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Side-by-side financial comparison of BETA Technologies, Inc. (BETA) and OCULAR THERAPEUTIX, INC (OCUL). Click either name above to swap in a different company.
OCULAR THERAPEUTIX, INC is the larger business by last-quarter revenue ($13.3M vs $8.9M, roughly 1.5× BETA Technologies, Inc.). OCULAR THERAPEUTIX, INC runs the higher net margin — -488.0% vs -4902.6%, a 4414.6% gap on every dollar of revenue. On growth, BETA Technologies, Inc. posted the faster year-over-year revenue change (190.9% vs -22.4%). OCULAR THERAPEUTIX, INC produced more free cash flow last quarter ($-57.1M vs $-209.0M).
Unity Software Inc. is an American video game software development company based in San Francisco. It was founded in Denmark in 2004 as Over the Edge Entertainment and changed its name in 2007. Unity Technologies is best known for the development of Unity, a licensed game engine used to create video games and other applications.
Ocular Therapeutix, Inc. is a biopharmaceutical firm specializing in developing and commercializing innovative ophthalmic therapies. Its products treat acute and chronic eye conditions including post-surgical pain, glaucoma, and dry eye, serving patients and ophthalmology providers primarily across the U.S. and select global markets.
BETA vs OCUL — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $8.9M | $13.3M |
| Net Profit | $-437.2M | $-64.7M |
| Gross Margin | 69.3% | 88.0% |
| Operating Margin | -903.5% | -526.5% |
| Net Margin | -4902.6% | -488.0% |
| Revenue YoY | 190.9% | -22.4% |
| Net Profit YoY | -482.5% | -33.6% |
| EPS (diluted) | $-9.83 | $-0.27 |
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 | — | $13.3M | ||
| Q3 25 | $8.9M | $14.5M | ||
| Q2 25 | — | $13.5M | ||
| Q1 25 | — | $10.7M | ||
| Q4 24 | — | $17.1M | ||
| Q3 24 | $3.1M | $15.4M | ||
| Q2 24 | — | $16.4M | ||
| Q1 24 | — | $14.8M |
| Q4 25 | — | $-64.7M | ||
| Q3 25 | $-437.2M | $-69.4M | ||
| Q2 25 | — | $-67.8M | ||
| Q1 25 | — | $-64.1M | ||
| Q4 24 | — | $-48.4M | ||
| Q3 24 | $-75.1M | $-36.5M | ||
| Q2 24 | — | $-43.8M | ||
| Q1 24 | — | $-64.8M |
| Q4 25 | — | 88.0% | ||
| Q3 25 | 69.3% | 87.8% | ||
| Q2 25 | — | 85.6% | ||
| Q1 25 | — | 88.2% | ||
| Q4 24 | — | 92.8% | ||
| Q3 24 | 61.2% | 89.9% | ||
| Q2 24 | — | 90.8% | ||
| Q1 24 | — | 91.0% |
| Q4 25 | — | -526.5% | ||
| Q3 25 | -903.5% | -472.3% | ||
| Q2 25 | — | -502.6% | ||
| Q1 25 | — | -597.5% | ||
| Q4 24 | — | -296.1% | ||
| Q3 24 | -2381.0% | -298.2% | ||
| Q2 24 | — | -265.1% | ||
| Q1 24 | — | -214.0% |
| Q4 25 | — | -488.0% | ||
| Q3 25 | -4902.6% | -477.3% | ||
| Q2 25 | — | -503.9% | ||
| Q1 25 | — | -598.7% | ||
| Q4 24 | — | -283.3% | ||
| Q3 24 | -2448.3% | -236.6% | ||
| Q2 24 | — | -266.3% | ||
| Q1 24 | — | -438.9% |
| Q4 25 | — | $-0.27 | ||
| Q3 25 | $-9.83 | $-0.38 | ||
| Q2 25 | — | $-0.39 | ||
| Q1 25 | — | $-0.38 | ||
| Q4 24 | — | $-0.25 | ||
| Q3 24 | $-1.81 | $-0.22 | ||
| Q2 24 | — | $-0.26 | ||
| Q1 24 | — | $-0.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $687.6M | $737.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $789.9M | $654.3M |
| Total Assets | $1.1B | $808.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $737.1M | ||
| Q3 25 | $687.6M | $344.8M | ||
| Q2 25 | — | $391.1M | ||
| Q1 25 | — | $349.7M | ||
| Q4 24 | — | $392.1M | ||
| Q3 24 | $52.2M | $427.2M | ||
| Q2 24 | — | $459.7M | ||
| Q1 24 | — | $482.9M |
| Q4 25 | — | $654.3M | ||
| Q3 25 | $789.9M | $258.2M | ||
| Q2 25 | — | $305.9M | ||
| Q1 25 | — | $265.9M | ||
| Q4 24 | — | $315.3M | ||
| Q3 24 | $196.1M | $352.0M | ||
| Q2 24 | — | $377.7M | ||
| Q1 24 | — | $408.0M |
| Q4 25 | — | $808.1M | ||
| Q3 25 | $1.1B | $410.9M | ||
| Q2 25 | — | $451.3M | ||
| Q1 25 | — | $405.9M | ||
| Q4 24 | — | $457.9M | ||
| Q3 24 | — | $490.4M | ||
| Q2 24 | — | $517.1M | ||
| Q1 24 | — | $538.9M |
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 | $-183.4M | $-54.2M |
| Free Cash FlowOCF − Capex | $-209.0M | $-57.1M |
| FCF MarginFCF / Revenue | -2344.1% | -430.9% |
| Capex IntensityCapex / Revenue | 287.8% | 21.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-216.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-54.2M | ||
| Q3 25 | $-183.4M | $-50.7M | ||
| Q2 25 | — | $-55.2M | ||
| Q1 25 | — | $-44.7M | ||
| Q4 24 | — | $-39.4M | ||
| Q3 24 | — | $-36.6M | ||
| Q2 24 | — | $-24.8M | ||
| Q1 24 | — | $-33.9M |
| Q4 25 | — | $-57.1M | ||
| Q3 25 | $-209.0M | $-56.7M | ||
| Q2 25 | — | $-56.5M | ||
| Q1 25 | — | $-46.6M | ||
| Q4 24 | — | $-39.6M | ||
| Q3 24 | — | $-36.6M | ||
| Q2 24 | — | $-25.5M | ||
| Q1 24 | — | $-34.1M |
| Q4 25 | — | -430.9% | ||
| Q3 25 | -2344.1% | -390.0% | ||
| Q2 25 | — | -419.7% | ||
| Q1 25 | — | -435.6% | ||
| Q4 24 | — | -232.0% | ||
| Q3 24 | — | -237.6% | ||
| Q2 24 | — | -155.4% | ||
| Q1 24 | — | -231.1% |
| Q4 25 | — | 21.4% | ||
| Q3 25 | 287.8% | 41.2% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 18.1% | ||
| Q4 24 | — | 1.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 4.5% | ||
| Q1 24 | — | 1.7% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BETA
| Commerical Customers | $6.2M | 70% |
| United States Government | $2.7M | 30% |
OCUL
Segment breakdown not available.
