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Side-by-side financial comparison of ARDELYX, INC. (ARDX) and INSEEGO CORP. (INSG). Click either name above to swap in a different company.
ARDELYX, INC. is the larger business by last-quarter revenue ($94.5M vs $48.4M, roughly 2.0× INSEEGO CORP.). INSEEGO CORP. runs the higher net margin — 1.0% vs -39.8%, a 40.8% gap on every dollar of revenue. On growth, ARDELYX, INC. posted the faster year-over-year revenue change (27.5% vs 0.6%). Over the past eight quarters, INSEEGO CORP.'s revenue compounded faster (13.6% CAGR vs 13.6%).
Ardelyx, Inc. is a commercial-stage biopharmaceutical firm developing and commercializing innovative therapies for gastrointestinal, cardiorenal and metabolic diseases with high unmet medical needs. Its lead product is approved in the US for irritable bowel syndrome with constipation, and it holds a robust pipeline of early and late-stage drug candidates.
Inseego Corp designs, manufactures and delivers advanced 5G and IoT solutions including mobile hotspots, edge computing devices, and cloud-based device management platforms. It primarily serves telecom operators, enterprise clients, and public sector customers across global markets.
ARDX vs INSG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $94.5M | $48.4M |
| Net Profit | $-37.6M | $469.0K |
| Gross Margin | — | 42.2% |
| Operating Margin | — | 2.7% |
| Net Margin | -39.8% | 1.0% |
| Revenue YoY | 27.5% | 0.6% |
| Net Profit YoY | — | 182.9% |
| EPS (diluted) | $-0.15 | $-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.
| Q1 26 | $94.5M | — | ||
| Q4 25 | $125.2M | $48.4M | ||
| Q3 25 | $110.3M | $45.9M | ||
| Q2 25 | $97.7M | $40.2M | ||
| Q1 25 | $74.1M | $31.7M | ||
| Q4 24 | $116.1M | $48.1M | ||
| Q3 24 | $98.2M | $54.0M | ||
| Q2 24 | $73.2M | $51.6M |
| Q1 26 | $-37.6M | — | ||
| Q4 25 | $-407.0K | $469.0K | ||
| Q3 25 | $-969.0K | $1.4M | ||
| Q2 25 | $-19.1M | $507.0K | ||
| Q1 25 | $-41.1M | $-1.6M | ||
| Q4 24 | $4.6M | $-566.0K | ||
| Q3 24 | $-809.0K | $9.0M | ||
| Q2 24 | $-16.5M | $624.0K |
| Q1 26 | — | — | ||
| Q4 25 | 91.3% | 42.2% | ||
| Q3 25 | 96.4% | 41.6% | ||
| Q2 25 | 87.3% | 41.1% | ||
| Q1 25 | 83.4% | 47.3% | ||
| Q4 24 | 84.3% | 37.3% | ||
| Q3 24 | 84.0% | 34.8% | ||
| Q2 24 | 87.1% | 36.4% |
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | 2.7% | ||
| Q3 25 | 4.2% | 4.7% | ||
| Q2 25 | -14.7% | 3.2% | ||
| Q1 25 | -49.0% | -1.3% | ||
| Q4 24 | 7.0% | 3.7% | ||
| Q3 24 | 2.3% | 1.9% | ||
| Q2 24 | -18.6% | 3.6% |
| Q1 26 | -39.8% | — | ||
| Q4 25 | -0.3% | 1.0% | ||
| Q3 25 | -0.9% | 3.1% | ||
| Q2 25 | -19.5% | 1.3% | ||
| Q1 25 | -55.5% | -5.0% | ||
| Q4 24 | 4.0% | -1.2% | ||
| Q3 24 | -0.8% | 16.6% | ||
| Q2 24 | -22.5% | 1.2% |
| Q1 26 | $-0.15 | — | ||
| Q4 25 | $-0.01 | $-0.02 | ||
| Q3 25 | $0.00 | $0.03 | ||
| Q2 25 | $-0.08 | $-0.03 | ||
| Q1 25 | $-0.17 | $-0.16 | ||
| Q4 24 | $0.01 | $0.62 | ||
| Q3 24 | $0.00 | $-0.06 | ||
| Q2 24 | $-0.07 | $-0.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $238.1M | $24.9M |
