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Side-by-side financial comparison of FREQUENCY ELECTRONICS INC (FEIM) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
FREQUENCY ELECTRONICS INC is the larger business by last-quarter revenue ($17.1M vs $13.2M, roughly 1.3× TriSalus Life Sciences, Inc.). FREQUENCY ELECTRONICS INC runs the higher net margin — 10.5% vs -73.9%, a 84.4% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs 8.3%). FREQUENCY ELECTRONICS INC produced more free cash flow last quarter ($-1.1M vs $-2.5M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs 11.8%).
Ultra Electronics Holdings is a British defence and security company. It was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index until it was acquired by Cobham, which is itself owned by Advent International.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
FEIM vs TLSI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $17.1M | $13.2M |
| Net Profit | $1.8M | $-9.8M |
| Gross Margin | 38.2% | 86.7% |
| Operating Margin | 10.0% | -24.8% |
| Net Margin | 10.5% | -73.9% |
| Revenue YoY | 8.3% | 59.8% |
| Net Profit YoY | -32.1% | 3.5% |
| EPS (diluted) | $0.18 | $-0.22 |
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 | $17.1M | $13.2M | ||
| Q3 25 | $13.8M | $11.6M | ||
| Q2 25 | $20.0M | $11.2M | ||
| Q1 25 | $18.9M | $9.2M | ||
| Q4 24 | $15.8M | $8.3M | ||
| Q3 24 | $15.1M | $7.3M | ||
| Q2 24 | $15.6M | $7.4M | ||
| Q1 24 | $13.7M | $6.5M |
| Q4 25 | $1.8M | $-9.8M | ||
| Q3 25 | $634.0K | $-10.8M | ||
| Q2 25 | $3.2M | $-8.3M | ||
| Q1 25 | $15.4M | $-10.4M | ||
| Q4 24 | $2.7M | $-10.1M | ||
| Q3 24 | $2.4M | $-2.4M | ||
| Q2 24 | $2.6M | $-4.3M | ||
| Q1 24 | $130.0K | $-13.2M |
| Q4 25 | 38.2% | 86.7% | ||
| Q3 25 | 36.8% | 83.5% | ||
| Q2 25 | 37.5% | 83.9% | ||
| Q1 25 | 43.8% | 83.7% | ||
| Q4 24 | 48.2% | 85.3% | ||
| Q3 24 | 44.4% | 86.3% | ||
| Q2 24 | 40.3% | 87.6% | ||
| Q1 24 | 22.6% | 85.0% |
| Q4 25 | 10.0% | -24.8% | ||
| Q3 25 | 2.6% | -77.9% | ||
| Q2 25 | 16.4% | -65.4% | ||
| Q1 25 | 18.3% | -79.9% | ||
| Q4 24 | 16.5% | -91.8% | ||
| Q3 24 | 15.7% | -118.9% | ||
| Q2 24 | 16.0% | -111.0% | ||
| Q1 24 | -3.4% | -180.8% |
| Q4 25 | 10.5% | -73.9% | ||
| Q3 25 | 4.6% | -93.5% | ||
| Q2 25 | 16.0% | -73.9% | ||
| Q1 25 | 81.4% | -113.2% | ||
| Q4 24 | 16.8% | -122.4% | ||
| Q3 24 | 16.1% | -32.6% | ||
| Q2 24 | 16.9% | -58.8% | ||
| Q1 24 | 0.9% | -204.5% |
| Q4 25 | $0.18 | $-0.22 | ||
| Q3 25 | $0.07 | $-0.96 | ||
| Q2 25 | $0.33 | $-0.27 | ||
| Q1 25 | $1.60 | $-0.39 | ||
| Q4 24 | $0.28 | $-0.38 | ||
| Q3 24 | $0.25 | $-0.12 | ||
| Q2 24 | $0.28 | $-0.21 | ||
