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Side-by-side financial comparison of FONAR CORP (FONR) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
FONAR CORP is the larger business by last-quarter revenue ($25.5M vs $15.8M, roughly 1.6× Spire Global, Inc.). FONAR CORP runs the higher net margin — 8.0% vs -176.6%, a 184.7% gap on every dollar of revenue. On growth, FONAR CORP posted the faster year-over-year revenue change (2.4% vs -26.9%). FONAR CORP produced more free cash flow last quarter ($-227.0K vs $-16.2M). Over the past eight quarters, FONAR CORP's revenue compounded faster (-0.3% CAGR vs -32.6%).
FONAR Corp is a specialized medical technology firm that designs, manufactures, and distributes innovative MRI systems including upright and open models. It primarily serves U.S. hospitals, diagnostic imaging centers, and healthcare providers, delivering high-precision scanning solutions for clinical diagnostic use.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
FONR vs SPIR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.5M | $15.8M |
| Net Profit | $2.1M | $-28.0M |
| Gross Margin | — | 40.2% |
| Operating Margin | 13.5% | -164.1% |
| Net Margin | 8.0% | -176.6% |
| Revenue YoY | 2.4% | -26.9% |
| Net Profit YoY | 4.7% | 42.7% |
| EPS (diluted) | — | $-0.85 |
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 | $25.5M | $15.8M | ||
| Q3 25 | $26.0M | $12.7M | ||
| Q2 25 | $27.3M | $19.2M | ||
| Q1 25 | $27.2M | $23.9M | ||
| Q4 24 | $24.9M | $21.7M | ||
| Q3 24 | $25.0M | $28.6M | ||
| Q2 24 | $25.9M | $25.4M | ||
| Q1 24 | $25.7M | $34.8M |
| Q4 25 | $2.1M | $-28.0M | ||
| Q3 25 | $2.3M | $-19.7M | ||
| Q2 25 | $729.3K | $119.6M | ||
| Q1 25 | $2.5M | $-20.7M | ||
| Q4 24 | $2.0M | $-48.8M | ||
| Q3 24 | $3.1M | $-12.5M | ||
| Q2 24 | $830.4K | $-16.6M | ||
| Q1 24 | $1.9M | $-25.5M |
| Q4 25 | — | 40.2% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 48.9% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | — | 32.4% | ||
| Q3 24 | — | 44.5% | ||
| Q2 24 | — | 43.0% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | 13.5% | -164.1% | ||
| Q3 25 | 14.1% | -166.1% | ||
| Q2 25 | 5.3% | -122.7% | ||
| Q1 25 | 15.2% | -106.5% | ||
| Q4 24 | 11.9% | -144.1% | ||
| Q3 24 | 21.0% | -48.0% | ||
| Q2 24 | 7.4% | -48.6% | ||
| Q1 24 | 16.8% | -34.4% |
| Q4 25 | 8.0% | -176.6% | ||
| Q3 25 | 8.7% | -155.3% | ||
| Q2 25 | 2.7% | 623.4% | ||
| Q1 25 | 9.2% | -86.5% | ||
| Q4 24 | 7.9% | -225.2% | ||
| Q3 24 | 12.6% | -43.7% | ||
| Q2 24 | 3.2% | -65.2% | ||
| Q1 24 | 7.3% | -73.3% |
| Q4 25 | — | $-0.85 | ||
| Q3 25 | — | $-0.61 | ||
| Q2 25 | — | $3.72 | ||
| Q1 25 | — | $-0.77 | ||
| Q4 24 | — | $-1.93 | ||
| Q3 24 | — | $-0.50 | ||
| Q2 24 | — | $-0.68 | ||
| Q1 24 | — | $-1.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $121.0K | $81.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $176.9M | $112.9M |
