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Side-by-side financial comparison of FTAI Infrastructure Inc. (FIP) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
FTAI Infrastructure Inc. is the larger business by last-quarter revenue ($143.5M vs $86.8M, roughly 1.7× IOVANCE BIOTHERAPEUTICS, INC.). On growth, FTAI Infrastructure Inc. posted the faster year-over-year revenue change (77.7% vs 17.7%). IOVANCE BIOTHERAPEUTICS, INC. produced more free cash flow last quarter ($-61.9M vs $-68.6M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 31.9%).
FTAI Infrastructure Inc. owns, operates and invests in high-quality critical infrastructure assets across core sectors including transportation logistics, midstream energy, and power generation. It primarily serves North American markets, focusing on assets with stable long-term cash flows, contracted revenue streams, and strong market positions to deliver sustainable returns for stakeholders.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
FIP vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $86.8M |
| Net Profit | $-97.7M | — |
| Gross Margin | — | 67.4% |
| Operating Margin | -45.7% | -84.7% |
| Net Margin | -68.1% | — |
| Revenue YoY | 77.7% | 17.7% |
| Net Profit YoY | 21.6% | — |
| EPS (diluted) | $-1.04 | — |
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 | $143.5M | $86.8M | ||
| Q3 25 | $140.6M | $67.5M | ||
| Q2 25 | $122.3M | $60.0M | ||
| Q1 25 | $96.2M | $49.3M | ||
| Q4 24 | $80.8M | $73.7M | ||
| Q3 24 | $83.3M | $58.6M | ||
| Q2 24 | $84.9M | $31.1M | ||
| Q1 24 | $82.5M | $715.0K |
| Q4 25 | $-97.7M | — | ||
| Q3 25 | $-104.5M | $-91.3M | ||
| Q2 25 | $-70.0M | $-111.7M | ||
| Q1 25 | $120.2M | $-116.2M | ||
| Q4 24 | $-124.7M | — | ||
| Q3 24 | $-43.0M | $-83.5M | ||
| Q2 24 | $-48.1M | $-97.1M | ||
| Q1 24 | $-50.3M | $-113.0M |
| Q4 25 | — | 67.4% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | -0.8% | ||
| Q4 24 | — | 68.7% | ||
| Q3 24 | — | 46.2% | ||
| Q2 24 | — | -0.8% | ||
| Q1 24 | — | — |
| Q4 25 | -45.7% | -84.7% | ||
| Q3 25 | -70.8% | -140.7% | ||
| Q2 25 | -56.4% | -189.8% | ||
| Q1 25 | 81.8% | -245.8% | ||
| Q4 24 | -152.7% | -117.5% | ||
| Q3 24 | -51.7% | -152.1% | ||
| Q2 24 | -56.4% | -327.6% | ||
| Q1 24 | -58.8% | -16464.6% |
| Q4 25 | -68.1% | — | ||
| Q3 25 | -74.4% | -135.3% | ||
| Q2 25 | -57.2% | -186.2% | ||
| Q1 25 | 125.0% | -235.5% | ||
| Q4 24 | -154.4% | — | ||
| Q3 24 | -51.6% | -142.7% | ||
| Q2 24 | -56.7% | -312.2% | ||
| Q1 24 | -60.9% | -15800.8% |
| Q4 25 | $-1.04 | — | ||
| Q3 25 | $-1.38 | — | ||
| Q2 25 | $-0.73 | $-0.33 | ||
| Q1 25 | $0.89 | $-0.36 | ||
| Q4 24 | $-1.21 | $-0.24 | ||
| Q3 24 | $-0.45 | $-0.28 | ||
| Q2 24 | $-0.52 | $-0.34 | ||
| Q1 24 | $-0.54 | $-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 | $57.4M | $297.0M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | $21.3M | $698.6M |
| Total Assets | $5.7B | $913.2M |
| Debt / EquityLower = less leverage | 176.99× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $57.4M | $297.0M | ||
| Q3 25 | $34.7M | $300.8M | ||
| Q2 25 | $33.6M | $301.2M | ||
| Q1 25 | $26.3M | $359.7M | ||
| Q4 24 | $27.8M | $323.8M | ||
| Q3 24 | $20.3M | $397.5M | ||
| Q2 24 | $33.1M | $412.5M | ||
| Q1 24 | $23.0M | $356.2M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $21.3M | $698.6M | ||
| Q3 25 | $181.1M | $702.3M | ||
| Q2 25 | $375.5M | $698.5M | ||
| Q1 25 | $476.2M | $767.9M | ||
| Q4 24 | $202.7M | $710.4M | ||
| Q3 24 | $370.8M | $773.5M | ||
| Q2 24 | $394.8M | $768.5M | ||
| Q1 24 | $402.5M | $680.0M |
| Q4 25 | $5.7B | $913.2M | ||
| Q3 25 | $5.5B | $904.9M | ||
| Q2 25 | $4.4B | $907.4M | ||
| Q1 25 | $4.1B | $966.7M | ||
| Q4 24 | $2.4B | $910.4M | ||
| Q3 24 | $2.4B | $991.1M | ||
| Q2 24 | $2.5B | $964.3M | ||
| Q1 24 | $2.3B | $869.8M |
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | — | ||
| Q2 24 | 3.94× | — | ||
| Q1 24 | 3.34× | — |
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 | $-2.8M | $-52.6M |
| Free Cash FlowOCF − Capex | $-68.6M | $-61.9M |
| FCF MarginFCF / Revenue | -47.8% | -71.3% |
| Capex IntensityCapex / Revenue | 45.9% | 10.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-398.5M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.8M | $-52.6M | ||
| Q3 25 | $-24.4M | $-78.7M | ||
| Q2 25 | $-5.2M | $-67.4M | ||
| Q1 25 | $-85.7M | $-103.7M | ||
| Q4 24 | $-8.1M | $-73.3M | ||
| Q3 24 | $14.2M | $-59.0M | ||
| Q2 24 | $-17.6M | $-98.4M | ||
| Q1 24 | $-3.9M | $-122.3M |
| Q4 25 | $-68.6M | $-61.9M | ||
| Q3 25 | $-90.7M | $-89.5M | ||
| Q2 25 | $-87.5M | $-74.9M | ||
| Q1 25 | $-151.7M | $-109.9M | ||
| Q4 24 | $-34.3M | $-77.5M | ||
| Q3 24 | $-11.7M | $-61.3M | ||
| Q2 24 | $-32.1M | $-98.9M | ||
| Q1 24 | $-16.7M | $-126.5M |
| Q4 25 | -47.8% | -71.3% | ||
| Q3 25 | -64.5% | -132.7% | ||
| Q2 25 | -71.6% | -124.9% | ||
| Q1 25 | -157.7% | -222.8% | ||
| Q4 24 | -42.4% | -105.1% | ||
| Q3 24 | -14.0% | -104.6% | ||
| Q2 24 | -37.9% | -317.9% | ||
| Q1 24 | -20.3% | -17685.3% |
| Q4 25 | 45.9% | 10.7% | ||
| Q3 25 | 47.2% | 16.1% | ||
| Q2 25 | 67.3% | 12.4% | ||
| Q1 25 | 68.6% | 12.6% | ||
| Q4 24 | 32.5% | 5.7% | ||
| Q3 24 | 31.1% | 3.9% | ||
| Q2 24 | 17.2% | 1.4% | ||
| Q1 24 | 15.6% | 583.4% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 1% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
