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Side-by-side financial comparison of BRC Inc. (BRCC) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
BRC Inc. is the larger business by last-quarter revenue ($112.7M vs $86.8M, roughly 1.3× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs 6.5%). BRC Inc. produced more free cash flow last quarter ($-9.4M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 7.0%).
BRC Inc., operating under the Black Rifle Coffee brand, is a U.S.-headquartered premium coffee and lifestyle brand. It sells roasted coffee beans, ready-to-drink coffee products, branded apparel, and outdoor gear, targeting primarily veteran, first responder, and outdoor enthusiast consumer segments across North America, via both e-commerce and physical retail channels.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
BRCC vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $112.7M | $86.8M |
| Net Profit | $-3.2M | — |
| Gross Margin | 32.1% | 67.4% |
| Operating Margin | -6.3% | -84.7% |
| Net Margin | -2.8% | — |
| Revenue YoY | 6.5% | 17.7% |
| Net Profit YoY | -29.3% | — |
| EPS (diluted) | $-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.
| Q4 25 | $112.7M | $86.8M | ||
| Q3 25 | $100.7M | $67.5M | ||
| Q2 25 | $94.8M | $60.0M | ||
| Q1 25 | $90.0M | $49.3M | ||
| Q4 24 | $105.9M | $73.7M | ||
| Q3 24 | $98.2M | $58.6M | ||
| Q2 24 | $89.0M | $31.1M | ||
| Q1 24 | $98.4M | $715.0K |
| Q4 25 | $-3.2M | — | ||
| Q3 25 | $-486.0K | $-91.3M | ||
| Q2 25 | $-5.3M | $-111.7M | ||
| Q1 25 | $-2.9M | $-116.2M | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $-535.0K | $-83.5M | ||
| Q2 24 | $-482.0K | $-97.1M | ||
| Q1 24 | $548.0K | $-113.0M |
| Q4 25 | 32.1% | 67.4% | ||
| Q3 25 | 36.9% | 43.0% | ||
| Q2 25 | 33.9% | 5.5% | ||
| Q1 25 | 36.1% | -0.8% | ||
| Q4 24 | 38.1% | 68.7% | ||
| Q3 24 | 42.1% | 46.2% | ||
| Q2 24 | 41.9% | -0.8% | ||
| Q1 24 | 42.9% | — |
| Q4 25 | -6.3% | -84.7% | ||
| Q3 25 | 0.5% | -140.7% | ||
| Q2 25 | -13.3% | -189.8% | ||
| Q1 25 | -6.0% | -245.8% | ||
| Q4 24 | -2.1% | -117.5% | ||
| Q3 24 | 1.1% | -152.1% | ||
| Q2 24 | 1.1% | -327.6% | ||
| Q1 24 | 4.0% | -16464.6% |
| Q4 25 | -2.8% | — | ||
| Q3 25 | -0.5% | -135.3% | ||
| Q2 25 | -5.6% | -186.2% | ||
| Q1 25 | -3.2% | -235.5% | ||
| Q4 24 | -2.3% | — | ||
| Q3 24 | -0.5% | -142.7% | ||
| Q2 24 | -0.5% | -312.2% | ||
| Q1 24 | 0.6% | -15800.8% |
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.07 | $-0.33 | ||
| Q1 25 | $-0.04 | $-0.36 | ||
| Q4 24 | $-0.03 | $-0.24 | ||
| Q3 24 | $-0.01 | $-0.28 | ||
| Q2 24 | $-0.01 | $-0.34 | ||
| Q1 24 | $0.01 | $-0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.3M | $297.0M |
| Total DebtLower is stronger | $34.7M | — |
| Stockholders' EquityBook value | $45.7M | $698.6M |
| Total Assets | $209.2M | $913.2M |
