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Side-by-side financial comparison of Cambium Networks Corp (CMBM) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
Cambium Networks Corp is the larger business by last-quarter revenue ($40.3M vs $28.1M, roughly 1.4× ARS Pharmaceuticals, Inc.). Cambium Networks Corp runs the higher net margin — -17.9% vs -147.1%, a 129.2% gap on every dollar of revenue. On growth, Cambium Networks Corp posted the faster year-over-year revenue change (-23.2% vs -67.6%).
Cambium Networks Corporation is an American manufacturer of wireless telecommunications equipment, including Enterprise WiFi, Network switch, Internet of Things, and fixed wireless broadband and Wi-Fi for enterprises products for Internet access. Publicly traded on the NASDAQ stock exchange, it spun out of Motorola in October 2011.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
CMBM vs SPRY — Head-to-Head
Income Statement — Q4 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $40.3M | $28.1M |
| Net Profit | $-7.2M | $-41.3M |
| Gross Margin | 36.6% | — |
| Operating Margin | -28.4% | -147.6% |
| Net Margin | -17.9% | -147.1% |
| Revenue YoY | -23.2% | -67.6% |
| Net Profit YoY | 71.0% | -182.8% |
| EPS (diluted) | $-0.26 | $-0.41 |
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 | — | $28.1M | ||
| Q3 25 | — | $32.5M | ||
| Q2 25 | — | $15.7M | ||
| Q1 25 | — | $8.0M | ||
| Q4 24 | $40.3M | $86.6M | ||
| Q3 24 | $44.7M | $2.1M | ||
| Q2 24 | $45.2M | $500.0K | ||
| Q1 24 | $47.1M | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | — | $-51.2M | ||
| Q2 25 | — | $-44.9M | ||
| Q1 25 | — | $-33.9M | ||
| Q4 24 | $-7.2M | $49.9M | ||
| Q3 24 | $-34.5M | $-19.1M | ||
| Q2 24 | $-14.2M | $-12.5M | ||
| Q1 24 | $-18.4M | $-10.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 36.6% | — | ||
| Q3 24 | 43.6% | — | ||
| Q2 24 | 32.5% | — | ||
| Q1 24 | 29.8% | — |
| Q4 25 | — | -147.6% | ||
| Q3 25 | — | -163.7% | ||
| Q2 25 | — | -302.9% | ||
| Q1 25 | — | -466.3% | ||
| Q4 24 | -28.4% | 54.5% | ||
| Q3 24 | -69.6% | -1051.6% | ||
| Q2 24 | -27.2% | -3068.0% | ||
| Q1 24 | -33.1% | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | — | -157.4% | ||
| Q2 25 | — | -285.6% | ||
| Q1 25 | — | -425.7% | ||
| Q4 24 | -17.9% | 57.7% | ||
| Q3 24 | -77.3% | -925.0% | ||
| Q2 24 | -31.5% | -2503.2% | ||
| Q1 24 | -39.2% | — |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | — | $-0.52 | ||
| Q2 25 | — | $-0.46 | ||
| Q1 25 | — | $-0.35 | ||
| Q4 24 | $-0.26 | $0.52 | ||
| Q3 24 | $-1.22 | $-0.20 | ||
| Q2 24 | $-0.51 | $-0.13 | ||
| Q1 24 | $-0.66 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $245.0M |
| Total DebtLower is stronger | $67.6M | $96.4M |
| Stockholders' EquityBook value | $-3.2M | $114.3M |
| Total Assets | $173.7M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $245.0M | ||
| Q3 25 | — | $288.2M | ||
| Q2 25 | — | $240.1M | ||
| Q1 25 | — | $275.7M | ||
| Q4 24 | — | $314.0M | ||
| Q3 24 | — | $204.6M | ||
| Q2 24 | — | $218.7M | ||
| Q1 24 | — | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $67.6M | $0 | ||
| Q3 24 | $67.6M | — | ||
| Q2 24 | $68.9M | — | ||
| Q1 24 | $63.8M | — |
| Q4 25 | — | $114.3M | ||
| Q3 25 | — | $147.7M | ||
| Q2 25 | — | $192.3M | ||
| Q1 25 | — | $229.0M | ||
| Q4 24 | $-3.2M | $256.8M | ||
| Q3 24 | $1.9M | $201.0M | ||
| Q2 24 | $34.1M | $215.2M | ||
| Q1 24 | $45.0M | $223.9M |
| Q4 25 | — | $327.7M | ||
| Q3 25 | — | $372.8M | ||
| Q2 25 | — | $313.5M | ||
| Q1 25 | — | $327.3M | ||
| Q4 24 | $173.7M | $351.2M | ||
| Q3 24 | $194.3M | $217.6M | ||
| Q2 24 | $221.1M | $222.0M | ||
| Q1 24 | $219.8M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | 36.12× | — | ||
| Q2 24 | 2.02× | — | ||
| Q1 24 | 1.42× | — |
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 | $-10.4M | $-43.5M |
| Free Cash FlowOCF − Capex | $-10.8M | — |
| FCF MarginFCF / Revenue | -26.8% | — |
| Capex IntensityCapex / Revenue | 1.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-21.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-43.5M | ||
| Q3 25 | — | $-47.0M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.7M | ||
| Q4 24 | $-10.4M | $42.0M | ||
| Q3 24 | $8.9M | $-14.5M | ||
| Q2 24 | $2.4M | $-7.3M | ||
| Q1 24 | $-15.9M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | $-10.8M | $41.7M | ||
| Q3 24 | $6.8M | $-14.6M | ||
| Q2 24 | $87.0K | $-7.3M | ||
| Q1 24 | $-17.4M | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | -26.8% | 48.2% | ||
| Q3 24 | 15.2% | -706.3% | ||
| Q2 24 | 0.2% | -1463.4% | ||
| Q1 24 | -37.0% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | 1.1% | 0.3% | ||
| Q3 24 | 4.8% | 6.8% | ||
| Q2 24 | 5.1% | 7.6% | ||
| Q1 24 | 3.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMBM
| Enterprise | $16.6M | 41% |
| Point To Multi Point | $16.4M | 41% |
| Other | $5.8M | 14% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
