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Side-by-side financial comparison of CSP INC (CSPI) and FENNEC PHARMACEUTICALS INC. (FENC). Click either name above to swap in a different company.
FENNEC PHARMACEUTICALS INC. is the larger business by last-quarter revenue ($13.8M vs $12.0M, roughly 1.1× CSP INC). CSP INC runs the higher net margin — 0.8% vs -34.7%, a 35.5% gap on every dollar of revenue. On growth, FENNEC PHARMACEUTICALS INC. posted the faster year-over-year revenue change (73.8% vs -23.2%). Over the past eight quarters, CSP INC's revenue compounded faster (-6.3% CAGR vs -26.3%).
CSP Inc. is a U.S.-based technology firm offering cybersecurity solutions, managed IT services, high-performance computing systems, and IT consulting support. It serves enterprises across healthcare, finance, manufacturing, and public sectors in North America and select global markets.
Fennec Pharmaceuticals Inc. is a biopharmaceutical firm focused on developing and commercializing therapies to reduce treatment-related side effects in pediatric cancer patients. Its lead product targets chemotherapy-induced ototoxicity, with core North American markets serving oncology providers and vulnerable pediatric patient groups.
CSPI vs FENC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $13.8M |
| Net Profit | $91.0K | $-4.8M |
| Gross Margin | 39.3% | — |
| Operating Margin | -0.9% | -18.5% |
| Net Margin | 0.8% | -34.7% |
| Revenue YoY | -23.2% | 73.8% |
| Net Profit YoY | -80.7% | -141.1% |
| EPS (diluted) | $0.01 | $-0.17 |
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 | $12.0M | $13.8M | ||
| Q3 25 | $14.5M | $12.5M | ||
| Q2 25 | $15.4M | $9.7M | ||
| Q1 25 | $13.1M | $8.8M | ||
| Q4 24 | $15.7M | $7.9M | ||
| Q3 24 | $13.0M | $7.0M | ||
| Q2 24 | $13.1M | $7.3M | ||
| Q1 24 | $13.7M | $25.4M |
| Q4 25 | $91.0K | $-4.8M | ||
| Q3 25 | $-191.0K | $-638.0K | ||
| Q2 25 | $-264.0K | $-3.2M | ||
| Q1 25 | $-108.0K | $-1.2M | ||
| Q4 24 | $472.0K | $-2.0M | ||
| Q3 24 | $-1.7M | $-5.7M | ||
| Q2 24 | $-185.0K | $-5.6M | ||
| Q1 24 | $1.6M | $12.8M |
| Q4 25 | 39.3% | — | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 32.0% | — | ||
| Q4 24 | 29.1% | — | ||
| Q3 24 | 28.4% | — | ||
| Q2 24 | 35.0% | — | ||
| Q1 24 | 47.3% | — |
| Q4 25 | -0.9% | -18.5% | ||
| Q3 25 | -3.7% | -1.5% | ||
| Q2 25 | -7.9% | -28.3% | ||
| Q1 25 | -7.6% | -9.2% | ||
| Q4 24 | -2.3% | -11.8% | ||
| Q3 24 | -15.7% | -74.6% | ||
| Q2 24 | -5.5% | -69.4% | ||
| Q1 24 | 9.0% | 54.2% |
| Q4 25 | 0.8% | -34.7% | ||
| Q3 25 | -1.3% | -5.1% | ||
| Q2 25 | -1.7% | -32.7% | ||
| Q1 25 | -0.8% | -13.3% | ||
| Q4 24 | 3.0% | -25.0% | ||
| Q3 24 | -12.7% | -82.2% | ||
| Q2 24 | -1.4% | -76.5% | ||
| Q1 24 | 11.6% | 50.6% |
| Q4 25 | $0.01 | $-0.17 | ||
| Q3 25 | $-0.02 | $-0.02 | ||
| Q2 25 | $-0.03 | $-0.11 | ||
| Q1 25 | $-0.01 | $-0.04 | ||
| Q4 24 | $0.05 | $-0.02 | ||
| Q3 24 | $-0.17 | $-0.21 | ||
| Q2 24 | $-0.02 | $-0.20 | ||
| Q1 24 | $0.16 | $0.41 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $24.9M | $36.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $44.8M | $35.5M |
| Total Assets | $69.2M | $70.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | $36.8M | ||
| Q3 25 | $27.4M | $21.9M | ||
| Q2 25 | $26.3M | $18.7M | ||
| Q1 25 | $29.5M | $22.7M | ||
| Q4 24 | $30.7M | $26.6M | ||
| Q3 24 | $30.6M | $40.3M | ||
| Q2 24 | $28.9M | $43.1M | ||
| Q1 24 | $27.1M | $51.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | $19.4M | ||
| Q2 25 | — | $19.4M | ||
| Q1 25 | — | $19.4M | ||
| Q4 24 | — | $19.3M | ||
| Q3 24 | — | $32.1M | ||
| Q2 24 | — | $31.8M | ||
| Q1 24 | — | $31.3M |
| Q4 25 | $44.8M | $35.5M | ||
| Q3 25 | $44.6M | $-4.5M | ||
| Q2 25 | $47.5M | $-7.5M | ||
| Q1 25 | $47.5M | $-5.9M | ||
| Q4 24 | $47.5M | $-5.9M | ||
| Q3 24 | $47.3M | $-5.2M | ||
| Q2 24 | $48.1M | $-1.4M | ||
| Q1 24 | $48.2M | $3.0M |
| Q4 25 | $69.2M | $70.6M | ||
| Q3 25 | $71.2M | $49.3M | ||
| Q2 25 | $66.8M | $44.9M | ||
| Q1 25 | $67.1M | $46.4M | ||
| Q4 24 | $67.5M | $44.9M | ||
| Q3 24 | $69.4M | $58.9M | ||
| Q2 24 | $66.8M | $63.2M | ||
| Q1 24 | $64.2M | $69.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 10.40× |
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 | $-2.9M | $-6.0M |
| Free Cash FlowOCF − Capex | $-3.0M | — |
| FCF MarginFCF / Revenue | -25.1% | — |
| Capex IntensityCapex / Revenue | 0.9% | — |
| Cash ConversionOCF / Net Profit | -32.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | $-6.0M | ||
| Q3 25 | $1.9M | $1.5M | ||
| Q2 25 | $-3.3M | $-3.7M | ||
| Q1 25 | $1.9M | $-4.3M | ||
| Q4 24 | $1.7M | $-1.5M | ||
| Q3 24 | $-1.5M | $-2.2M | ||
| Q2 24 | $2.4M | $-8.4M | ||
| Q1 24 | $1.7M | $39.0M |
| Q4 25 | $-3.0M | — | ||
| Q3 25 | $1.7M | — | ||
| Q2 25 | $-3.3M | — | ||
| Q1 25 | $1.9M | — | ||
| Q4 24 | $1.7M | — | ||
| Q3 24 | $-1.5M | — | ||
| Q2 24 | $2.4M | — | ||
| Q1 24 | $1.6M | — |
| Q4 25 | -25.1% | — | ||
| Q3 25 | 11.5% | — | ||
| Q2 25 | -21.7% | — | ||
| Q1 25 | 14.5% | — | ||
| Q4 24 | 10.8% | — | ||
| Q3 24 | -11.7% | — | ||
| Q2 24 | 17.9% | — | ||
| Q1 24 | 11.9% | — |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.1% | — |
| Q4 25 | -32.04× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.69× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.04× | 3.04× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSPI
| Products | $6.7M | 56% |
| Services | $5.3M | 44% |
FENC
Segment breakdown not available.