| Debt / EquityLower = less leverage | 0.76× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3M | $297.0M | ||
| Q3 25 | $9.5M | $300.8M | ||
| Q2 25 | $4.3M | $301.2M | ||
| Q1 25 | $3.9M | $359.7M | ||
| Q4 24 | $6.8M | $323.8M | ||
| Q3 24 | $7.3M | $397.5M | ||
| Q2 24 | $9.6M | $412.5M | ||
| Q1 24 | $4.0M | $356.2M |
| Q4 25 | $34.7M | — | ||
| Q3 25 | $35.0M | — | ||
| Q2 25 | $72.7M | — | ||
| Q1 25 | $68.8M | — | ||
| Q4 24 | $65.1M | — | ||
| Q3 24 | $64.9M | — | ||
| Q2 24 | $66.5M | — | ||
| Q1 24 | $61.5M | — |
| Q4 25 | $45.7M | $698.6M | ||
| Q3 25 | $48.0M | $702.3M | ||
| Q2 25 | $10.1M | $698.5M | ||
| Q1 25 | $11.2M | $767.9M | ||
| Q4 24 | $13.2M | $710.4M | ||
| Q3 24 | $14.5M | $773.5M | ||
| Q2 24 | $14.9M | $768.5M | ||
| Q1 24 | $14.6M | $680.0M |
| Q4 25 | $209.2M | $913.2M | ||
| Q3 25 | $222.4M | $904.9M | ||
| Q2 25 | $225.3M | $907.4M | ||
| Q1 25 | $222.9M | $966.7M | ||
| Q4 24 | $227.4M | $910.4M | ||
| Q3 24 | $233.7M | $991.1M | ||
| Q2 24 | $229.9M | $964.3M | ||
| Q1 24 | $227.2M | $869.8M |
| Q4 25 | 0.76× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 7.19× | — | ||
| Q1 25 | 6.15× | — | ||
| Q4 24 | 4.94× | — | ||
| Q3 24 | 4.47× | — | ||
| Q2 24 | 4.46× | — | ||
| Q1 24 | 4.21× | — |
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 | $-8.7M | $-52.6M |
| Free Cash FlowOCF − Capex | $-9.4M | $-61.9M |
| FCF MarginFCF / Revenue | -8.3% | -71.3% |
| Capex IntensityCapex / Revenue | 0.6% | 10.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-13.5M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.7M | $-52.6M | ||
| Q3 25 | $6.4M | $-78.7M | ||
| Q2 25 | $-3.3M | $-67.4M | ||
| Q1 25 | $-4.1M | $-103.7M | ||
| Q4 24 | $2.2M | $-73.3M | ||
| Q3 24 | $1.9M | $-59.0M | ||
| Q2 24 | $2.3M | $-98.4M | ||
| Q1 24 | $4.9M | $-122.3M |
| Q4 25 | $-9.4M | $-61.9M | ||
| Q3 25 | $5.6M | $-89.5M | ||
| Q2 25 | $-4.3M | $-74.9M | ||
| Q1 25 | $-5.3M | $-109.9M | ||
| Q4 24 | $504.0K | $-77.5M | ||
| Q3 24 | $-205.0K | $-61.3M | ||
| Q2 24 | $147.0K | $-98.9M | ||
| Q1 24 | $2.2M | $-126.5M |
| Q4 25 | -8.3% | -71.3% | ||
| Q3 25 | 5.5% | -132.7% | ||
| Q2 25 | -4.5% | -124.9% | ||
| Q1 25 | -5.9% | -222.8% | ||
| Q4 24 | 0.5% | -105.1% | ||
| Q3 24 | -0.2% | -104.6% | ||
| Q2 24 | 0.2% | -317.9% | ||
| Q1 24 | 2.2% | -17685.3% |
| Q4 25 | 0.6% | 10.7% | ||
| Q3 25 | 0.8% | 16.1% | ||
| Q2 25 | 1.0% | 12.4% | ||
| Q1 25 | 1.3% | 12.6% | ||
| Q4 24 | 1.6% | 5.7% | ||
| Q3 24 | 2.2% | 3.9% | ||
| Q2 24 | 2.4% | 1.4% | ||
| Q1 24 | 2.8% | 583.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 8.97× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRCC
| Sales Channel Through Intermediary | $72.9M | 65% |
| Sales Channel Directly To Consumer | $34.4M | 31% |
| Outpost | $5.4M | 5% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
