
| Q2 25 | $11.3M | $-67.4M | ||
| Q1 25 | $-22.0M | $-103.7M | ||
| Q4 24 | $-38.7M | $-73.3M | ||
| Q3 24 | $8.0M | $-59.0M | ||
| Q2 24 | $21.3M | $-98.4M | ||
| Q1 24 | $-39.1M | $-122.3M |
| Q4 25 | $-46.9M | $-61.9M | ||
| Q3 25 | $-34.3M | $-89.5M | ||
| Q2 25 | $10.3M | $-74.9M | ||
| Q1 25 | $-22.4M | $-109.9M | ||
| Q4 24 | $-39.5M | $-77.5M | ||
| Q3 24 | $7.1M | $-61.3M | ||
| Q2 24 | $18.8M | $-98.9M | ||
| Q1 24 | $-45.1M | $-126.5M |
| Q4 25 | -62.4% | -71.3% | ||
| Q3 25 | -48.8% | -132.7% | ||
| Q2 25 | 9.5% | -124.9% | ||
| Q1 25 | -22.7% | -222.8% | ||
| Q4 24 | -41.9% | -105.1% | ||
| Q3 24 | 8.2% | -104.6% | ||
| Q2 24 | 21.7% | -317.9% | ||
| Q1 24 | -57.6% | -17685.3% |
| Q4 25 | 0.5% | 10.7% | ||
| Q3 25 | 1.1% | 16.1% | ||
| Q2 25 | 0.9% | 12.4% | ||
| Q1 25 | 0.4% | 12.6% | ||
| Q4 24 | 0.9% | 5.7% | ||
| Q3 24 | 1.1% | 3.9% | ||
| Q2 24 | 2.9% | 1.4% | ||
| Q1 24 | 7.8% | 583.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
