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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $86.8M, roughly 1.3× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
DLTH vs IOVA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $86.8M |
| Net Profit | $-10.1M | — |
| Gross Margin | 53.8% | 67.4% |
| Operating Margin | -7.7% | -84.7% |
| Net Margin | -8.8% | — |
| Revenue YoY | -9.6% | 17.7% |
| Net Profit YoY | 64.6% | — |
| EPS (diluted) | $-0.29 | — |
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 | $114.9M | $86.8M | ||
| Q3 25 | $131.7M | $67.5M | ||
| Q2 25 | $102.7M | $60.0M | ||
| Q1 25 | $241.3M | $49.3M | ||
| Q4 24 | $127.1M | $73.7M | ||
| Q3 24 | $141.6M | $58.6M | ||
| Q2 24 | $116.7M | $31.1M | ||
| Q1 24 | $245.6M | $715.0K |
| Q4 25 | $-10.1M | — | ||
| Q3 25 | $1.3M | $-91.3M | ||
| Q2 25 | $-15.3M | $-111.7M | ||
| Q1 25 | $-5.6M | $-116.2M | ||
| Q4 24 | $-28.2M | — | ||
| Q3 24 | $-2.0M | $-83.5M | ||
| Q2 24 | $-7.9M | $-97.1M | ||
| Q1 24 | $6.4M | $-113.0M |
| Q4 25 | 53.8% | 67.4% | ||
| Q3 25 | 54.7% | 43.0% | ||
| Q2 25 | 52.0% | 5.5% | ||
| Q1 25 | 44.1% | -0.8% | ||
| Q4 24 | 52.3% | 68.7% | ||
| Q3 24 | 52.3% | 46.2% | ||
| Q2 24 | 52.8% | -0.8% | ||
| Q1 24 | 48.2% | — |
| Q4 25 | -7.7% | -84.7% | ||
| Q3 25 | 1.8% | -140.7% | ||
| Q2 25 | -12.0% | -189.8% | ||
| Q1 25 | -1.8% | -245.8% | ||
| Q4 24 | -17.4% | -117.5% | ||
| Q3 24 | -1.1% | -152.1% | ||
| Q2 24 | -7.7% | -327.6% | ||
| Q1 24 | 3.6% | -16464.6% |
| Q4 25 | -8.8% | — | ||
| Q3 25 | 1.0% | -135.3% | ||
| Q2 25 | -14.9% | -186.2% | ||
| Q1 25 | -2.3% | -235.5% | ||
| Q4 24 | -22.2% | — | ||
| Q3 24 | -1.4% | -142.7% | ||
| Q2 24 | -6.7% | -312.2% | ||
| Q1 24 | 2.6% | -15800.8% |
| Q4 25 | $-0.29 | — | ||
| Q3 25 | $0.04 | — | ||
| Q2 25 | $-0.45 | $-0.33 | ||
| Q1 25 | $-0.17 | $-0.36 | ||
| Q4 24 | $-0.84 | $-0.24 | ||
| Q3 24 | $-0.06 | $-0.28 | ||
| Q2 24 | $-0.24 | $-0.34 | ||
| Q1 24 | $0.20 | $-0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.2M | $297.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $698.6M |
| Total Assets | $468.0M | $913.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $297.0M | ||
| Q3 25 | $5.7M | $300.8M | ||
| Q2 25 | $8.6M | $301.2M | ||
| Q1 25 | $3.3M | $359.7M | ||
| Q4 24 | $9.3M | $323.8M | ||
| Q3 24 | $9.8M | $397.5M | ||
| Q2 24 | $6.8M | $412.5M | ||
| Q1 24 | $32.2M | $356.2M |
| Q4 25 | $160.6M | $698.6M | ||
| Q3 25 | $170.0M | $702.3M | ||
| Q2 25 | $167.9M | $698.5M | ||
| Q1 25 | $182.7M | $767.9M | ||
| Q4 24 | $188.1M | $710.4M | ||
| Q3 24 | $215.7M | $773.5M | ||
| Q2 24 | $218.4M | $768.5M | ||
| Q1 24 | $222.8M | $680.0M |
| Q4 25 | $468.0M | $913.2M | ||
| Q3 25 | $433.8M | $904.9M | ||
| Q2 25 | $463.7M | $907.4M | ||
| Q1 25 | $452.4M | $966.7M | ||
| Q4 24 | $533.1M | $910.4M | ||
| Q3 24 | $488.6M | $991.1M | ||
| Q2 24 | $471.4M | $964.3M | ||
| Q1 24 | $491.2M | $869.8M |
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 | $-6.7M | $-52.6M |
| Free Cash FlowOCF − Capex | $-8.9M | $-61.9M |
| FCF MarginFCF / Revenue | -7.8% | -71.3% |
| Capex IntensityCapex / Revenue | 2.0% | 10.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $-52.6M | ||
| Q3 25 | $32.0M | $-78.7M | ||
| Q2 25 | $-56.5M | $-67.4M | ||
| Q1 25 | $41.2M | $-103.7M | ||
| Q4 24 | $-41.1M | $-73.3M | ||
| Q3 24 | $16.6M | $-59.0M | ||
| Q2 24 | $-33.7M | $-98.4M | ||
| Q1 24 | $69.7M | $-122.3M |
| Q4 25 | $-8.9M | $-61.9M | ||
| Q3 25 | $29.8M | $-89.5M | ||
| Q2 25 | $-57.8M | $-74.9M | ||
| Q1 25 | $38.7M | $-109.9M | ||
| Q4 24 | $-43.7M | $-77.5M | ||
| Q3 24 | $15.0M | $-61.3M | ||
| Q2 24 | $-35.2M | $-98.9M | ||
| Q1 24 | $60.6M | $-126.5M |
| Q4 25 | -7.8% | -71.3% | ||
| Q3 25 | 22.6% | -132.7% | ||
| Q2 25 | -56.3% | -124.9% | ||
| Q1 25 | 16.0% | -222.8% | ||
| Q4 24 | -34.4% | -105.1% | ||
| Q3 24 | 10.6% | -104.6% | ||
| Q2 24 | -30.2% | -317.9% | ||
| Q1 24 | 24.7% | -17685.3% |
| Q4 25 | 2.0% | 10.7% | ||
| Q3 25 | 1.7% | 16.1% | ||
| Q2 25 | 1.3% | 12.4% | ||
| Q1 25 | 1.0% | 12.6% | ||
| Q4 24 | 2.1% | 5.7% | ||
| Q3 24 | 1.2% | 3.9% | ||
| Q2 24 | 1.3% | 1.4% | ||
| Q1 24 | 3.7% | 583.4% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.86× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