| Q1 24 | $0.01 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $3.0M | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $58.5M | $-33.9M |
| Total Assets | $92.3M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.0M | $20.4M | ||
| Q3 25 | $4.5M | $22.7M | ||
| Q2 25 | $4.7M | $26.5M | ||
| Q1 25 | $5.5M | $13.0M | ||
| Q4 24 | $9.7M | $8.5M | ||
| Q3 24 | $16.2M | $11.3M | ||
| Q2 24 | $18.3M | $16.5M | ||
| Q1 24 | $11.7M | $4.0M |
| Q4 25 | $58.5M | $-33.9M | ||
| Q3 25 | $56.3M | $-26.7M | ||
| Q2 25 | $55.6M | $-19.4M | ||
| Q1 25 | $51.8M | $-34.4M | ||
| Q4 24 | $36.2M | $-25.9M | ||
| Q3 24 | $33.2M | $-20.4M | ||
| Q2 24 | $39.8M | $-25.3M | ||
| Q1 24 | $36.7M | $-36.0M |
| Q4 25 | $92.3M | $35.3M | ||
| Q3 25 | $93.2M | $36.5M | ||
| Q2 25 | $93.7M | $41.3M | ||
| Q1 25 | $86.4M | $28.6M | ||
| Q4 24 | $77.8M | $24.0M | ||
| Q3 24 | $84.3M | $27.5M | ||
| Q2 24 | $83.3M | $32.4M | ||
| Q1 24 | $77.7M | $17.9M |
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 | $-523.0K | $-2.5M |
| Free Cash FlowOCF − Capex | $-1.1M | $-2.5M |
| FCF MarginFCF / Revenue | -6.6% | -19.1% |
| Capex IntensityCapex / Revenue | 3.6% | 0.3% |
| Cash ConversionOCF / Net Profit | -0.29× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-5.5M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-523.0K | $-2.5M | ||
| Q3 25 | $1.2M | $-3.7M | ||
| Q2 25 | $-155.0K | $-7.3M | ||
| Q1 25 | $-3.6M | $-4.5M | ||
| Q4 24 | $3.8M | $-5.7M | ||
| Q3 24 | $-1.5M | $-10.8M | ||
| Q2 24 | $7.5M | $-13.4M | ||
| Q1 24 | $4.2M | $-10.9M |
| Q4 25 | $-1.1M | $-2.5M | ||
| Q3 25 | $385.0K | $-3.9M | ||
| Q2 25 | $-786.0K | $-7.4M | ||
| Q1 25 | $-4.0M | $-5.3M | ||
| Q4 24 | $3.3M | $-5.8M | ||
| Q3 24 | $-1.8M | $-11.0M | ||
| Q2 24 | $6.7M | $-13.5M | ||
| Q1 24 | $3.9M | $-10.9M |
| Q4 25 | -6.6% | -19.1% | ||
| Q3 25 | 2.8% | -33.9% | ||
| Q2 25 | -3.9% | -66.1% | ||
| Q1 25 | -20.9% | -57.3% | ||
| Q4 24 | 20.8% | -69.7% | ||
| Q3 24 | -11.8% | -149.9% | ||
| Q2 24 | 42.8% | -183.1% | ||
| Q1 24 | 28.4% | -169.3% |
| Q4 25 | 3.6% | 0.3% | ||
| Q3 25 | 5.6% | 1.9% | ||
| Q2 25 | 3.2% | 0.8% | ||
| Q1 25 | 1.7% | 8.2% | ||
| Q4 24 | 3.3% | 0.6% | ||
| Q3 24 | 2.2% | 2.3% | ||
| Q2 24 | 5.3% | 0.8% | ||
| Q1 24 | 2.3% | 1.0% |
| Q4 25 | -0.29× | — | ||
| Q3 25 | 1.83× | — | ||
| Q2 25 | -0.05× | — | ||
| Q1 25 | -0.24× | — | ||
| Q4 24 | 1.44× | — | ||
| Q3 24 | -0.60× | — | ||
| Q2 24 | 2.85× | — | ||
| Q1 24 | 32.36× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FEIM
| POC Revenue | $14.8M | 86% |
| POT Revenue | $2.3M | 13% |
TLSI
Segment breakdown not available.