| Total DebtLower is stronger | $203.5M | — |
| Stockholders' EquityBook value | $148.6M | $-4.0M |
| Total Assets | $504.5M | $93.8M |
| Debt / EquityLower = less leverage | 1.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $238.1M | — | ||
| Q4 25 | $68.0M | $24.9M | ||
| Q3 25 | $42.7M | $14.6M | ||
| Q2 25 | $90.0M | $13.2M | ||
| Q1 25 | $30.8M | $35.1M | ||
| Q4 24 | $64.9M | $39.6M | ||
| Q3 24 | $47.4M | $12.0M | ||
| Q2 24 | $41.9M | $49.0M |
| Q1 26 | $203.5M | — | ||
| Q4 25 | $202.8M | — | ||
| Q3 25 | $202.1M | — | ||
| Q2 25 | $201.4M | — | ||
| Q1 25 | $151.3M | — | ||
| Q4 24 | $150.9M | — | ||
| Q3 24 | $100.7M | — | ||
| Q2 24 | $100.2M | — |
| Q1 26 | $148.6M | — | ||
| Q4 25 | $166.9M | $-4.0M | ||
| Q3 25 | $154.3M | $-7.7M | ||
| Q2 25 | $139.5M | $-10.5M | ||
| Q1 25 | $145.7M | $-13.0M | ||
| Q4 24 | $173.3M | $-12.9M | ||
| Q3 24 | $158.3M | $-85.1M | ||
| Q2 24 | $147.0M | $-101.8M |
| Q1 26 | $504.5M | — | ||
| Q4 25 | $501.6M | $93.8M | ||
| Q3 25 | $486.2M | $85.8M | ||
| Q2 25 | $466.8M | $83.1M | ||
| Q1 25 | $410.2M | $93.0M | ||
| Q4 24 | $435.8M | $100.0M | ||
| Q3 24 | $367.9M | $113.4M | ||
| Q2 24 | $343.5M | $149.6M |
| Q1 26 | 1.37× | — | ||
| Q4 25 | 1.21× | — | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 1.44× | — | ||
| Q1 25 | 1.04× | — | ||
| Q4 24 | 0.87× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.68× | — |
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 | — | $12.0M |
| Free Cash FlowOCF − Capex | — | $11.6M |
| FCF MarginFCF / Revenue | — | 24.0% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | — | 25.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $21.0M | $12.0M | ||
| Q3 25 | $365.0K | $3.2M | ||
| Q2 25 | $-25.3M | $-4.5M | ||
| Q1 25 | $-38.5M | $-3.5M | ||
| Q4 24 | $9.8M | $-14.2M | ||
| Q3 24 | $501.0K | $14.8M | ||
| Q2 24 | $-19.4M | $27.6M |
| Q1 26 | — | — | ||
| Q4 25 | $20.6M | $11.6M | ||
| Q3 25 | $209.0K | $3.1M | ||
| Q2 25 | $-26.0M | $-4.7M | ||
| Q1 25 | $-38.8M | $-3.5M | ||
| Q4 24 | $9.2M | $-14.3M | ||
| Q3 24 | $364.0K | $14.8M | ||
| Q2 24 | $-19.5M | $27.6M |
| Q1 26 | — | — | ||
| Q4 25 | 16.4% | 24.0% | ||
| Q3 25 | 0.2% | 6.7% | ||
| Q2 25 | -26.6% | -11.6% | ||
| Q1 25 | -52.3% | -11.0% | ||
| Q4 24 | 7.9% | -29.7% | ||
| Q3 24 | 0.4% | 27.4% | ||
| Q2 24 | -26.7% | 53.5% |
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 0.7% | ||
| Q3 25 | 0.1% | 0.2% | ||
| Q2 25 | 0.7% | 0.5% | ||
| Q1 25 | 0.4% | 0.1% | ||
| Q4 24 | 0.5% | 0.1% | ||
| Q3 24 | 0.1% | 0.0% | ||
| Q2 24 | 0.2% | 0.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 25.50× | ||
| Q3 25 | — | 2.22× | ||
| Q2 25 | — | -8.81× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.11× | — | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 44.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARDX
| IBSRELA | $70.1M | 74% |
| XPHOZAH | $23.3M | 25% |
| Non-cash royalty revenue related to the sale of future royalties | $695.0K | 1% |
| Product supply revenue | $354.0K | 0% |
INSG
Segment breakdown not available.
