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Side-by-side financial comparison of EVOLUTION PETROLEUM CORP (EPM) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $20.7M, roughly 1.4× EVOLUTION PETROLEUM CORP). EVOLUTION PETROLEUM CORP runs the higher net margin — 5.2% vs -147.1%, a 152.3% gap on every dollar of revenue. On growth, EVOLUTION PETROLEUM CORP posted the faster year-over-year revenue change (2.0% vs -67.6%).
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
EPM vs SPRY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $20.7M | $28.1M |
| Net Profit | $1.1M | $-41.3M |
| Gross Margin | 44.3% | — |
| Operating Margin | 3.2% | -147.6% |
| Net Margin | 5.2% | -147.1% |
| Revenue YoY | 2.0% | -67.6% |
| Net Profit YoY | 158.4% | -182.8% |
| EPS (diluted) | $0.03 | $-0.41 |
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 | $20.7M | $28.1M | ||
| Q3 25 | $21.3M | $32.5M | ||
| Q2 25 | $21.1M | $15.7M | ||
| Q1 25 | $22.6M | $8.0M | ||
| Q4 24 | $20.3M | $86.6M | ||
| Q3 24 | $21.9M | $2.1M | ||
| Q2 24 | $21.2M | $500.0K | ||
| Q1 24 | $23.0M | $0 |
| Q4 25 | $1.1M | $-41.3M | ||
| Q3 25 | $824.0K | $-51.2M | ||
| Q2 25 | $3.4M | $-44.9M | ||
| Q1 25 | $-2.2M | $-33.9M | ||
| Q4 24 | $-1.8M | $49.9M | ||
| Q3 24 | $2.1M | $-19.1M | ||
| Q2 24 | $1.2M | $-12.5M | ||
| Q1 24 | $289.0K | $-10.3M |
| Q4 25 | 44.3% | — | ||
| Q3 25 | 38.5% | — | ||
| Q2 25 | 46.1% | — | ||
| Q1 25 | 40.7% | — | ||
| Q4 24 | 36.9% | — | ||
| Q3 24 | 46.2% | — | ||
| Q2 24 | 46.3% | — | ||
| Q1 24 | 45.2% | — |
| Q4 25 | 3.2% | -147.6% | ||
| Q3 25 | -0.4% | -163.7% | ||
| Q2 25 | 6.3% | -302.9% | ||
| Q1 25 | 7.0% | -466.3% | ||
| Q4 24 | -3.0% | 54.5% | ||
| Q3 24 | 8.5% | -1051.6% | ||
| Q2 24 | 11.3% | -3068.0% | ||
| Q1 24 | 9.1% | — |
| Q4 25 | 5.2% | -147.1% | ||
| Q3 25 | 3.9% | -157.4% | ||
| Q2 25 | 16.2% | -285.6% | ||
| Q1 25 | -9.7% | -425.7% | ||
| Q4 24 | -9.0% | 57.7% | ||
| Q3 24 | 9.4% | -925.0% | ||
| Q2 24 | 5.8% | -2503.2% | ||
| Q1 24 | 1.3% | — |
| Q4 25 | $0.03 | $-0.41 | ||
| Q3 25 | $0.02 | $-0.52 | ||
| Q2 25 | $0.10 | $-0.46 | ||
| Q1 25 | $-0.07 | $-0.35 | ||
| Q4 24 | $-0.06 | $0.52 | ||
| Q3 24 | $0.06 | $-0.20 | ||
| Q2 24 | $0.04 | $-0.13 | ||
| Q1 24 | $0.01 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.8M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $67.5M | $114.3M |
| Total Assets | $169.3M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.8M | $245.0M | ||
| Q3 25 | $714.0K | $288.2M | ||
| Q2 25 | $2.5M | $240.1M | ||
| Q1 25 | $5.6M | $275.7M | ||
| Q4 24 | $11.7M | $314.0M | ||
| Q3 24 | $6.9M | $204.6M | ||
| Q2 24 | $6.4M | $218.7M | ||
| Q1 24 | $3.1M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $67.5M | $114.3M | ||
| Q3 25 | $69.1M | $147.7M | ||
| Q2 25 | $71.8M | $192.3M | ||
| Q1 25 | $71.7M | $229.0M | ||
| Q4 24 | $76.3M | $256.8M | ||
| Q3 24 | $79.6M | $201.0M | ||
| Q2 24 | $81.1M | $215.2M | ||
| Q1 24 | $83.5M | $223.9M |
| Q4 25 | $169.3M | $327.7M | ||
| Q3 25 | $169.1M | $372.8M | ||
| Q2 25 | $160.3M | $313.5M | ||
| Q1 25 | $156.4M | $327.3M | ||
| Q4 24 | $160.2M | $351.2M | ||
| Q3 24 | $157.9M | $217.6M | ||
| Q2 24 | $162.9M | $222.0M | ||
| Q1 24 | $166.5M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $5.4M | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 5.09× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.4M | $-43.5M | ||
| Q3 25 | $7.8M | $-47.0M | ||
| Q2 25 | $10.5M | $-39.6M | ||
| Q1 25 | $7.3M | $-40.7M | ||
| Q4 24 | $7.7M | $42.0M | ||
| Q3 24 | $7.6M | $-14.5M | ||
| Q2 24 | $8.0M | $-7.3M | ||
| Q1 24 | $3.4M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | — | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | — | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | — | -1463.4% | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 7.6% | ||
| Q1 24 | — | — |
| Q4 25 | 5.09× | — | ||
| Q3 25 | 9.47× | — | ||
| Q2 25 | 3.06× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | 3.69× | — | ||
| Q2 24 | 6.47× | — | ||
| Q1 24 | 11.64× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPM
| Crude Oil | $10.7M | 52% |
| Natural Gas Reserves | $7.4M | 36% |
| Natural Gas Liquids Reserves | $2.5M | 12% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
