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Side-by-side financial comparison of Arteris, Inc. (AIP) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $20.1M, roughly 1.4× Arteris, Inc.). Arteris, Inc. runs the higher net margin — -42.2% vs -147.1%, a 104.9% gap on every dollar of revenue. On growth, Arteris, Inc. posted the faster year-over-year revenue change (30.0% vs -67.6%).
Arteris, Inc. is a multinational technology company headquartered in Campbell, California. It develops the network-on-chip (NoC) IP and system-on-chip (SoC) integration automation software that is used to create semiconductor chip and chiplet designs for a variety of devices, particularly in automotive electronics, artificial intelligence, machine learning, enterprise computing, communications, consumer, industrial, and aerospace & defense markets. The company specializes in the development a...
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
AIP vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.1M | $28.1M |
| Net Profit | $-8.5M | $-41.3M |
| Gross Margin | 90.8% | — |
| Operating Margin | -42.0% | -147.6% |
| Net Margin | -42.2% | -147.1% |
| Revenue YoY | 30.0% | -67.6% |
| Net Profit YoY | -3.7% | -182.8% |
| EPS (diluted) | $-0.19 | $-0.41 |
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 | $20.1M | $28.1M | ||
| Q3 25 | $17.4M | $32.5M | ||
| Q2 25 | $16.5M | $15.7M | ||
| Q1 25 | $16.5M | $8.0M | ||
| Q4 24 | $15.5M | $86.6M | ||
| Q3 24 | $14.7M | $2.1M | ||
| Q2 24 | $14.6M | $500.0K | ||
| Q1 24 | $12.9M | $0 |
| Q4 25 | $-8.5M | $-41.3M | ||
| Q3 25 | $-9.0M | $-51.2M | ||
| Q2 25 | $-9.1M | $-44.9M | ||
| Q1 25 | $-8.1M | $-33.9M | ||
| Q4 24 | $-8.2M | $49.9M | ||
| Q3 24 | $-7.7M | $-19.1M | ||
| Q2 24 | $-8.3M | $-12.5M | ||
| Q1 24 | $-9.4M | $-10.3M |
| Q4 25 | 90.8% | — | ||
| Q3 25 | 89.9% | — | ||
| Q2 25 | 89.4% | — | ||
| Q1 25 | 90.8% | — | ||
| Q4 24 | 89.8% | — | ||
| Q3 24 | 90.1% | — | ||
| Q2 24 | 90.0% | — | ||
| Q1 24 | 88.7% | — |
| Q4 25 | -42.0% | -147.6% | ||
| Q3 25 | -50.1% | -163.7% | ||
| Q2 25 | -50.0% | -302.9% | ||
| Q1 25 | -46.6% | -466.3% | ||
| Q4 24 | -45.9% | 54.5% | ||
| Q3 24 | -53.8% | -1051.6% | ||
| Q2 24 | -51.1% | -3068.0% | ||
| Q1 24 | -70.5% | — |
| Q4 25 | -42.2% | -147.1% | ||
| Q3 25 | -51.6% | -157.4% | ||
| Q2 25 | -55.3% | -285.6% | ||
| Q1 25 | -49.1% | -425.7% | ||
| Q4 24 | -53.0% | 57.7% | ||
| Q3 24 | -52.2% | -925.0% | ||
| Q2 24 | -57.2% | -2503.2% | ||
| Q1 24 | -72.6% | — |
| Q4 25 | $-0.19 | $-0.41 | ||
| Q3 25 | $-0.21 | $-0.52 | ||
| Q2 25 | $-0.22 | $-0.46 | ||
| Q1 25 | $-0.20 | $-0.35 | ||
| Q4 24 | $-0.19 | $0.52 | ||
| Q3 24 | $-0.20 | $-0.20 | ||
| Q2 24 | $-0.22 | $-0.13 | ||
| Q1 24 | $-0.25 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $33.9M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $-14.6M | $114.3M |
| Total Assets | $115.0M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $33.9M | $245.0M | ||
| Q3 25 | $39.0M | $288.2M | ||
| Q2 25 | $38.0M | $240.1M | ||
| Q1 25 | $42.3M | $275.7M | ||
| Q4 24 | $43.8M | $314.0M | ||
| Q3 24 | $48.7M | $204.6M | ||
| Q2 24 | $45.8M | $218.7M | ||
| Q1 24 | $44.8M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-14.6M | $114.3M | ||
| Q3 25 | $-11.4M | $147.7M | ||
| Q2 25 | $-7.5M | $192.3M | ||
| Q1 25 | $-4.8M | $229.0M | ||
| Q4 24 | $-1.2M | $256.8M | ||
| Q3 24 | $2.2M | $201.0M | ||
| Q2 24 | $5.3M | $215.2M | ||
| Q1 24 | $9.5M | $223.9M |
| Q4 25 | $115.0M | $327.7M | ||
| Q3 25 | $107.7M | $372.8M | ||
| Q2 25 | $106.9M | $313.5M | ||
| Q1 25 | $98.3M | $327.3M | ||
| Q4 24 | $106.1M | $351.2M | ||
| Q3 24 | $97.7M | $217.6M | ||
| Q2 24 | $96.4M | $222.0M | ||
| Q1 24 | $101.4M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| 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 | $3.2M | $-43.5M |
| Free Cash FlowOCF − Capex | $3.0M | — |
| FCF MarginFCF / Revenue | 15.1% | — |
| Capex IntensityCapex / Revenue | 0.7% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $5.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.2M | $-43.5M | ||
| Q3 25 | $3.2M | $-47.0M | ||
| Q2 25 | $-2.5M | $-39.6M | ||
| Q1 25 | $2.9M | $-40.7M | ||
| Q4 24 | $-2.6M | $42.0M | ||
| Q3 24 | $1.1M | $-14.5M | ||
| Q2 24 | $311.0K | $-7.3M | ||
| Q1 24 | $477.0K | $-6.7M |
| Q4 25 | $3.0M | — | ||
| Q3 25 | $2.5M | $-47.2M | ||
| Q2 25 | $-2.8M | $-39.6M | ||
| Q1 25 | $2.7M | $-40.8M | ||
| Q4 24 | $-2.7M | $41.7M | ||
| Q3 24 | $1.1M | $-14.6M | ||
| Q2 24 | $264.0K | $-7.3M | ||
| Q1 24 | $281.0K | $-6.8M |
| Q4 25 | 15.1% | — | ||
| Q3 25 | 14.2% | -145.4% | ||
| Q2 25 | -17.2% | -252.2% | ||
| Q1 25 | 16.2% | -512.1% | ||
| Q4 24 | -17.3% | 48.2% | ||
| Q3 24 | 7.4% | -706.3% | ||
| Q2 24 | 1.8% | -1463.4% | ||
| Q1 24 | 2.2% | — |
| Q4 25 | 0.7% | 0.0% | ||
| Q3 25 | 4.1% | 0.6% | ||
| Q2 25 | 2.2% | 0.3% | ||
| Q1 25 | 1.1% | 1.1% | ||
| Q4 24 | 0.3% | 0.3% | ||
| Q3 24 | 0.2% | 6.8% | ||
| Q2 24 | 0.3% | 7.6% | ||
| Q1 24 | 1.5% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AIP
| License And Maintenance | $17.5M | 87% |
| Variable Royalties And Other | $2.6M | 13% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
