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Side-by-side financial comparison of AIRGAIN INC (AIRG) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $12.1M, roughly 1.1× AIRGAIN INC). AIRGAIN INC runs the higher net margin — -20.1% vs -73.9%, a 53.7% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -19.6%). AIRGAIN INC produced more free cash flow last quarter ($93.0K vs $-2.5M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs -7.7%).
Airgain Inc is a leading provider of high-performance wireless connectivity solutions, including advanced antenna products, embedded radio modules, and custom connectivity systems. It serves core market segments such as IoT, automotive, smart home, enterprise networking, and telecommunications, delivering reliable high-speed wireless performance for various connected device use cases.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
AIRG vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.1M | $13.2M |
| Net Profit | $-2.4M | $-9.8M |
| Gross Margin | 44.8% | 86.7% |
| Operating Margin | -20.0% | -24.8% |
| Net Margin | -20.1% | -73.9% |
| Revenue YoY | -19.6% | 59.8% |
| Net Profit YoY | -24.4% | 3.5% |
| EPS (diluted) | $-0.21 | $-0.22 |
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 | $12.1M | $13.2M | ||
| Q3 25 | $14.0M | $11.6M | ||
| Q2 25 | $13.6M | $11.2M | ||
| Q1 25 | $12.0M | $9.2M | ||
| Q4 24 | $15.1M | $8.3M | ||
| Q3 24 | $16.1M | $7.3M | ||
| Q2 24 | $15.2M | $7.4M | ||
| Q1 24 | $14.2M | $6.5M |
| Q4 25 | $-2.4M | $-9.8M | ||
| Q3 25 | $-964.0K | $-10.8M | ||
| Q2 25 | $-1.5M | $-8.3M | ||
| Q1 25 | $-1.5M | $-10.4M | ||
| Q4 24 | $-2.0M | $-10.1M | ||
| Q3 24 | $-1.8M | $-2.4M | ||
| Q2 24 | $-2.5M | $-4.3M | ||
| Q1 24 | $-2.5M | $-13.2M |
| Q4 25 | 44.8% | 86.7% | ||
| Q3 25 | 43.6% | 83.5% | ||
| Q2 25 | 42.9% | 83.9% | ||
| Q1 25 | 43.0% | 83.7% | ||
| Q4 24 | 42.2% | 85.3% | ||
| Q3 24 | 41.7% | 86.3% | ||
| Q2 24 | 40.5% | 87.6% | ||
| Q1 24 | 39.2% | 85.0% |
| Q4 25 | -20.0% | -24.8% | ||
| Q3 25 | -6.9% | -77.9% | ||
| Q2 25 | -14.7% | -65.4% | ||
| Q1 25 | -25.8% | -79.9% | ||
| Q4 24 | -13.1% | -91.8% | ||
| Q3 24 | -11.3% | -118.9% | ||
| Q2 24 | -16.5% | -111.0% | ||
| Q1 24 | -18.5% | -180.8% |
| Q4 25 | -20.1% | -73.9% | ||
| Q3 25 | -6.9% | -93.5% | ||
| Q2 25 | -10.8% | -73.9% | ||
| Q1 25 | -12.9% | -113.2% | ||
| Q4 24 | -13.0% | -122.4% | ||
| Q3 24 | -10.9% | -32.6% | ||
| Q2 24 | -16.6% | -58.8% | ||
| Q1 24 | -17.3% | -204.5% |
| Q4 25 | $-0.21 | $-0.22 | ||
| Q3 25 | $-0.08 | $-0.96 | ||
| Q2 25 | $-0.12 | $-0.27 | ||
| Q1 25 | $-0.13 | $-0.39 | ||
| Q4 24 | $-0.17 | $-0.38 | ||
| Q3 24 | $-0.16 | $-0.12 | ||
| Q2 24 | $-0.23 | $-0.21 | ||
| Q1 24 | $-0.23 | $-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 | $7.4M | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $28.3M | $-33.9M |
| Total Assets | $45.3M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.4M | $20.4M | ||
| Q3 25 | $7.1M | $22.7M | ||
| Q2 25 | $7.7M | $26.5M | ||
| Q1 25 | $7.4M | $13.0M | ||
| Q4 24 | $8.5M | $8.5M | ||
| Q3 24 | $7.3M | $11.3M | ||
| Q2 24 | $8.4M | $16.5M | ||
| Q1 24 | $7.2M | $4.0M |
| Q4 25 | $28.3M | $-33.9M | ||
| Q3 25 | $29.7M | $-26.7M | ||
| Q2 25 | $29.8M | $-19.4M | ||
| Q1 25 | $30.3M | $-34.4M | ||
| Q4 24 | $31.0M | $-25.9M | ||
| Q3 24 | $30.8M | $-20.4M | ||
| Q2 24 | $31.6M | $-25.3M | ||
| Q1 24 | $30.5M | $-36.0M |
| Q4 25 | $45.3M | $35.3M | ||
| Q3 25 | $45.5M | $36.5M | ||
| Q2 25 | $45.5M | $41.3M | ||
| Q1 25 | $46.1M | $28.6M | ||
| Q4 24 | $48.4M | $24.0M | ||
| Q3 24 | $43.3M | $27.5M | ||
| Q2 24 | $42.4M | $32.4M | ||
| Q1 24 | $42.8M | $17.9M |
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 | $194.0K | $-2.5M |
| Free Cash FlowOCF − Capex | $93.0K | $-2.5M |
| FCF MarginFCF / Revenue | 0.8% | -19.1% |
| Capex IntensityCapex / Revenue | 0.8% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $194.0K | $-2.5M | ||
| Q3 25 | $-411.0K | $-3.7M | ||
| Q2 25 | $129.0K | $-7.3M | ||
| Q1 25 | $-1.0M | $-4.5M | ||
| Q4 24 | $-26.0K | $-5.7M | ||
| Q3 24 | $-1.2M | $-10.8M | ||
| Q2 24 | $-1.2M | $-13.4M | ||
| Q1 24 | $-1.1M | $-10.9M |
| Q4 25 | $93.0K | $-2.5M | ||
| Q3 25 | $-418.0K | $-3.9M | ||
| Q2 25 | $113.0K | $-7.4M | ||
| Q1 25 | $-1.1M | $-5.3M | ||
| Q4 24 | $-27.0K | $-5.8M | ||
| Q3 24 | $-1.2M | $-11.0M | ||
| Q2 24 | $-1.3M | $-13.5M | ||
| Q1 24 | $-1.2M | $-10.9M |
| Q4 25 | 0.8% | -19.1% | ||
| Q3 25 | -3.0% | -33.9% | ||
| Q2 25 | 0.8% | -66.1% | ||
| Q1 25 | -8.9% | -57.3% | ||
| Q4 24 | -0.2% | -69.7% | ||
| Q3 24 | -7.5% | -149.9% | ||
| Q2 24 | -8.5% | -183.1% | ||
| Q1 24 | -8.3% | -169.3% |
| Q4 25 | 0.8% | 0.3% | ||
| Q3 25 | 0.0% | 1.9% | ||
| Q2 25 | 0.1% | 0.8% | ||
| Q1 25 | 0.3% | 8.2% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.2% | 2.3% | ||
| Q2 24 | 0.6% | 0.8% | ||
| Q1 24 | 0.4% | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AIRG
| Transferred At Point In Time | $11.3M | 93% |
| Other | $803.0K | 7% |
TLSI
Segment breakdown not available.
