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Side-by-side financial comparison of Aether Holdings, Inc. (ATHR) and HCW Biologics Inc. (HCWB). Click either name above to swap in a different company.
HCW Biologics Inc. is the larger business by last-quarter revenue ($394.8K vs $338.8K, roughly 1.2× Aether Holdings, Inc.). Aether Holdings, Inc. runs the higher net margin — -382.9% vs -854.4%, a 471.5% gap on every dollar of revenue. On growth, Aether Holdings, Inc. posted the faster year-over-year revenue change (-0.9% vs -70.2%). Aether Holdings, Inc. produced more free cash flow last quarter ($-2.2M vs $-2.9M).
Aether Industries Limited is an Indian chemical manufacturing company based in Surat, Gujarat. The company specializes in producing advanced intermediates and specialty chemicals for various industries, including pharmaceuticals, agrochemicals, material sciences, and oil and gas.
HCW Biologics Inc. is a clinical-stage biotechnology company focused on researching and developing novel immunotherapies and biological products targeting unmet medical needs in oncology, chronic inflammatory disorders, and autoimmune diseases. It primarily operates in the U.S., advancing multiple pipeline candidates through early to mid-stage clinical trials.
ATHR vs HCWB — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $338.8K | $394.8K |
| Net Profit | $-1.3M | $-3.4M |
| Gross Margin | 80.4% | 20.0% |
| Operating Margin | -382.9% | -795.9% |
| Net Margin | -382.9% | -854.4% |
| Revenue YoY | -0.9% | -70.2% |
| Net Profit YoY | -232.5% | 68.4% |
| EPS (diluted) | $-0.11 | $-10.47 |
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 | $338.8K | — | ||
| Q2 25 | $342.4K | — | ||
| Q1 25 | $341.9K | — | ||
| Q4 24 | — | $394.8K | ||
| Q3 24 | — | $426.4K | ||
| Q2 24 | — | $618.9K | ||
| Q1 24 | — | $1.1M | ||
| Q4 23 | — | $1.3M |
| Q4 25 | $-1.3M | — | ||
| Q2 25 | $-1.0M | — | ||
| Q1 25 | $-427.4K | — | ||
| Q4 24 | — | $-3.4M | ||
| Q3 24 | — | $-3.9M | ||
| Q2 24 | — | $-15.3M | ||
| Q1 24 | — | $-7.5M | ||
| Q4 23 | — | $-10.7M |
| Q4 25 | 80.4% | — | ||
| Q2 25 | 69.9% | — | ||
| Q1 25 | 67.9% | — | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 20.0% | ||
| Q2 24 | — | 29.2% | ||
| Q1 24 | — | 54.6% | ||
| Q4 23 | — | 19.1% |
| Q4 25 | -382.9% | — | ||
| Q2 25 | -293.7% | — | ||
| Q1 25 | -112.6% | — | ||
| Q4 24 | — | -795.9% | ||
| Q3 24 | — | -864.1% | ||
| Q2 24 | — | -2445.8% | ||
| Q1 24 | — | -665.1% | ||
| Q4 23 | — | -813.3% |
| Q4 25 | -382.9% | — | ||
| Q2 25 | -293.7% | — | ||
| Q1 25 | -125.0% | — | ||
| Q4 24 | — | -854.4% | ||
| Q3 24 | — | -915.1% | ||
| Q2 24 | — | -2469.1% | ||
| Q1 24 | — | -662.8% | ||
| Q4 23 | — | -806.7% |
| Q4 25 | $-0.11 | — | ||
| Q2 25 | $-0.08 | — | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | — | $-10.47 | ||
| Q3 24 | — | $-4.13 | ||
| Q2 24 | — | $-16.16 | ||
| Q1 24 | — | $-0.20 | ||
| Q4 23 | — | $-0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $263.3K | $4.7M |
| Total DebtLower is stronger | — | $7.4M |
| Stockholders' EquityBook value | $3.4M | $-6.8M |
| Total Assets | $4.0M | $30.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $263.3K | — | ||
| Q2 25 | $187.4K | — | ||
| Q1 25 | $179.2K | — | ||
| Q4 24 | — | $4.7M | ||
| Q3 24 | — | $998.2K | ||
| Q2 24 | — | $1.2M | ||
| Q1 24 | — | $4.1M | ||
| Q4 23 | — | $3.6M |
| Q4 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $7.4M | ||
| Q3 24 | — | $6.5M | ||
| Q2 24 | — | $9.9M | ||
| Q1 24 | — | $8.3M | ||
| Q4 23 | — | $6.3M |
| Q4 25 | $3.4M | — | ||
| Q2 25 | $5.9M | — | ||
| Q1 25 | $-596.3K | — | ||
| Q4 24 | — | $-6.8M | ||
| Q3 24 | — | $-10.0M | ||
| Q2 24 | — | $-6.3M | ||
| Q1 24 | — | $8.7M | ||
| Q4 23 | — | $13.5M |
| Q4 25 | $4.0M | — | ||
| Q2 25 | $6.5M | — | ||
| Q1 25 | $367.8K | — | ||
| Q4 24 | — | $30.2M | ||
| Q3 24 | — | $26.6M | ||
| Q2 24 | — | $26.8M | ||
| Q1 24 | — | $30.4M | ||
| Q4 23 | — | $28.5M |
| Q4 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.95× | ||
| Q4 23 | — | 0.47× |
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 | $-1.0M | $-2.8M |
| Free Cash FlowOCF − Capex | $-2.2M | $-2.9M |
| FCF MarginFCF / Revenue | -642.5% | -746.8% |
| Capex IntensityCapex / Revenue | 344.9% | 28.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-14.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.0M | — | ||
| Q2 25 | $-2.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-2.8M | ||
| Q3 24 | — | $-2.9M | ||
| Q2 24 | — | $-4.9M | ||
| Q1 24 | — | $-3.6M | ||
| Q4 23 | — | $-3.9M |
| Q4 25 | $-2.2M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-2.9M | ||
| Q3 24 | — | $-3.0M | ||
| Q2 24 | — | $-4.9M | ||
| Q1 24 | — | $-3.7M | ||
| Q4 23 | — | $-7.6M |
| Q4 25 | -642.5% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -746.8% | ||
| Q3 24 | — | -695.0% | ||
| Q2 24 | — | -788.7% | ||
| Q1 24 | — | -331.4% | ||
| Q4 23 | — | -574.8% |
| Q4 25 | 344.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 28.7% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 3.0% | ||
| Q1 24 | — | 11.5% | ||
| Q4 23 | — | 280.6% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
