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Side-by-side financial comparison of Mind Medicine (MindMed) Inc. (DFTX) and Next Technology Holding Inc. (NXTT). Click either name above to swap in a different company.
Next Technology Holding Inc. is the larger business by last-quarter revenue ($1.8M vs $906.0K, roughly 2.0× Mind Medicine (MindMed) Inc.). Next Technology Holding Inc. runs the higher net margin — -944.6% vs -2634.0%, a 1689.3% gap on every dollar of revenue.
Definium Therapeutics, Inc., formerly known as MindMed, is a New York-based biotechnology company that is currently developing clinical and therapeutic applications for psychedelic and, more broadly, psychoplastogenic drugs.
Hospitality Technology Next Generation (HTNG) is a global non-profit trade association serving hotel companies and technology providers.
DFTX vs NXTT — Head-to-Head
Income Statement — Q4 FY2023 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $906.0K | $1.8M |
| Net Profit | $-23.9M | $-16.9M |
| Gross Margin | — | 45.1% |
| Operating Margin | -2450.8% | -2478.8% |
| Net Margin | -2634.0% | -944.6% |
| Revenue YoY | -16.1% | — |
| Net Profit YoY | -386.7% | -1331.1% |
| EPS (diluted) | $-0.58 | $-6.86 |
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.
| Q3 25 | — | $1.8M | ||
| Q4 23 | $906.0K | — | ||
| Q3 23 | $1.2M | $1.6M | ||
| Q2 23 | $1.3M | $-11.0K | ||
| Q1 23 | $1.3M | $614.4K | ||
| Q4 22 | $1.1M | $2.5M | ||
| Q3 22 | $360.0K | $5.6M | ||
| Q2 22 | — | $1.5M |
| Q3 25 | — | $-16.9M | ||
| Q4 23 | $-23.9M | — | ||
| Q3 23 | $-17.9M | $-14.3M | ||
| Q2 23 | $-29.1M | $-1.2M | ||
| Q1 23 | $-24.8M | $-942.1K | ||
| Q4 22 | $-4.9M | $-1.7M | ||
| Q3 22 | $-16.5M | $-6.3M | ||
| Q2 22 | — | $-452.1K |
| Q3 25 | — | 45.1% | ||
| Q4 23 | — | — | ||
| Q3 23 | — | 75.2% | ||
| Q2 23 | — | 857.8% | ||
| Q1 23 | — | — | ||
| Q4 22 | — | 18.2% | ||
| Q3 22 | — | -23.1% | ||
| Q2 22 | — | 93.4% |
| Q3 25 | — | -2478.8% | ||
| Q4 23 | -2450.8% | — | ||
| Q3 23 | -1858.6% | 60.9% | ||
| Q2 23 | -2226.1% | 1237.8% | ||
| Q1 23 | -1624.8% | -27.1% | ||
| Q4 22 | -1287.0% | -27.5% | ||
| Q3 22 | -4717.5% | -112.6% | ||
| Q2 22 | — | -32.5% |
| Q3 25 | — | -944.6% | ||
| Q4 23 | -2634.0% | — | ||
| Q3 23 | -1541.1% | -874.4% | ||
| Q2 23 | -2222.0% | 11012.4% | ||
| Q1 23 | -1932.6% | -153.3% | ||
| Q4 22 | -454.0% | -67.5% | ||
| Q3 22 | -4579.2% | -112.2% | ||
| Q2 22 | — | -31.2% |
| Q3 25 | — | $-6.86 | ||
| Q4 23 | $-0.58 | — | ||
| Q3 23 | $-0.45 | $-0.29 | ||
| Q2 23 | $-0.76 | $-0.13 | ||
| Q1 23 | $-0.65 | $-0.16 | ||
| Q4 22 | $-0.02 | — | ||
| Q3 22 | $-0.56 | $-0.04 | ||
| Q2 22 | — | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $99.7M | $12.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $78.1M | $575.1M |
| Total Assets | $124.5M | $679.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | $12.4M | ||
| Q4 23 | $99.7M | — | ||
| Q3 23 | $117.7M | $1.4M | ||
| Q2 23 | $116.9M | $20.0M | ||
| Q1 23 | $129.4M | $20.1M | ||
| Q4 22 | $142.1M | $22.9K | ||
| Q3 22 | $154.5M | $20.3M | ||
| Q2 22 | — | $7.2M |
| Q3 25 | — | $575.1M | ||
| Q4 23 | $78.1M | — | ||
| Q3 23 | $96.0M | $39.4M | ||
| Q2 23 | $106.0M | $39.9M | ||
| Q1 23 | $130.3M | $41.1M | ||
| Q4 22 | $150.9M | $41.7M | ||
| Q3 22 | $153.6M | $42.0M | ||
| Q2 22 | — | $13.9M |
| Q3 25 | — | $679.5M | ||
| Q4 23 | $124.5M | — | ||
| Q3 23 | $141.6M | $41.4M | ||
| Q2 23 | $142.1M | $42.4M | ||
| Q1 23 | $155.5M | $43.2M | ||
| Q4 22 | $170.0M | $46.5M | ||
| Q3 22 | $180.9M | $46.1M | ||
| Q2 22 | — | $18.9M |
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 | $-20.6M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | — | — | ||
| Q4 23 | $-20.6M | — | ||
| Q3 23 | $-16.6M | $21.6M | ||
| Q2 23 | $-13.8M | $-136.5K | ||
| Q1 23 | $-13.3M | $-511.8K | ||
| Q4 22 | $-12.8M | $3.0M | ||
| Q3 22 | $-9.3M | $-46.1M | ||
| Q2 22 | — | $-864.0K |
| Q3 25 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | $-3.3M | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q4 22 | — | — | ||
| Q3 22 | — | — | ||
| Q2 22 | — | $-939.0K |
| Q3 25 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | -204.9% | ||
| Q2 23 | — | — | ||
| Q1 23 | — | — | ||
| Q4 22 | — | — | ||
| Q3 22 | — | — | ||
| Q2 22 | — | -64.7% |
| Q3 25 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | 1529.5% | ||
| Q2 23 | — | — | ||
| Q1 23 | — | 0.0% | ||
| Q4 22 | — | — | ||
| Q3 22 | — | — | ||
| Q2 22 | — | 5.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