| Total Assets | $217.2M | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $121.0K | $81.8M | ||
| Q3 25 | $122.0K | $96.8M | ||
| Q2 25 | $56.5M | $117.6M | ||
| Q1 25 | $123.0K | $35.9M | ||
| Q4 24 | $121.0K | $19.2M | ||
| Q3 24 | $136.0K | $36.6M | ||
| Q2 24 | $56.5M | $45.8M | ||
| Q1 24 | $134.0K | $63.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $103.7M | ||
| Q4 24 | — | $103.1M | ||
| Q3 24 | — | $4.9M | ||
| Q2 24 | $66.9K | $4.9M | ||
| Q1 24 | — | $123.1M |
| Q4 25 | $176.9M | $112.9M | ||
| Q3 25 | $174.9M | $133.1M | ||
| Q2 25 | $172.6M | $149.2M | ||
| Q1 25 | $171.9M | $3.7M | ||
| Q4 24 | $169.8M | $-11.7M | ||
| Q3 24 | $168.7M | $30.8M | ||
| Q2 24 | $166.0M | $40.3M | ||
| Q1 24 | $165.8M | $52.5M |
| Q4 25 | $217.2M | $211.0M | ||
| Q3 25 | $218.4M | $224.3M | ||
| Q2 25 | $216.9M | $239.5M | ||
| Q1 25 | $214.9M | $208.8M | ||
| Q4 24 | $208.0M | $193.6M | ||
| Q3 24 | $212.3M | $224.2M | ||
| Q2 24 | $214.2M | $230.8M | ||
| Q1 24 | $209.6M | $252.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | 0.00× | 0.12× | ||
| Q1 24 | — | 2.35× |
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 | $171.0K | $-4.3M |
| Free Cash FlowOCF − Capex | $-227.0K | $-16.2M |
| FCF MarginFCF / Revenue | -0.9% | -102.1% |
| Capex IntensityCapex / Revenue | 1.6% | 75.1% |
| Cash ConversionOCF / Net Profit | 0.08× | — |
| TTM Free Cash FlowTrailing 4 quarters | $5.7M | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $171.0K | $-4.3M | ||
| Q3 25 | $1.7M | $-12.0M | ||
| Q2 25 | $4.2M | $-35.1M | ||
| Q1 25 | $3.1M | $-8.4M | ||
| Q4 24 | $2.2M | $-19.2M | ||
| Q3 24 | $1.7M | $14.0M | ||
| Q2 24 | $4.6M | $-4.4M | ||
| Q1 24 | $2.8M | $-8.8M |
| Q4 25 | $-227.0K | $-16.2M | ||
| Q3 25 | $-177.0K | $-20.4M | ||
| Q2 25 | $3.6M | $-38.7M | ||
| Q1 25 | $2.6M | $-17.3M | ||
| Q4 24 | $1.5M | $-24.3M | ||
| Q3 24 | $-148.0K | $5.1M | ||
| Q2 24 | $4.2M | $-9.9M | ||
| Q1 24 | $2.6M | $-15.9M |
| Q4 25 | -0.9% | -102.1% | ||
| Q3 25 | -0.7% | -161.3% | ||
| Q2 25 | 13.1% | -201.7% | ||
| Q1 25 | 9.4% | -72.6% | ||
| Q4 24 | 6.0% | -112.2% | ||
| Q3 24 | -0.6% | 17.8% | ||
| Q2 24 | 16.1% | -39.0% | ||
| Q1 24 | 10.2% | -45.7% |
| Q4 25 | 1.6% | 75.1% | ||
| Q3 25 | 7.2% | 66.2% | ||
| Q2 25 | 2.4% | 18.8% | ||
| Q1 25 | 2.2% | 37.3% | ||
| Q4 24 | 3.0% | 23.5% | ||
| Q3 24 | 7.2% | 31.2% | ||
| Q2 24 | 1.6% | 21.8% | ||
| Q1 24 | 0.7% | 20.3% |
| Q4 25 | 0.08× | — | ||
| Q3 25 | 0.75× | — | ||
| Q2 25 | 5.79× | -0.29× | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.14× | — | ||
| Q3 24 | 0.53× | — | ||
| Q2 24 | 5.54× | — | ||
| Q1 24 | 1.50× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FONR
| Managementof Diagnostic Imaging Centers | $23.2M | 91% |
| Manufacturingand Servicingof Medical Equipment | $2.4M | 9% |
SPIR
Segment breakdown not available.
