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Side-by-side financial comparison of Evolv Technologies Holdings, Inc. (EVLV) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
Evolv Technologies Holdings, Inc. is the larger business by last-quarter revenue ($38.5M vs $28.1M, roughly 1.4× ARS Pharmaceuticals, Inc.). Evolv Technologies Holdings, Inc. runs the higher net margin — 28.3% vs -147.1%, a 175.4% gap on every dollar of revenue. On growth, Evolv Technologies Holdings, Inc. posted the faster year-over-year revenue change (32.3% vs -67.6%).
Sentient Technologies was an American artificial intelligence technology company based in San Francisco. Sentient was founded in 2007 and received over $143 million in funding at different points after its inception. As of 2016, Sentient was the world's most well-funded AI company. It focused on e-commerce, online content and trading.
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.
EVLV vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $38.5M | $28.1M |
| Net Profit | $10.9M | $-41.3M |
| Gross Margin | 48.4% | — |
| Operating Margin | -20.7% | -147.6% |
| Net Margin | 28.3% | -147.1% |
| Revenue YoY | 32.3% | -67.6% |
| Net Profit YoY | 169.2% | -182.8% |
| EPS (diluted) | $0.07 | $-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 | $38.5M | $28.1M | ||
| Q3 25 | $42.9M | $32.5M | ||
| Q2 25 | $32.5M | $15.7M | ||
| Q1 25 | $32.0M | $8.0M | ||
| Q4 24 | $29.1M | $86.6M | ||
| Q3 24 | $27.4M | $2.1M | ||
| Q2 24 | $25.2M | $500.0K | ||
| Q1 24 | $22.2M | $0 |
| Q4 25 | $10.9M | $-41.3M | ||
| Q3 25 | $-1.8M | $-51.2M | ||
| Q2 25 | $-40.5M | $-44.9M | ||
| Q1 25 | $-1.7M | $-33.9M | ||
| Q4 24 | $-15.7M | $49.9M | ||
| Q3 24 | $-30.4M | $-19.1M | ||
| Q2 24 | $3.4M | $-12.5M | ||
| Q1 24 | $-11.3M | $-10.3M |
| Q4 25 | 48.4% | — | ||
| Q3 25 | 49.7% | — | ||
| Q2 25 | 49.8% | — | ||
| Q1 25 | 59.8% | — | ||
| Q4 24 | 57.5% | — | ||
| Q3 24 | 57.8% | — | ||
| Q2 24 | 58.5% | — | ||
| Q1 24 | 54.8% | — |
| Q4 25 | -20.7% | -147.6% | ||
| Q3 25 | -20.1% | -163.7% | ||
| Q2 25 | -53.8% | -302.9% | ||
| Q1 25 | -45.0% | -466.3% | ||
| Q4 24 | -64.9% | 54.5% | ||
| Q3 24 | -70.0% | -1051.6% | ||
| Q2 24 | -88.7% | -3068.0% | ||
| Q1 24 | -98.8% | — |
| Q4 25 | 28.3% | -147.1% | ||
| Q3 25 | -4.2% | -157.4% | ||
| Q2 25 | -124.6% | -285.6% | ||
| Q1 25 | -5.3% | -425.7% | ||
| Q4 24 | -54.0% | 57.7% | ||
| Q3 24 | -111.3% | -925.0% | ||
| Q2 24 | 13.6% | -2503.2% | ||
| Q1 24 | -50.8% | — |
| Q4 25 | $0.07 | $-0.41 | ||
| Q3 25 | $-0.01 | $-0.52 | ||
| Q2 25 | $-0.25 | $-0.46 | ||
| Q1 25 | $-0.01 | $-0.35 | ||
| Q4 24 | $-0.10 | $0.52 | ||
| Q3 24 | $-0.19 | $-0.20 | ||
| Q2 24 | $0.02 | $-0.13 | ||
| Q1 24 | $-0.07 | $-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 | $49.1M | $245.0M |
| Total DebtLower is stronger | $28.6M | $96.4M |
| Stockholders' EquityBook value | $119.4M | $114.3M |
| Total Assets | $304.4M | $327.7M |
| Debt / EquityLower = less leverage | 0.24× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $245.0M | ||
| Q3 25 | $56.2M | $288.2M | ||
| Q2 25 | $36.9M | $240.1M | ||
| Q1 25 | $35.0M | $275.7M | ||
| Q4 24 | $51.9M | $314.0M | ||
| Q3 24 | $56.0M | $204.6M | ||
| Q2 24 | $56.5M | $218.7M | ||
| Q1 24 | $81.0M | $223.6M |
| Q4 25 | $28.6M | $96.4M | ||
| Q3 25 | $28.5M | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $119.4M | $114.3M | ||
| Q3 25 | $102.2M | $147.7M | ||
| Q2 25 | $92.7M | $192.3M | ||
| Q1 25 | $121.1M | $229.0M | ||
| Q4 24 | $117.7M | $256.8M | ||
| Q3 24 | $129.0M | $201.0M | ||
| Q2 24 | $151.2M | $215.2M | ||
| Q1 24 | $139.8M | $223.9M |
| Q4 25 | $304.4M | $327.7M | ||
| Q3 25 | $304.3M | $372.8M | ||
| Q2 25 | $280.4M | $313.5M | ||
| Q1 25 | $256.0M | $327.3M | ||
| Q4 24 | $268.1M | $351.2M | ||
| Q3 24 | $278.5M | $217.6M | ||
| Q2 24 | $269.1M | $222.0M | ||
| Q1 24 | $280.0M | $227.6M |
| Q4 25 | 0.24× | 0.84× | ||
| Q3 25 | 0.28× | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | 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 | $15.6M | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 1.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.6M | $-43.5M | ||
| Q3 25 | $3.5M | $-47.0M | ||
| Q2 25 | $2.1M | $-39.6M | ||
| Q1 25 | $-2.5M | $-40.7M | ||
| Q4 24 | $3.2M | $42.0M | ||
| Q3 24 | $3.7M | $-14.5M | ||
| Q2 24 | $-21.6M | $-7.3M | ||
| Q1 24 | $-16.2M | $-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 | 1.43× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | -6.31× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EVLV
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
