vs
Side-by-side financial comparison of FENNEC PHARMACEUTICALS INC. (FENC) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
Zeo Energy Corp. is the larger business by last-quarter revenue ($18.6M vs $13.8M, roughly 1.3× FENNEC PHARMACEUTICALS INC.). Zeo Energy Corp. runs the higher net margin — -10.8% vs -34.7%, a 23.9% gap on every dollar of revenue. On growth, FENNEC PHARMACEUTICALS INC. posted the faster year-over-year revenue change (73.8% vs -0.4%). Over the past eight quarters, Zeo Energy Corp.'s revenue compounded faster (-4.0% CAGR vs -26.3%).
Fennec Pharmaceuticals Inc. is a biopharmaceutical firm focused on developing and commercializing therapies to reduce treatment-related side effects in pediatric cancer patients. Its lead product targets chemotherapy-induced ototoxicity, with core North American markets serving oncology providers and vulnerable pediatric patient groups.
FENC vs ZEO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.8M | $18.6M |
| Net Profit | $-4.8M | $-2.0M |
| Gross Margin | — | — |
| Operating Margin | -18.5% | -11.8% |
| Net Margin | -34.7% | -10.8% |
| Revenue YoY | 73.8% | -0.4% |
| Net Profit YoY | -141.1% | -360.9% |
| EPS (diluted) | $-0.17 | — |
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 | $13.8M | $18.6M | ||
| Q3 25 | $12.5M | $23.9M | ||
| Q2 25 | $9.7M | $18.1M | ||
| Q1 25 | $8.8M | $8.8M | ||
| Q4 24 | $7.9M | $18.6M | ||
| Q3 24 | $7.0M | $19.7M | ||
| Q2 24 | $7.3M | $14.8M | ||
| Q1 24 | $25.4M | $20.1M |
| Q4 25 | $-4.8M | $-2.0M | ||
| Q3 25 | $-638.0K | $-3.2M | ||
| Q2 25 | $-3.2M | $-2.4M | ||
| Q1 25 | $-1.2M | $-6.4M | ||
| Q4 24 | $-2.0M | $-435.3K | ||
| Q3 24 | $-5.7M | $-424.3K | ||
| Q2 24 | $-5.6M | $-277.8K | ||
| Q1 24 | $12.8M | $-1.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 57.9% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | — | 99.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 50.2% | ||
| Q2 24 | — | 52.3% | ||
| Q1 24 | — | — |
| Q4 25 | -18.5% | -11.8% | ||
| Q3 25 | -1.5% | -8.3% | ||
| Q2 25 | -28.3% | -15.8% | ||
| Q1 25 | -9.2% | -153.8% | ||
| Q4 24 | -11.8% | -6.0% | ||
| Q3 24 | -74.6% | -15.2% | ||
| Q2 24 | -69.4% | -18.0% | ||
| Q1 24 | 54.2% | -20.1% |
| Q4 25 | -34.7% | -10.8% | ||
| Q3 25 | -5.1% | -13.5% | ||
| Q2 25 | -32.7% | -13.3% | ||
| Q1 25 | -13.3% | -72.4% | ||
| Q4 24 | -25.0% | -2.3% | ||
| Q3 24 | -82.2% | -2.2% | ||
| Q2 24 | -76.5% | -1.9% | ||
| Q1 24 | 50.6% | -7.6% |
| Q4 25 | $-0.17 | — | ||
| Q3 25 | $-0.02 | — | ||
| Q2 25 | $-0.11 | — | ||
| Q1 25 | $-0.04 | $-0.48 | ||
| Q4 24 | $-0.02 | $1.11 | ||
| Q3 24 | $-0.21 | $-0.08 | ||
| Q2 24 | $-0.20 | $0.03 | ||
| Q1 24 | $0.41 | $-1.54 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.8M | $6.1M |
| Total DebtLower is stronger | — | $79.1K |
| Stockholders' EquityBook value | $35.5M | $5.3M |
| Total Assets | $70.6M | $56.9M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.8M | $6.1M | ||
| Q3 25 | $21.9M | $3.9M | ||
| Q2 25 | $18.7M | $68.7K | ||
| Q1 25 | $22.7M | $2.9M | ||
| Q4 24 | $26.6M | $5.6M | ||
| Q3 24 | $40.3M | $4.3M | ||
| Q2 24 | $43.1M | $5.3M | ||
| Q1 24 | $51.2M | — |
| Q4 25 | — | $79.1K | ||
| Q3 25 | $19.4M | $84.6K | ||
| Q2 25 | $19.4M | $642.8K | ||
| Q1 25 | $19.4M | $715.4K | ||
| Q4 24 | $19.3M | $787.7K | ||
| Q3 24 | $32.1M | $858.6K | ||
| Q2 24 | $31.8M | $1.6M | ||
| Q1 24 | $31.3M | $748.8K |
| Q4 25 | $35.5M | $5.3M | ||
| Q3 25 | $-4.5M | $-1.7M | ||
| Q2 25 | $-7.5M | $-59.4M | ||
| Q1 25 | $-5.9M | $-23.1M | ||
| Q4 24 | $-5.9M | $-88.9M | ||
| Q3 24 | $-5.2M | $-39.3M | ||
| Q2 24 | $-1.4M | $-53.0M | ||
| Q1 24 | $3.0M | $-173.0M |
| Q4 25 | $70.6M | $56.9M | ||
| Q3 25 | $49.3M | $58.5M | ||
| Q2 25 | $44.9M | $46.2M | ||
| Q1 25 | $46.4M | $47.4M | ||
| Q4 24 | $44.9M | $61.0M | ||
| Q3 24 | $58.9M | $47.1M | ||
| Q2 24 | $63.2M | $49.1M | ||
| Q1 24 | $69.2M | $50.1M |
| Q4 25 | — | 0.01× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.40× | — |
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 | $-6.0M | $2.4M |
| Free Cash FlowOCF − Capex | — | $2.3M |
| FCF MarginFCF / Revenue | — | 12.2% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $2.4M | ||
| Q3 25 | $1.5M | $-6.6M | ||
| Q2 25 | $-3.7M | $-2.3M | ||
| Q1 25 | $-4.3M | $-2.3M | ||
| Q4 24 | $-1.5M | $3.5M | ||
| Q3 24 | $-2.2M | $162.2K | ||
| Q2 24 | $-8.4M | $-2.2M | ||
| Q1 24 | $39.0M | $-10.2M |
| Q4 25 | — | $2.3M | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-2.7M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | — | $3.4M | ||
| Q3 24 | — | $116.5K | ||
| Q2 24 | — | $-2.3M | ||
| Q1 24 | — | $-10.4M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | — | -28.6% | ||
| Q2 25 | — | -15.0% | ||
| Q1 25 | — | -30.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | -15.6% | ||
| Q1 24 | — | -51.5% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 1.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FENC
Segment breakdown not available.
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
