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Side-by-side financial comparison of AVAX ONE TECHNOLOGY LTD. (AVX) and Circle Internet Group, Inc. (CRCL). Click either name above to swap in a different company.
Circle Internet Group, Inc. is the larger business by last-quarter revenue ($28.5M vs $1.0M, roughly 28.0× AVAX ONE TECHNOLOGY LTD.). Circle Internet Group, Inc. runs the higher net margin — 751.8% vs -1633.6%, a 2385.3% gap on every dollar of revenue.
Circle is a payments technology company. Funded by Jeremy Allaire and Sean Neville in 2013, it is currently headquartered in New York City and issues two types of stablecoin: USDC, which has a conversion rate pegged to the U.S. dollar, and EURC, which is euro-denominated. It also issues USYC, a tokenized money market fund.
AVX vs CRCL — Head-to-Head
Income Statement — Q4 2025 vs Q3 2025
| Metric | | |
|---|---|---|
| Revenue | $1.0M | $28.5M |
| Net Profit | $-16.6M | $214.4M |
| Gross Margin | — | — |
| Operating Margin | -1522.1% | — |
| Net Margin | -1633.6% | 751.8% |
| Revenue YoY | — | 5113.5% |
| Net Profit YoY | -480.2% | 202.0% |
| EPS (diluted) | $32.17 | $0.64 |
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 | $1.0M | — | ||
| Q3 25 | $525.9K | $28.5M | ||
| Q2 25 | $452.0K | $23.8M | ||
| Q1 25 | $344.4K | — | ||
| Q3 24 | $0 | $547.0K | ||
| Q2 24 | $41.3K | $6.8M |
| Q4 25 | $-16.6M | — | ||
| Q3 25 | $-8.4M | $214.4M | ||
| Q2 25 | $-8.1M | $-482.1M | ||
| Q1 25 | $-145.5K | — | ||
| Q3 24 | $-5.8M | $71.0M | ||
| Q2 24 | $-4.2M | $32.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 22.9% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 18.4% | — |
| Q4 25 | -1522.1% | — | ||
| Q3 25 | -496.6% | — | ||
| Q2 25 | -328.4% | -1367.8% | ||
| Q1 25 | -600.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -2827.7% | — |
| Q4 25 | -1633.6% | — | ||
| Q3 25 | -1588.0% | 751.8% | ||
| Q2 25 | -1783.4% | -2025.3% | ||
| Q1 25 | -42.2% | — | ||
| Q3 24 | — | 12979.2% | ||
| Q2 24 | -10243.5% | 486.5% |
| Q4 25 | $32.17 | — | ||
| Q3 25 | $-5.55 | $0.64 | ||
| Q2 25 | $-27.60 | $-4.48 | ||
| Q1 25 | $-1.17 | — | ||
| Q3 24 | $-57.19 | $0.00 | ||
| Q2 24 | $-83.03 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $22.1M | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $187.0M | $3.0B |
| Total Assets | $195.0M | $76.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.1M | — | ||
| Q3 25 | $894.7K | $1.3B | ||
| Q2 25 | $185.3K | $1.1B | ||
| Q1 25 | $1.4M | — | ||
| Q3 24 | — | $577.3M | ||
| Q2 24 | — | $457.5M |
| Q4 25 | — | — | ||
| Q3 25 | $1.8M | — | ||
| Q2 25 | $8.6M | — | ||
| Q1 25 | $10.2M | — | ||
| Q3 24 | $2.2M | — | ||
| Q2 24 | $3.1M | — |
| Q4 25 | $187.0M | — | ||
| Q3 25 | $12.2M | $3.0B | ||
| Q2 25 | $4.1M | $2.4B | ||
| Q1 25 | $6.4M | — | ||
| Q3 24 | $6.7M | $557.7M | ||
| Q2 24 | $11.3M | $460.9M |
| Q4 25 | $195.0M | — | ||
| Q3 25 | $16.5M | $76.8B | ||
| Q2 25 | $15.2M | $64.2B | ||
| Q1 25 | $16.8M | — | ||
| Q3 24 | $10.8M | — | ||
| Q2 24 | $15.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 2.11× | — | ||
| Q1 25 | 1.59× | — | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | 0.28× | — |
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 | $-9.0M | $-10.7M |
| Free Cash FlowOCF − Capex | — | $-14.7M |
| FCF MarginFCF / Revenue | — | -51.7% |
| Capex IntensityCapex / Revenue | — | 14.2% |
| Cash ConversionOCF / Net Profit | — | -0.05× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-9.0M | — | ||
| Q3 25 | $-2.4M | $-10.7M | ||
| Q2 25 | $-884.1K | — | ||
| Q1 25 | $-2.2M | — | ||
| Q3 24 | $-1.2M | — | ||
| Q2 24 | $-919.2K | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-14.7M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -51.7% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 14.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVX
Segment breakdown not available.
CRCL
| Subscription And Services Revenue | $23.6M | 83% |
| Transaction Services | $4.7M | 16% |
