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Side-by-side financial comparison of FONAR CORP (FONR) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
Voyager Technologies, Inc. is the larger business by last-quarter revenue ($35.2M vs $25.5M, roughly 1.4× FONAR CORP). FONAR CORP runs the higher net margin — 8.0% vs -130.4%, a 138.4% gap on every dollar of revenue. On growth, FONAR CORP posted the faster year-over-year revenue change (2.4% vs 2.1%). FONAR CORP produced more free cash flow last quarter ($-227.0K vs $-66.8M).
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.
FONR vs VOYG — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $25.5M | $35.2M |
| Net Profit | $2.1M | $-45.9M |
| Gross Margin | — | -4.4% |
| Operating Margin | 13.5% | — |
| Net Margin | 8.0% | -130.4% |
| Revenue YoY | 2.4% | 2.1% |
| Net Profit YoY | 4.7% | -64.5% |
| EPS (diluted) | — | $-0.75 |
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.
| Q1 26 | — | $35.2M | ||
| Q4 25 | $25.5M | $46.7M | ||
| Q3 25 | $26.0M | $39.6M | ||
| Q2 25 | $27.3M | $45.7M | ||
| Q1 25 | $27.2M | — | ||
| Q4 24 | $24.9M | — | ||
| Q3 24 | $25.0M | — | ||
| Q2 24 | $25.9M | — |
| Q1 26 | — | $-45.9M | ||
| Q4 25 | $2.1M | $-33.0M | ||
| Q3 25 | $2.3M | $-16.3M | ||
| Q2 25 | $729.3K | $-31.4M | ||
| Q1 25 | $2.5M | — | ||
| Q4 24 | $2.0M | — | ||
| Q3 24 | $3.1M | — | ||
| Q2 24 | $830.4K | — |
| Q1 26 | — | -4.4% | ||
| Q4 25 | — | 21.4% | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 18.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | 13.5% | — | ||
| Q3 25 | 14.1% | -60.7% | ||
| Q2 25 | 5.3% | -52.8% | ||
| Q1 25 | 15.2% | — | ||
| Q4 24 | 11.9% | — | ||
| Q3 24 | 21.0% | — | ||
| Q2 24 | 7.4% | — |
| Q1 26 | — | -130.4% | ||
| Q4 25 | 8.0% | -70.7% | ||
| Q3 25 | 8.7% | -41.1% | ||
| Q2 25 | 2.7% | -68.7% | ||
| Q1 25 | 9.2% | — | ||
| Q4 24 | 7.9% | — | ||
| Q3 24 | 12.6% | — | ||
| Q2 24 | 3.2% | — |
| Q1 26 | — | $-0.75 | ||
| Q4 25 | — | $-0.52 | ||
| Q3 25 | — | $-0.28 | ||
| Q2 25 | — | $-1.23 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $429.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $176.9M | $404.5M |
| Total Assets | $217.2M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $429.4M | ||
| Q4 25 | $121.0K | $491.3M | ||
| Q3 25 | $122.0K | $413.3M | ||
| Q2 25 | $56.5M | $468.9M | ||
| Q1 25 | $123.0K | — | ||
| Q4 24 | $121.0K | — | ||
| Q3 24 | $136.0K | — | ||
| Q2 24 | $56.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $66.9K | — |
| Q1 26 | — | $404.5M | ||
| Q4 25 | $176.9M | — | ||
| Q3 25 | $174.9M | $590.9M | ||
| Q2 25 | $172.6M | $554.7M | ||
| Q1 25 | $171.9M | — | ||
| Q4 24 | $169.8M | — | ||
| Q3 24 | $168.7M | — | ||
| Q2 24 | $166.0M | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $217.2M | — | ||
| Q3 25 | $218.4M | $727.8M | ||
| Q2 25 | $216.9M | $685.3M | ||
| Q1 25 | $214.9M | — | ||
| Q4 24 | $208.0M | — | ||
| Q3 24 | $212.3M | — | ||
| Q2 24 | $214.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.00× | — |
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 | $-39.7M |
| Free Cash FlowOCF − Capex | $-227.0K | $-66.8M |
| FCF MarginFCF / Revenue | -0.9% | -189.5% |
| Capex IntensityCapex / Revenue | 1.6% | — |
| Cash ConversionOCF / Net Profit | 0.08× | — |
| TTM Free Cash FlowTrailing 4 quarters | $5.7M | $-263.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-39.7M | ||
| Q4 25 | $171.0K | $-60.9M | ||
| Q3 25 | $1.7M | $-15.1M | ||
| Q2 25 | $4.2M | $-30.9M | ||
| Q1 25 | $3.1M | — | ||
| Q4 24 | $2.2M | — | ||
| Q3 24 | $1.7M | — | ||
| Q2 24 | $4.6M | — |
| Q1 26 | — | $-66.8M | ||
| Q4 25 | $-227.0K | $-54.5M | ||
| Q3 25 | $-177.0K | $-53.8M | ||
| Q2 25 | $3.6M | $-88.8M | ||
| Q1 25 | $2.6M | — | ||
| Q4 24 | $1.5M | — | ||
| Q3 24 | $-148.0K | — | ||
| Q2 24 | $4.2M | — |
| Q1 26 | — | -189.5% | ||
| Q4 25 | -0.9% | -116.9% | ||
| Q3 25 | -0.7% | -135.8% | ||
| Q2 25 | 13.1% | -194.4% | ||
| Q1 25 | 9.4% | — | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | 16.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.6% | — | ||
| Q3 25 | 7.2% | 97.8% | ||
| Q2 25 | 2.4% | 126.7% | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 7.2% | — | ||
| Q2 24 | 1.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.08× | — | ||
| Q3 25 | 0.75× | — | ||
| Q2 25 | 5.79× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.14× | — | ||
| Q3 24 | 0.53× | — | ||
| Q2 24 | 5.54× | — |
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% |
VOYG
Segment breakdown not available.
