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Side-by-side financial comparison of CorMedix Inc. (CRMD) and FTAI Infrastructure Inc. (FIP). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($188.4M vs $128.6M, roughly 1.5× CorMedix Inc.).
CorMedix Inc. is a commercial-stage biopharmaceutical company focused on developing and commercializing novel therapeutic products for the prevention and treatment of infectious, inflammatory and cardiorenal diseases. Its lead candidate targets catheter-related bloodstream infections, serving critical care and chronic dialysis patient populations primarily across North America and European markets.
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
CRMD vs FIP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $128.6M | $188.4M |
| Net Profit | — | $-150.2M |
| Gross Margin | 83.4% | — |
| Operating Margin | 46.0% | — |
| Net Margin | — | -79.7% |
| Revenue YoY | — | 95.9% |
| Net Profit YoY | — | -387.6% |
| EPS (diluted) | $0.20 | $-1.32 |
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.
| Q1 26 | — | $188.4M | ||
| Q4 25 | $128.6M | $143.5M | ||
| Q3 25 | $104.3M | $140.6M | ||
| Q2 25 | $39.7M | $122.3M | ||
| Q1 25 | $39.1M | $96.2M | ||
| Q4 24 | — | $80.8M | ||
| Q3 24 | — | $83.3M | ||
| Q2 24 | — | $84.9M |
| Q1 26 | — | $-150.2M | ||
| Q4 25 | — | $-97.7M | ||
| Q3 25 | $108.6M | $-104.5M | ||
| Q2 25 | $19.8M | $-70.0M | ||
| Q1 25 | $20.6M | $120.2M | ||
| Q4 24 | — | $-124.7M | ||
| Q3 24 | — | $-43.0M | ||
| Q2 24 | — | $-48.1M |
| Q1 26 | — | — | ||
| Q4 25 | 83.4% | — | ||
| Q3 25 | 89.3% | — | ||
| Q2 25 | 95.3% | — | ||
| Q1 25 | 95.9% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 46.0% | -45.7% | ||
| Q3 25 | 49.2% | -70.8% | ||
| Q2 25 | 49.2% | -56.4% | ||
| Q1 25 | 51.5% | 81.8% | ||
| Q4 24 | — | -152.7% | ||
| Q3 24 | — | -51.7% | ||
| Q2 24 | — | -56.4% |
| Q1 26 | — | -79.7% | ||
| Q4 25 | — | -68.1% | ||
| Q3 25 | 104.1% | -74.4% | ||
| Q2 25 | 49.9% | -57.2% | ||
| Q1 25 | 52.8% | 125.0% | ||
| Q4 24 | — | -154.4% | ||
| Q3 24 | — | -51.6% | ||
| Q2 24 | — | -56.7% |
| Q1 26 | — | $-1.32 | ||
| Q4 25 | $0.20 | $-1.04 | ||
| Q3 25 | $1.26 | $-1.38 | ||
| Q2 25 | $0.28 | $-0.73 | ||
| Q1 25 | $0.30 | $0.89 | ||
| Q4 24 | — | $-1.21 | ||
| Q3 24 | — | $-0.45 | ||
| Q2 24 | — | $-0.52 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $148.5M | $37.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $405.3M | $-122.5K |
| Total Assets | $826.1M | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $37.9M | ||
| Q4 25 | $148.5M | $57.4M | ||
| Q3 25 | $55.7M | $34.7M | ||
| Q2 25 | $190.7M | $33.6M | ||
| Q1 25 | $77.5M | $26.3M | ||
| Q4 24 | — | $27.8M | ||
| Q3 24 | — | $20.3M | ||
| Q2 24 | — | $33.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B |
| Q1 26 | — | $-122.5K | ||
| Q4 25 | $405.3M | $21.3M | ||
| Q3 25 | $374.1M | $181.1M | ||
| Q2 25 | $220.6M | $375.5M | ||
| Q1 25 | $114.9M | $476.2M | ||
| Q4 24 | — | $202.7M | ||
| Q3 24 | — | $370.8M | ||
| Q2 24 | — | $394.8M |
| Q1 26 | — | $5.7B | ||
| Q4 25 | $826.1M | $5.7B | ||
| Q3 25 | $750.9M | $5.5B | ||
| Q2 25 | $252.6M | $4.4B | ||
| Q1 25 | $149.6M | $4.1B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 176.99× | ||
| Q3 25 | — | 20.59× | ||
| Q2 25 | — | 8.21× | ||
| Q1 25 | — | 5.79× | ||
| Q4 24 | — | 7.84× | ||
| Q3 24 | — | 4.14× | ||
| Q2 24 | — | 3.94× |
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 | $94.5M | $-69.4M |
| Free Cash FlowOCF − Capex | $92.7M | — |
| FCF MarginFCF / Revenue | 72.1% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $172.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-69.4M | ||
| Q4 25 | $94.5M | $-2.8M | ||
| Q3 25 | $30.9M | $-24.4M | ||
| Q2 25 | $30.0M | $-5.2M | ||
| Q1 25 | $19.7M | $-85.7M | ||
| Q4 24 | — | $-8.1M | ||
| Q3 24 | — | $14.2M | ||
| Q2 24 | — | $-17.6M |
| Q1 26 | — | — | ||
| Q4 25 | $92.7M | $-68.6M | ||
| Q3 25 | $30.4M | $-90.7M | ||
| Q2 25 | $30.0M | $-87.5M | ||
| Q1 25 | $19.7M | $-151.7M | ||
| Q4 24 | — | $-34.3M | ||
| Q3 24 | — | $-11.7M | ||
| Q2 24 | — | $-32.1M |
| Q1 26 | — | — | ||
| Q4 25 | 72.1% | -47.8% | ||
| Q3 25 | 29.1% | -64.5% | ||
| Q2 25 | 75.4% | -71.6% | ||
| Q1 25 | 50.5% | -157.7% | ||
| Q4 24 | — | -42.4% | ||
| Q3 24 | — | -14.0% | ||
| Q2 24 | — | -37.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 45.9% | ||
| Q3 25 | 0.5% | 47.2% | ||
| Q2 25 | 0.1% | 67.3% | ||
| Q1 25 | 0.0% | 68.6% | ||
| Q4 24 | — | 32.5% | ||
| Q3 24 | — | 31.1% | ||
| Q2 24 | — | 17.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.28× | — | ||
| Q2 25 | 1.51× | — | ||
| Q1 25 | 0.96× | -0.71× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRMD
| Acquisition Of Melinta | $52.9M | 41% |
| Melinta Portfolio | $45.5M | 35% |
| Other | $18.6M | 14% |
| Contract Revenue | $7.4M | 6% |
| BARDA Agreement | $4.2M | 3% |
FIP
Segment breakdown not available.
