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Side-by-side financial comparison of Energy Recovery, Inc. (ERII) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $66.9M, roughly 1.3× Energy Recovery, Inc.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs -0.3%). Energy Recovery, Inc. produced more free cash flow last quarter ($6.4M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 8.1%).
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
ERII vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $66.9M | $86.8M |
| Net Profit | $26.9M | — |
| Gross Margin | 67.2% | 67.4% |
| Operating Margin | 46.8% | -84.7% |
| Net Margin | 40.2% | — |
| Revenue YoY | -0.3% | 17.7% |
| Net Profit YoY | 14.7% | — |
| EPS (diluted) | $0.49 | — |
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 | $66.9M | $86.8M | ||
| Q3 25 | $32.0M | $67.5M | ||
| Q2 25 | $28.1M | $60.0M | ||
| Q1 25 | — | $49.3M | ||
| Q4 24 | $67.1M | $73.7M | ||
| Q3 24 | $38.6M | $58.6M | ||
| Q2 24 | $27.2M | $31.1M | ||
| Q1 24 | $12.1M | $715.0K |
| Q4 25 | $26.9M | — | ||
| Q3 25 | $3.9M | $-91.3M | ||
| Q2 25 | $2.1M | $-111.7M | ||
| Q1 25 | — | $-116.2M | ||
| Q4 24 | $23.5M | — | ||
| Q3 24 | $8.5M | $-83.5M | ||
| Q2 24 | $-642.0K | $-97.1M | ||
| Q1 24 | $-8.3M | $-113.0M |
| Q4 25 | 67.2% | 67.4% | ||
| Q3 25 | 64.2% | 43.0% | ||
| Q2 25 | 64.0% | 5.5% | ||
| Q1 25 | — | -0.8% | ||
| Q4 24 | 70.2% | 68.7% | ||
| Q3 24 | 65.1% | 46.2% | ||
| Q2 24 | 64.6% | -0.8% | ||
| Q1 24 | 59.0% | — |
| Q4 25 | 46.8% | -84.7% | ||
| Q3 25 | 11.4% | -140.7% | ||
| Q2 25 | 5.3% | -189.8% | ||
| Q1 25 | — | -245.8% | ||
| Q4 24 | 38.2% | -117.5% | ||
| Q3 24 | 18.3% | -152.1% | ||
| Q2 24 | -7.4% | -327.6% | ||
| Q1 24 | -90.4% | -16464.6% |
| Q4 25 | 40.2% | — | ||
| Q3 25 | 12.1% | -135.3% | ||
| Q2 25 | 7.3% | -186.2% | ||
| Q1 25 | — | -235.5% | ||
| Q4 24 | 35.0% | — | ||
| Q3 24 | 22.0% | -142.7% | ||
| Q2 24 | -2.4% | -312.2% | ||
| Q1 24 | -68.3% | -15800.8% |
| Q4 25 | $0.49 | — | ||
| Q3 25 | $0.07 | — | ||
| Q2 25 | $0.04 | $-0.33 | ||
| Q1 25 | — | $-0.36 | ||
| Q4 24 | $0.40 | $-0.24 | ||
| Q3 24 | $0.15 | $-0.28 | ||
| Q2 24 | $-0.01 | $-0.34 | ||
| Q1 24 | $-0.14 | $-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 | $75.2M | $297.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $206.2M | $698.6M |
| Total Assets | $231.5M | $913.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.2M | $297.0M | ||
| Q3 25 | $70.4M | $300.8M | ||
| Q2 25 | $79.5M | $301.2M | ||
| Q1 25 | — | $359.7M | ||
| Q4 24 | $78.0M | $323.8M | ||
| Q3 24 | $118.6M | $397.5M | ||
| Q2 24 | $101.0M | $412.5M | ||
| Q1 24 | $117.4M | $356.2M |
| Q4 25 | $206.2M | $698.6M | ||
| Q3 25 | $180.8M | $702.3M | ||
| Q2 25 | $185.2M | $698.5M | ||
| Q1 25 | — | $767.9M | ||
| Q4 24 | $210.0M | $710.4M | ||
| Q3 24 | $233.9M | $773.5M | ||
| Q2 24 | $218.5M | $768.5M | ||
| Q1 24 | $216.0M | $680.0M |
| Q4 25 | $231.5M | $913.2M | ||
| Q3 25 | $209.6M | $904.9M | ||
| Q2 25 | $212.3M | $907.4M | ||
| Q1 25 | — | $966.7M | ||
| Q4 24 | $242.8M | $910.4M | ||
| Q3 24 | $262.7M | $991.1M | ||
| Q2 24 | $249.0M | $964.3M | ||
| Q1 24 | $244.3M | $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 | $7.1M | $-52.6M |
| Free Cash FlowOCF − Capex | $6.4M | $-61.9M |
| FCF MarginFCF / Revenue | 9.6% | -71.3% |
| Capex IntensityCapex / Revenue | 1.0% | 10.7% |
| Cash ConversionOCF / Net Profit | 0.26× | — |
| TTM Free Cash FlowTrailing 4 quarters | $15.8M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.1M | $-52.6M | ||
| Q3 25 | $-3.1M | $-78.7M | ||
| Q2 25 | $4.1M | $-67.4M | ||
| Q1 25 | — | $-103.7M | ||
| Q4 24 | $9.0M | $-73.3M | ||
| Q3 24 | $-3.0M | $-59.0M | ||
| Q2 24 | $8.1M | $-98.4M | ||
| Q1 24 | $6.5M | $-122.3M |
| Q4 25 | $6.4M | $-61.9M | ||
| Q3 25 | $-3.5M | $-89.5M | ||
| Q2 25 | $4.0M | $-74.9M | ||
| Q1 25 | — | $-109.9M | ||
| Q4 24 | $8.9M | $-77.5M | ||
| Q3 24 | $-3.2M | $-61.3M | ||
| Q2 24 | $7.9M | $-98.9M | ||
| Q1 24 | $5.7M | $-126.5M |
| Q4 25 | 9.6% | -71.3% | ||
| Q3 25 | -10.9% | -132.7% | ||
| Q2 25 | 14.3% | -124.9% | ||
| Q1 25 | — | -222.8% | ||
| Q4 24 | 13.2% | -105.1% | ||
| Q3 24 | -8.2% | -104.6% | ||
| Q2 24 | 28.9% | -317.9% | ||
| Q1 24 | 46.9% | -17685.3% |
| Q4 25 | 1.0% | 10.7% | ||
| Q3 25 | 1.1% | 16.1% | ||
| Q2 25 | 0.5% | 12.4% | ||
| Q1 25 | — | 12.6% | ||
| Q4 24 | 0.2% | 5.7% | ||
| Q3 24 | 0.4% | 3.9% | ||
| Q2 24 | 0.7% | 1.4% | ||
| Q1 24 | 6.8% | 583.4% |
| Q4 25 | 0.26× | — | ||
| Q3 25 | -0.81× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.38× | — | ||
| Q3 24 | -0.35× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
