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Side-by-side financial comparison of CorMedix Inc. (CRMD) and Iridium Communications Inc. (IRDM). Click either name above to swap in a different company.
Iridium Communications Inc. is the larger business by last-quarter revenue ($219.1M vs $128.6M, roughly 1.7× 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.
Iridium Communications Inc. is a publicly traded American company headquartered in McLean, Virginia, United States. Iridium operates the Iridium satellite constellation, a system of 80 satellites: 66 are active satellites and the remaining fourteen function as in-orbit spares. Iridium Satellites are used for worldwide voice and data communication from handheld satellite phones, satellite messenger communication devices and integrated transceivers, as well as for two-way satellite messaging se...
CRMD vs IRDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $128.6M | $219.1M |
| Net Profit | — | $21.6M |
| Gross Margin | 83.4% | — |
| Operating Margin | 46.0% | 23.2% |
| Net Margin | — | 9.9% |
| Revenue YoY | — | 1.9% |
| Net Profit YoY | — | — |
| EPS (diluted) | $0.20 | — |
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 | — | $219.1M | ||
| Q4 25 | $128.6M | $212.9M | ||
| Q3 25 | $104.3M | $226.9M | ||
| Q2 25 | $39.7M | $216.9M | ||
| Q1 25 | $39.1M | $214.9M | ||
| Q4 24 | — | $213.0M | ||
| Q3 24 | — | $212.8M | ||
| Q2 24 | — | $201.1M |
| Q1 26 | — | $21.6M | ||
| Q4 25 | — | $24.9M | ||
| Q3 25 | $108.6M | $37.1M | ||
| Q2 25 | $19.8M | $22.0M | ||
| Q1 25 | $20.6M | $30.4M | ||
| Q4 24 | — | $36.3M | ||
| Q3 24 | — | $24.4M | ||
| Q2 24 | — | $32.3M |
| 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 | — | 23.2% | ||
| Q4 25 | 46.0% | 25.9% | ||
| Q3 25 | 49.2% | 30.9% | ||
| Q2 25 | 49.2% | 23.2% | ||
| Q1 25 | 51.5% | 28.1% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | 25.8% | ||
| Q2 24 | — | 21.7% |
| Q1 26 | — | 9.9% | ||
| Q4 25 | — | 11.7% | ||
| Q3 25 | 104.1% | 16.4% | ||
| Q2 25 | 49.9% | 10.1% | ||
| Q1 25 | 52.8% | 14.2% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 16.1% |
| Q1 26 | — | — | ||
| Q4 25 | $0.20 | $0.24 | ||
| Q3 25 | $1.26 | $0.35 | ||
| Q2 25 | $0.28 | $0.20 | ||
| Q1 25 | $0.30 | $0.27 | ||
| Q4 24 | — | $0.30 | ||
| Q3 24 | — | $0.21 | ||
| Q2 24 | — | $0.27 |
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 | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $405.3M | — |
| Total Assets | $826.1M | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $148.5M | $96.5M | ||
| Q3 25 | $55.7M | $88.5M | ||
| Q2 25 | $190.7M | $79.3M | ||
| Q1 25 | $77.5M | $50.9M | ||
| Q4 24 | — | $93.5M | ||
| Q3 24 | — | $159.6M | ||
| Q2 24 | — | $63.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | $405.3M | $462.6M | ||
| Q3 25 | $374.1M | $450.5M | ||
| Q2 25 | $220.6M | $473.6M | ||
| Q1 25 | $114.9M | $518.4M | ||
| Q4 24 | — | $576.6M | ||
| Q3 24 | — | $663.8M | ||
| Q2 24 | — | $786.7M |
| Q1 26 | — | — | ||
| Q4 25 | $826.1M | $2.5B | ||
| Q3 25 | $750.9M | $2.6B | ||
| Q2 25 | $252.6M | $2.6B | ||
| Q1 25 | $149.6M | $2.6B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.80× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| Free Cash FlowOCF − Capex | $92.7M | — |
| FCF MarginFCF / Revenue | 72.1% | — |
| Capex IntensityCapex / Revenue | 1.3% | 13.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $172.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $94.5M | $108.6M | ||
| Q3 25 | $30.9M | $100.8M | ||
| Q2 25 | $30.0M | $129.6M | ||
| Q1 25 | $19.7M | $61.1M | ||
| Q4 24 | — | $104.8M | ||
| Q3 24 | — | $118.6M | ||
| Q2 24 | — | $81.1M |
| Q1 26 | — | — | ||
| Q4 25 | $92.7M | $75.1M | ||
| Q3 25 | $30.4M | $79.2M | ||
| Q2 25 | $30.0M | $108.9M | ||
| Q1 25 | $19.7M | $36.5M | ||
| Q4 24 | — | $80.5M | ||
| Q3 24 | — | $100.0M | ||
| Q2 24 | — | $68.7M |
| Q1 26 | — | — | ||
| Q4 25 | 72.1% | 35.3% | ||
| Q3 25 | 29.1% | 34.9% | ||
| Q2 25 | 75.4% | 50.2% | ||
| Q1 25 | 50.5% | 17.0% | ||
| Q4 24 | — | 37.8% | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | 34.2% |
| Q1 26 | — | 13.7% | ||
| Q4 25 | 1.3% | 15.7% | ||
| Q3 25 | 0.5% | 9.5% | ||
| Q2 25 | 0.1% | 9.5% | ||
| Q1 25 | 0.0% | 11.4% | ||
| Q4 24 | — | 11.4% | ||
| Q3 24 | — | 8.7% | ||
| Q2 24 | — | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.37× | ||
| Q3 25 | 0.28× | 2.71× | ||
| Q2 25 | 1.51× | 5.90× | ||
| Q1 25 | 0.96× | 2.01× | ||
| Q4 24 | — | 2.88× | ||
| Q3 24 | — | 4.85× | ||
| Q2 24 | — | 2.51× |
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% |
IRDM
| Voice and data | $57.4M | 26% |
| IoT data (2) | $46.0M | 21% |
| Government | $39.5M | 18% |
| Government service revenue (5) | $27.6M | 13% |
| Subscriber equipment | $20.2M | 9% |
| Hosted payload and other data service (4) | $14.8M | 7% |
| Broadband (3) | $12.2M | 6% |
| Commercial | $1.3M | 1% |
