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Side-by-side financial comparison of CSP INC (CSPI) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $12.0M, roughly 1.1× CSP INC). CSP INC runs the higher net margin — 0.8% vs -73.9%, a 74.6% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -23.2%). TriSalus Life Sciences, Inc. produced more free cash flow last quarter ($-2.5M vs $-3.0M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs -6.3%).
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.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
CSPI vs TLSI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.0M | $13.2M |
| Net Profit | $91.0K | $-9.8M |
| Gross Margin | 39.3% | 86.7% |
| Operating Margin | -0.9% | -24.8% |
| Net Margin | 0.8% | -73.9% |
| Revenue YoY | -23.2% | 59.8% |
| Net Profit YoY | -80.7% | 3.5% |
| EPS (diluted) | $0.01 | $-0.22 |
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 | $13.2M | ||
| Q3 25 | $14.5M | $11.6M | ||
| Q2 25 | $15.4M | $11.2M | ||
| Q1 25 | $13.1M | $9.2M | ||
| Q4 24 | $15.7M | $8.3M | ||
| Q3 24 | $13.0M | $7.3M | ||
| Q2 24 | $13.1M | $7.4M | ||
| Q1 24 | $13.7M | $6.5M |
| Q4 25 | $91.0K | $-9.8M | ||
| Q3 25 | $-191.0K | $-10.8M | ||
| Q2 25 | $-264.0K | $-8.3M | ||
| Q1 25 | $-108.0K | $-10.4M | ||
| Q4 24 | $472.0K | $-10.1M | ||
| Q3 24 | $-1.7M | $-2.4M | ||
| Q2 24 | $-185.0K | $-4.3M | ||
| Q1 24 | $1.6M | $-13.2M |
| Q4 25 | 39.3% | 86.7% | ||
| Q3 25 | 36.6% | 83.5% | ||
| Q2 25 | 28.8% | 83.9% | ||
| Q1 25 | 32.0% | 83.7% | ||
| Q4 24 | 29.1% | 85.3% | ||
| Q3 24 | 28.4% | 86.3% | ||
| Q2 24 | 35.0% | 87.6% | ||
| Q1 24 | 47.3% | 85.0% |
| Q4 25 | -0.9% | -24.8% | ||
| Q3 25 | -3.7% | -77.9% | ||
| Q2 25 | -7.9% | -65.4% | ||
| Q1 25 | -7.6% | -79.9% | ||
| Q4 24 | -2.3% | -91.8% | ||
| Q3 24 | -15.7% | -118.9% | ||
| Q2 24 | -5.5% | -111.0% | ||
| Q1 24 | 9.0% | -180.8% |
| Q4 25 | 0.8% | -73.9% | ||
| Q3 25 | -1.3% | -93.5% | ||
| Q2 25 | -1.7% | -73.9% | ||
| Q1 25 | -0.8% | -113.2% | ||
| Q4 24 | 3.0% | -122.4% | ||
| Q3 24 | -12.7% | -32.6% | ||
| Q2 24 | -1.4% | -58.8% | ||
| Q1 24 | 11.6% | -204.5% |
| Q4 25 | $0.01 | $-0.22 | ||
| Q3 25 | $-0.02 | $-0.96 | ||
| Q2 25 | $-0.03 | $-0.27 | ||
| Q1 25 | $-0.01 | $-0.39 | ||
| Q4 24 | $0.05 | $-0.38 | ||
| Q3 24 | $-0.17 | $-0.12 | ||
| Q2 24 | $-0.02 | $-0.21 | ||
| Q1 24 | $0.16 | $-0.60 |
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 | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $44.8M | $-33.9M |
| Total Assets | $69.2M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $24.9M | $20.4M | ||
| Q3 25 | $27.4M | $22.7M | ||
| Q2 25 | $26.3M | $26.5M | ||
| Q1 25 | $29.5M | $13.0M | ||
| Q4 24 | $30.7M | $8.5M | ||
| Q3 24 | $30.6M | $11.3M | ||
| Q2 24 | $28.9M | $16.5M | ||
| Q1 24 | $27.1M | $4.0M |
| Q4 25 | $44.8M | $-33.9M | ||
| Q3 25 | $44.6M | $-26.7M | ||
| Q2 25 | $47.5M | $-19.4M | ||
| Q1 25 | $47.5M | $-34.4M | ||
| Q4 24 | $47.5M | $-25.9M | ||
| Q3 24 | $47.3M | $-20.4M | ||
| Q2 24 | $48.1M | $-25.3M | ||
| Q1 24 | $48.2M | $-36.0M |
| Q4 25 | $69.2M | $35.3M | ||
| Q3 25 | $71.2M | $36.5M | ||
| Q2 25 | $66.8M | $41.3M | ||
| Q1 25 | $67.1M | $28.6M | ||
| Q4 24 | $67.5M | $24.0M | ||
| Q3 24 | $69.4M | $27.5M | ||
| Q2 24 | $66.8M | $32.4M | ||
| Q1 24 | $64.2M | $17.9M |
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 | $-2.5M |
| Free Cash FlowOCF − Capex | $-3.0M | $-2.5M |
| FCF MarginFCF / Revenue | -25.1% | -19.1% |
| Capex IntensityCapex / Revenue | 0.9% | 0.3% |
| Cash ConversionOCF / Net Profit | -32.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-2.8M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.9M | $-2.5M | ||
| Q3 25 | $1.9M | $-3.7M | ||
| Q2 25 | $-3.3M | $-7.3M | ||
| Q1 25 | $1.9M | $-4.5M | ||
| Q4 24 | $1.7M | $-5.7M | ||
| Q3 24 | $-1.5M | $-10.8M | ||
| Q2 24 | $2.4M | $-13.4M | ||
| Q1 24 | $1.7M | $-10.9M |
| Q4 25 | $-3.0M | $-2.5M | ||
| Q3 25 | $1.7M | $-3.9M | ||
| Q2 25 | $-3.3M | $-7.4M | ||
| Q1 25 | $1.9M | $-5.3M | ||
| Q4 24 | $1.7M | $-5.8M | ||
| Q3 24 | $-1.5M | $-11.0M | ||
| Q2 24 | $2.4M | $-13.5M | ||
| Q1 24 | $1.6M | $-10.9M |
| Q4 25 | -25.1% | -19.1% | ||
| Q3 25 | 11.5% | -33.9% | ||
| Q2 25 | -21.7% | -66.1% | ||
| Q1 25 | 14.5% | -57.3% | ||
| Q4 24 | 10.8% | -69.7% | ||
| Q3 24 | -11.7% | -149.9% | ||
| Q2 24 | 17.9% | -183.1% | ||
| Q1 24 | 11.9% | -169.3% |
| Q4 25 | 0.9% | 0.3% | ||
| Q3 25 | 1.6% | 1.9% | ||
| Q2 25 | 0.4% | 0.8% | ||
| Q1 25 | 0.1% | 8.2% | ||
| Q4 24 | 0.3% | 0.6% | ||
| Q3 24 | 0.1% | 2.3% | ||
| Q2 24 | 0.3% | 0.8% | ||
| Q1 24 | 0.1% | 1.0% |
| Q4 25 | -32.04× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.69× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.04× | — |
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% |
TLSI
Segment breakdown not available.
