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Side-by-side financial comparison of AIRO Group Holdings, Inc. (AIRO) and MERCURY SYSTEMS INC (MRCY), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
MERCURY SYSTEMS INC is the larger business by last-quarter revenue ($232.9M vs $6.3M, roughly 37.1× AIRO Group Holdings, Inc.). MERCURY SYSTEMS INC runs the higher net margin — -126.7% vs -6.5%, a 120.2% gap on every dollar of revenue. MERCURY SYSTEMS INC produced more free cash flow last quarter ($45.7M vs $-6.7M).
Airo Aviation FZ-LLC was an Emirati aircraft manufacturer based in the Ras Al Khaimah Free Trade Zone. The company specialized in the manufacture of ultralight aircraft in the form of ready-to-fly aircraft for the European Fédération Aéronautique Internationale microlight category.
Mercury Systems, Inc. is a technology company serving the aerospace and defense industry. It designs, develops and manufactures open architecture computer hardware and software products, including secure embedded processing modules and subsystems, avionics mission computers and displays, rugged secure computer servers, and trusted microelectronics components, modules and subsystems.
AIRO vs MRCY — Head-to-Head
Income Statement — Q3 2025 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $6.3M | $232.9M |
| Net Profit | $-8.0M | $-15.1M |
| Gross Margin | 44.4% | 26.0% |
| Operating Margin | -190.7% | -4.6% |
| Net Margin | -126.7% | -6.5% |
| Revenue YoY | — | 4.4% |
| Net Profit YoY | — | 14.1% |
| EPS (diluted) | $-0.28 | $-0.26 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | — | $232.9M | ||
| Q3 25 | $6.3M | $225.2M | ||
| Q2 25 | $24.6M | $273.1M | ||
| Q1 25 | — | $211.4M | ||
| Q4 24 | — | $223.1M | ||
| Q3 24 | — | $204.4M | ||
| Q2 24 | — | $248.6M | ||
| Q1 24 | — | $208.3M |
| Q4 25 | — | $-15.1M | ||
| Q3 25 | $-8.0M | $-12.5M | ||
| Q2 25 | $5.9M | $16.4M | ||
| Q1 25 | — | $-19.2M | ||
| Q4 24 | — | $-17.6M | ||
| Q3 24 | — | $-17.5M | ||
| Q2 24 | — | $-10.8M | ||
| Q1 24 | — | $-44.6M |
| Q4 25 | — | 26.0% | ||
| Q3 25 | 44.4% | 27.9% | ||
| Q2 25 | 61.2% | 31.0% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | — | 27.3% | ||
| Q3 24 | — | 25.3% | ||
| Q2 24 | — | 29.5% | ||
| Q1 24 | — | 19.5% |
| Q4 25 | — | -4.6% | ||
| Q3 25 | -190.7% | -3.8% | ||
| Q2 25 | -80.2% | 8.6% | ||
| Q1 25 | — | -8.2% | ||
| Q4 24 | — | -5.6% | ||
| Q3 24 | — | -6.6% | ||
| Q2 24 | — | -3.2% | ||
| Q1 24 | — | -21.9% |
| Q4 25 | — | -6.5% | ||
| Q3 25 | -126.7% | -5.6% | ||
| Q2 25 | 23.9% | 6.0% | ||
| Q1 25 | — | -9.1% | ||
| Q4 24 | — | -7.9% | ||
| Q3 24 | — | -8.6% | ||
| Q2 24 | — | -4.3% | ||
| Q1 24 | — | -21.4% |
| Q4 25 | — | $-0.26 | ||
| Q3 25 | $-0.28 | $-0.21 | ||
| Q2 25 | $0.30 | $0.28 | ||
| Q1 25 | — | $-0.33 | ||
| Q4 24 | — | $-0.30 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $-0.18 | ||
| Q1 24 | — | $-0.77 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $335.0M |
| Total DebtLower is stronger | $5.1M | — |
| Stockholders' EquityBook value | $739.5M | $1.5B |
| Total Assets | $774.6M | $2.5B |
| Debt / EquityLower = less leverage | 0.01× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $335.0M | ||
| Q3 25 | — | $304.7M | ||
| Q2 25 | — | $309.1M | ||
| Q1 25 | — | $269.8M | ||
| Q4 24 | — | $242.6M | ||
| Q3 24 | — | $158.1M | ||
| Q2 24 | — | $180.5M | ||
| Q1 24 | — | $142.6M |
| Q4 25 | — | — | ||
| Q3 25 | $5.1M | — | ||
| Q2 25 | $8.9M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $1.5B | ||
| Q3 25 | $739.5M | $1.5B | ||
| Q2 25 | $679.6M | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.5B |
| Q4 25 | — | $2.5B | ||
| Q3 25 | $774.6M | $2.5B | ||
| Q2 25 | $747.8M | $2.4B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B |
| Q4 25 | — | — | ||
| Q3 25 | 0.01× | — | ||
| Q2 25 | 0.01× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-5.8M | $51.6M |
| Free Cash FlowOCF − Capex | $-6.7M | $45.7M |
| FCF MarginFCF / Revenue | -106.7% | 19.6% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 15.0% | 2.5% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $99.4M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $51.6M | ||
| Q3 25 | $-5.8M | $2.2M | ||
| Q2 25 | — | $38.1M | ||
| Q1 25 | — | $30.0M | ||
| Q4 24 | — | $85.5M | ||
| Q3 24 | — | $-14.7M | ||
| Q2 24 | — | $71.8M | ||
| Q1 24 | — | $-17.8M |
| Q4 25 | — | $45.7M | ||
| Q3 25 | $-6.7M | $-4.4M | ||
| Q2 25 | — | $34.0M | ||
| Q1 25 | — | $24.1M | ||
| Q4 24 | — | $81.9M | ||
| Q3 24 | — | $-20.9M | ||
| Q2 24 | — | $61.4M | ||
| Q1 24 | — | $-25.7M |
| Q4 25 | — | 19.6% | ||
| Q3 25 | -106.7% | -1.9% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 36.7% | ||
| Q3 24 | — | -10.2% | ||
| Q2 24 | — | 24.7% | ||
| Q1 24 | — | -12.4% |
| Q4 25 | — | 2.5% | ||
| Q3 25 | 15.0% | 2.9% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 3.1% | ||
| Q2 24 | — | 4.2% | ||
| Q1 24 | — | 3.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.33× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
AIRO
| Transferred At Point In Time | $4.5M | 71% |
| Transferred Over Time | $1.8M | 29% |
MRCY
| Airborne | $84.2M | 36% |
| Components | $48.7M | 21% |
| Other End Applications | $36.8M | 16% |
| Electronic Warfare | $27.5M | 12% |
| Other Sensor And Effector Applications | $23.9M | 10% |
| Space | $11.9M | 5% |
