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Side-by-side financial comparison of CorMedix Inc. (CRMD) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($140.6M vs $128.6M, roughly 1.1× 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
CRMD vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $128.6M | $140.6M |
| Net Profit | — | $-297.0K |
| Gross Margin | 83.4% | 29.2% |
| Operating Margin | 46.0% | 5.5% |
| Net Margin | — | -0.2% |
| Revenue YoY | — | 74.9% |
| Net Profit YoY | — | -5.3% |
| EPS (diluted) | $0.20 | $0.00 |
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 | — | $140.6M | ||
| Q4 25 | $128.6M | $148.3M | ||
| Q3 25 | $104.3M | $135.8M | ||
| Q2 25 | $39.7M | $110.8M | ||
| Q1 25 | $39.1M | $80.4M | ||
| Q4 24 | — | $107.0M | ||
| Q3 24 | — | $102.2M | ||
| Q2 24 | — | $99.2M |
| Q1 26 | — | $-297.0K | ||
| Q4 25 | — | $8.1M | ||
| Q3 25 | $108.6M | $11.9M | ||
| Q2 25 | $19.8M | $13.9M | ||
| Q1 25 | $20.6M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | — | $-267.0K | ||
| Q2 24 | — | $11.8M |
| Q1 26 | — | 29.2% | ||
| Q4 25 | 83.4% | 31.6% | ||
| Q3 25 | 89.3% | 37.0% | ||
| Q2 25 | 95.3% | 37.2% | ||
| Q1 25 | 95.9% | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% |
| Q1 26 | — | 5.5% | ||
| Q4 25 | 46.0% | 11.7% | ||
| Q3 25 | 49.2% | 13.7% | ||
| Q2 25 | 49.2% | 14.4% | ||
| Q1 25 | 51.5% | 5.4% | ||
| Q4 24 | — | 15.4% | ||
| Q3 24 | — | 4.4% | ||
| Q2 24 | — | 18.7% |
| Q1 26 | — | -0.2% | ||
| Q4 25 | — | 5.5% | ||
| Q3 25 | 104.1% | 8.7% | ||
| Q2 25 | 49.9% | 12.5% | ||
| Q1 25 | 52.8% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | -0.3% | ||
| Q2 24 | — | 11.9% |
| Q1 26 | — | $0.00 | ||
| Q4 25 | $0.20 | $0.05 | ||
| Q3 25 | $1.26 | $0.07 | ||
| Q2 25 | $0.28 | $0.08 | ||
| Q1 25 | $0.30 | $0.00 | ||
| Q4 24 | — | $0.04 | ||
| Q3 24 | — | $0.00 | ||
| Q2 24 | — | $0.07 |
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 | $1.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $405.3M | $601.6M |
| Total Assets | $826.1M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.9M | ||
| Q4 25 | $148.5M | $7.3M | ||
| Q3 25 | $55.7M | $8.6M | ||
| Q2 25 | $190.7M | $4.7M | ||
| Q1 25 | $77.5M | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $3.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M |
| Q1 26 | — | $601.6M | ||
| Q4 25 | $405.3M | $600.0M | ||
| Q3 25 | $374.1M | $589.6M | ||
| Q2 25 | $220.6M | $575.4M | ||
| Q1 25 | $114.9M | $558.9M | ||
| Q4 24 | — | $556.8M | ||
| Q3 24 | — | $545.2M | ||
| Q2 24 | — | $544.6M |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $826.1M | $904.1M | ||
| Q3 25 | $750.9M | $851.8M | ||
| Q2 25 | $252.6M | $795.0M | ||
| Q1 25 | $149.6M | $788.4M | ||
| Q4 24 | — | $793.1M | ||
| Q3 24 | — | $801.3M | ||
| Q2 24 | — | $788.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× |
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% | — |
| 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 | $-4.1M | ||
| Q3 25 | $30.9M | $19.4M | ||
| Q2 25 | $30.0M | $-13.8M | ||
| Q1 25 | $19.7M | $15.6M | ||
| Q4 24 | — | $14.0M | ||
| Q3 24 | — | $15.7M | ||
| Q2 24 | — | $37.8M |
| Q1 26 | — | — | ||
| Q4 25 | $92.7M | $-11.3M | ||
| Q3 25 | $30.4M | $9.0M | ||
| Q2 25 | $30.0M | $-26.0M | ||
| Q1 25 | $19.7M | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | — | $13.3M | ||
| Q2 24 | — | $35.8M |
| Q1 26 | — | — | ||
| Q4 25 | 72.1% | -7.6% | ||
| Q3 25 | 29.1% | 6.6% | ||
| Q2 25 | 75.4% | -23.5% | ||
| Q1 25 | 50.5% | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 13.0% | ||
| Q2 24 | — | 36.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 4.8% | ||
| Q3 25 | 0.5% | 7.7% | ||
| Q2 25 | 0.1% | 11.0% | ||
| Q1 25 | 0.0% | 4.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | -0.50× | ||
| Q3 25 | 0.28× | 1.63× | ||
| Q2 25 | 1.51× | -1.00× | ||
| Q1 25 | 0.96× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× |
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% |
SHLS
Segment breakdown not available.
