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Side-by-side financial comparison of Forge Global Holdings, Inc. (FRGE) and SS Innovations International, Inc. (SSII). Click either name above to swap in a different company.
Forge Global Holdings, Inc. is the larger business by last-quarter revenue ($21.3M vs $14.5M, roughly 1.5× SS Innovations International, Inc.). SS Innovations International, Inc. runs the higher net margin — -17.0% vs -85.7%, a 68.7% gap on every dollar of revenue. On growth, SS Innovations International, Inc. posted the faster year-over-year revenue change (79.1% vs 10.6%). SS Innovations International, Inc. produced more free cash flow last quarter ($-3.2M vs $-11.4M). Over the past eight quarters, SS Innovations International, Inc.'s revenue compounded faster (99.9% CAGR vs 5.6%).
Bharat Forge Limited is an Indian multinational company involved in forging, automotives, energy, construction and mining, railways, marine, aerospace and defence industries.
SS Innovations International, Inc. is a global medical technology enterprise specializing in the research, development and manufacturing of innovative surgical robotic systems. It provides high-precision, accessible robotic platforms for minimally invasive surgery, catering to healthcare facilities across multiple regions to boost surgical outcomes and cut procedural burdens.
FRGE vs SSII — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.3M | $14.5M |
| Net Profit | $-18.2M | $-2.5M |
| Gross Margin | 98.6% | 43.9% |
| Operating Margin | -96.7% | -3.7% |
| Net Margin | -85.7% | -17.0% |
| Revenue YoY | 10.6% | 79.1% |
| Net Profit YoY | 0.6% | -28.5% |
| EPS (diluted) | $-1.37 | $-0.01 |
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 | — | $14.5M | ||
| Q3 25 | $21.3M | $12.8M | ||
| Q2 25 | $27.7M | $10.0M | ||
| Q1 25 | $25.3M | $5.1M | ||
| Q4 24 | $18.6M | $8.1M | ||
| Q3 24 | $19.2M | $4.4M | ||
| Q2 24 | $22.3M | $4.5M | ||
| Q1 24 | $19.2M | $3.6M |
| Q4 25 | — | $-2.5M | ||
| Q3 25 | $-18.2M | $-3.7M | ||
| Q2 25 | $-12.6M | $-256.7K | ||
| Q1 25 | $-16.2M | $-5.7M | ||
| Q4 24 | $-15.6M | $-1.9M | ||
| Q3 24 | $-18.3M | $-3.2M | ||
| Q2 24 | $-13.7M | $-4.1M | ||
| Q1 24 | $-18.6M | $-9.8M |
| Q4 25 | — | 43.9% | ||
| Q3 25 | 98.6% | 48.1% | ||
| Q2 25 | 99.4% | 59.1% | ||
| Q1 25 | 99.2% | 21.2% | ||
| Q4 24 | 98.3% | 48.9% | ||
| Q3 24 | 99.6% | 52.8% | ||
| Q2 24 | 98.9% | 31.9% | ||
| Q1 24 | 99.8% | 20.0% |
| Q4 25 | — | -3.7% | ||
| Q3 25 | -96.7% | -14.3% | ||
| Q2 25 | -46.3% | 1.0% | ||
| Q1 25 | -65.1% | -115.6% | ||
| Q4 24 | -100.6% | -22.7% | ||
| Q3 24 | -108.8% | -73.1% | ||
| Q2 24 | -79.2% | -90.9% | ||
| Q1 24 | -130.0% | -270.3% |
| Q4 25 | — | -17.0% | ||
| Q3 25 | -85.7% | -29.0% | ||
| Q2 25 | -45.4% | -2.6% | ||
