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Side-by-side financial comparison of Forge Global Holdings, Inc. (FRGE) and TriSalus Life Sciences, Inc. (TLSI). 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 $13.2M, roughly 1.6× TriSalus Life Sciences, Inc.). TriSalus Life Sciences, Inc. runs the higher net margin — -73.9% vs -85.7%, a 11.9% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs 10.6%). TriSalus Life Sciences, Inc. produced more free cash flow last quarter ($-2.5M vs $-11.4M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% 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.
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
FRGE vs TLSI — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.3M | $13.2M |
| Net Profit | $-18.2M | $-9.8M |
| Gross Margin | 98.6% | 86.7% |
| Operating Margin | -96.7% | -24.8% |
| Net Margin | -85.7% | -73.9% |
| Revenue YoY | 10.6% | 59.8% |
| Net Profit YoY | 0.6% | 3.5% |
| EPS (diluted) | $-1.37 | $-0.22 |
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 | — | $13.2M | ||
| Q3 25 | $21.3M | $11.6M | ||
| Q2 25 | $27.7M | $11.2M | ||
| Q1 25 | $25.3M | $9.2M | ||
| Q4 24 | $18.6M | $8.3M | ||
| Q3 24 | $19.2M | $7.3M | ||
| Q2 24 | $22.3M | $7.4M | ||
| Q1 24 | $19.2M | $6.5M |
| Q4 25 | — | $-9.8M | ||
| Q3 25 | $-18.2M | $-10.8M | ||
| Q2 25 | $-12.6M | $-8.3M | ||
| Q1 25 | $-16.2M | $-10.4M | ||
| Q4 24 | $-15.6M | $-10.1M | ||
| Q3 24 | $-18.3M | $-2.4M | ||
| Q2 24 | $-13.7M | $-4.3M | ||
| Q1 24 | $-18.6M | $-13.2M |
| Q4 25 | — | 86.7% | ||
| Q3 25 | 98.6% | 83.5% | ||
| Q2 25 | 99.4% | 83.9% | ||
| Q1 25 | 99.2% | 83.7% | ||
| Q4 24 | 98.3% | 85.3% | ||
| Q3 24 | 99.6% | 86.3% | ||
| Q2 24 | 98.9% | 87.6% | ||
| Q1 24 | 99.8% | 85.0% |
| Q4 25 | — | -24.8% | ||
| Q3 25 | -96.7% | -77.9% | ||
| Q2 25 | -46.3% | -65.4% | ||
| Q1 25 | -65.1% | -79.9% | ||
| Q4 24 | -100.6% | -91.8% | ||
| Q3 24 | -108.8% | -118.9% | ||
| Q2 24 | -79.2% | -111.0% | ||
| Q1 24 | -130.0% | -180.8% |
| Q4 25 | — | -73.9% | ||
| Q3 25 | -85.7% | -93.5% | ||
| Q2 25 | -45.4% | -73.9% | ||
| Q1 25 | -63.9% | -113.2% | ||
| Q4 24 | -84.2% | -122.4% | ||
| Q3 24 | -95.5% | -32.6% | ||
| Q2 24 | -61.6% | -58.8% | ||
| Q1 24 | -96.8% | -204.5% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | $-1.37 | $-0.96 | ||
| Q2 25 | $-1.01 | $-0.27 | ||
| Q1 25 | $-1.29 | $-0.39 | ||
| Q4 24 | $3.81 | $-0.38 | ||
| Q3 24 | $-1.49 | $-0.12 | ||
| Q2 24 | $-1.13 | $-0.21 | ||
| Q1 24 | $-1.55 | $-0.60 |
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 | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $202.6M | $-33.9M |
| Total Assets | $252.0M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.4M | ||
| Q3 25 | $60.7M | $22.7M | ||
| Q2 25 | $80.7M | $26.5M | ||
| Q1 25 | $92.0M | $13.0M | ||
| Q4 24 | $105.1M | $8.5M | ||
| Q3 24 | $114.5M | $11.3M | ||
| Q2 24 | $120.5M | $16.5M | ||
| Q1 24 | $129.6M | $4.0M |
| Q4 25 | — | $-33.9M | ||
| Q3 25 | $202.6M | $-26.7M | ||
| Q2 25 | $200.5M | $-19.4M | ||
| Q1 25 | $213.5M | $-34.4M | ||
| Q4 24 | $223.6M | $-25.9M | ||
| Q3 24 | $234.5M | $-20.4M | ||
| Q2 24 | $245.4M | $-25.3M | ||
| Q1 24 | $252.2M | $-36.0M |
| Q4 25 | — | $35.3M | ||
| Q3 25 | $252.0M | $36.5M | ||
| Q2 25 | $242.8M | $41.3M | ||
| Q1 25 | $249.5M | $28.6M | ||
| Q4 24 | $263.5M | $24.0M | ||
| Q3 24 | $276.6M | $27.5M | ||
| Q2 24 | $285.7M | $32.4M | ||
| Q1 24 | $298.7M | $17.9M |
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 | $-2.5M |
| Free Cash FlowOCF − Capex | $-11.4M | $-2.5M |
| FCF MarginFCF / Revenue | -53.6% | -19.1% |
| Capex IntensityCapex / Revenue | 0.2% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-73.5M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-2.5M | ||
| Q3 25 | $-11.4M | $-3.7M | ||
| Q2 25 | $-7.8M | $-7.3M | ||
| Q1 25 | $-12.8M | $-4.5M | ||
| Q4 24 | $-40.5M | $-5.7M | ||
| Q3 24 | $-5.8M | $-10.8M | ||
| Q2 24 | $-14.4M | $-13.4M | ||
| Q1 24 | $-12.4M | $-10.9M |
| Q4 25 | — | $-2.5M | ||
| Q3 25 | $-11.4M | $-3.9M | ||
| Q2 25 | $-7.9M | $-7.4M | ||
| Q1 25 | $-12.9M | $-5.3M | ||
| Q4 24 | $-41.3M | $-5.8M | ||
| Q3 24 | $-6.0M | $-11.0M | ||
| Q2 24 | $-14.7M | $-13.5M | ||
| Q1 24 | $-12.8M | $-10.9M |
| Q4 25 | — | -19.1% | ||
| Q3 25 | -53.6% | -33.9% | ||
| Q2 25 | -28.4% | -66.1% | ||
| Q1 25 | -50.9% | -57.3% | ||
| Q4 24 | -222.3% | -69.7% | ||
| Q3 24 | -31.0% | -149.9% | ||
| Q2 24 | -66.0% | -183.1% | ||
| Q1 24 | -66.4% | -169.3% |
| Q4 25 | — | 0.3% | ||
| Q3 25 | 0.2% | 1.9% | ||
| Q2 25 | 0.4% | 0.8% | ||
| Q1 25 | 0.2% | 8.2% | ||
| Q4 24 | 4.3% | 0.6% | ||
| Q3 24 | 0.7% | 2.3% | ||
| Q2 24 | 1.2% | 0.8% | ||
| Q1 24 | 2.1% | 1.0% |
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% |
TLSI
Segment breakdown not available.