| Q1 25 | -63.9% | -111.0% | ||
| Q4 24 | -84.2% | -23.7% | ||
| Q3 24 | -95.5% | -74.0% | ||
| Q2 24 | -61.6% | -91.8% | ||
| Q1 24 | -96.8% | -270.5% |
| Q4 25 | — | $-0.01 | ||
| Q3 25 | $-1.37 | $-0.02 | ||
| Q2 25 | $-1.01 | $0.00 | ||
| Q1 25 | $-1.29 | $-0.03 | ||
| Q4 24 | $3.81 | $-0.01 | ||
| Q3 24 | $-1.49 | $-0.02 | ||
| Q2 24 | $-1.13 | $-0.02 | ||
| Q1 24 | $-1.55 | $-0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $60.7M | $3.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $202.6M | $38.2M |
| Total Assets | $252.0M | $74.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.2M | ||
| Q3 25 | $60.7M | $5.7M | ||
| Q2 25 | $80.7M | $11.4M | ||
| Q1 25 | $92.0M | $15.9M | ||
| Q4 24 | $105.1M | $466.5K | ||
| Q3 24 | $114.5M | $220.4K | ||
| Q2 24 | $120.5M | $608.2K | ||
| Q1 24 | $129.6M | $948.1K |
| Q4 25 | — | $38.2M | ||
| Q3 25 | $202.6M | $39.6M | ||
| Q2 25 | $200.5M | $42.0M | ||
| Q1 25 | $213.5M | $40.6M | ||
| Q4 24 | $223.6M | $13.5M | ||
| Q3 24 | $234.5M | $13.7M | ||
| Q2 24 | $245.4M | $14.8M | ||
| Q1 24 | $252.2M | $16.7M |
| Q4 25 | — | $74.2M | ||
| Q3 25 | $252.0M | $69.6M | ||
| Q2 25 | $242.8M | $70.0M | ||
| Q1 25 | $249.5M | $63.5M | ||
| Q4 24 | $263.5M | $42.4M | ||
| Q3 24 | $276.6M | $39.0M | ||
| Q2 24 | $285.7M | $35.7M | ||
| Q1 24 | $298.7M | $35.2M |
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 | $-11.4M | $-1.5M |
| Free Cash FlowOCF − Capex | $-11.4M | $-3.2M |
| FCF MarginFCF / Revenue | -53.6% | -22.3% |
| Capex IntensityCapex / Revenue | 0.2% | 11.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-73.5M | $-22.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-1.5M | ||
| Q3 25 | $-11.4M | $-7.5M | ||
| Q2 25 | $-7.8M | $-3.5M | ||
| Q1 25 | $-12.8M | $-6.1M | ||
| Q4 24 | $-40.5M | $-3.3M | ||
| Q3 24 | $-5.8M | $-2.5M | ||
| Q2 24 | $-14.4M | $-1.0M | ||
| Q1 24 | $-12.4M | $-2.7M |
| Q4 25 | — | $-3.2M | ||
| Q3 25 | $-11.4M | $-8.2M | ||
| Q2 25 | $-7.9M | $-3.8M | ||
| Q1 25 | $-12.9M | $-7.0M | ||
| Q4 24 | $-41.3M | $-3.4M | ||
| Q3 24 | $-6.0M | $-4.2M | ||
| Q2 24 | $-14.7M | $-3.1M | ||
| Q1 24 | $-12.8M | $-2.8M |
| Q4 25 | — | -22.3% | ||
| Q3 25 | -53.6% | -64.1% | ||
| Q2 25 | -28.4% | -37.7% | ||
| Q1 25 | -50.9% | -136.2% | ||
| Q4 24 | -222.3% | -41.7% | ||
| Q3 24 | -31.0% | -96.9% | ||
| Q2 24 | -66.0% | -69.5% | ||
| Q1 24 | -66.4% | -76.9% |
| Q4 25 | — | 11.8% | ||
| Q3 25 | 0.2% | 5.9% | ||
| Q2 25 | 0.4% | 3.2% | ||
| Q1 25 | 0.2% | 17.0% | ||
| Q4 24 | 4.3% | 1.5% | ||
| Q3 24 | 0.7% | 38.8% | ||
| Q2 24 | 1.2% | 46.8% | ||
| Q1 24 | 2.1% | 3.5% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRGE
| Marketplace | $12.2M | 57% |
| Custodial Administration Fees | $9.1M | 43% |
SSII
| System Sales | $13.4M | 92% |
| Other | $1.2M | 8% |
