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Side-by-side financial comparison of Primis Financial Corp. (FRST) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
Primis Financial Corp. is the larger business by last-quarter revenue ($45.6M vs $28.1M, roughly 1.6× ARS Pharmaceuticals, Inc.). Primis Financial Corp. runs the higher net margin — 16.0% vs -147.1%, a 163.2% gap on every dollar of revenue.
Primis Financial Corp is a U.S.-based financial holding company operating full-service banking subsidiaries. It provides a comprehensive range of financial solutions including personal and commercial deposit products, diverse loan facilities, mortgage services, and wealth management support, primarily serving retail and corporate customers across the U.S. mid-Atlantic region.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
FRST vs SPRY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $45.6M | $28.1M |
| Net Profit | $7.3M | $-41.3M |
| Gross Margin | — | — |
| Operating Margin | — | -147.6% |
| Net Margin | 16.0% | -147.1% |
| Revenue YoY | — | -67.6% |
| Net Profit YoY | 200.0% | -182.8% |
| EPS (diluted) | $0.30 | $-0.41 |
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 | $45.6M | — | ||
| Q4 25 | $80.9M | $28.1M | ||
| Q3 25 | $41.0M | $32.5M | ||
| Q2 25 | $43.2M | $15.7M | ||
| Q1 25 | $58.7M | $8.0M | ||
| Q4 24 | $38.8M | $86.6M | ||
| Q3 24 | $37.3M | $2.1M | ||
| Q2 24 | $35.7M | $500.0K |
| Q1 26 | $7.3M | — | ||
| Q4 25 | $29.5M | $-41.3M | ||
| Q3 25 | $6.8M | $-51.2M | ||
| Q2 25 | $2.4M | $-44.9M | ||
| Q1 25 | $22.6M | $-33.9M | ||
| Q4 24 | $-26.2M | $49.9M | ||
| Q3 24 | $1.2M | $-19.1M | ||
| Q2 24 | $3.4M | $-12.5M |
| Q1 26 | — | — | ||
| Q4 25 | 44.8% | -147.6% | ||
| Q3 25 | 21.3% | -163.7% | ||
| Q2 25 | 6.9% | -302.9% | ||
| Q1 25 | 41.9% | -466.3% | ||
| Q4 24 | -123.0% | 54.5% | ||
| Q3 24 | -3.1% | -1051.6% | ||
| Q2 24 | 7.8% | -3068.0% |
| Q1 26 | 16.0% | — | ||
| Q4 25 | 36.5% | -147.1% | ||
| Q3 25 | 16.7% | -157.4% | ||
| Q2 25 | 5.6% | -285.6% | ||
| Q1 25 | 38.6% | -425.7% | ||
| Q4 24 | -100.3% | 57.7% | ||
| Q3 24 | 3.3% | -925.0% | ||
| Q2 24 | 9.6% | -2503.2% |
| Q1 26 | $0.30 | — | ||
| Q4 25 | $1.19 | $-0.41 | ||
| Q3 25 | $0.28 | $-0.52 | ||
| Q2 25 | $0.10 | $-0.46 | ||
| Q1 25 | $0.92 | $-0.35 | ||
| Q4 24 | $-0.95 | $0.52 | ||
| Q3 24 | $0.05 | $-0.20 | ||
| Q2 24 | $0.14 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $159.9M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $427.2M | $114.3M |
| Total Assets | $4.3B | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $159.9M | — | ||
| Q4 25 | $143.6M | $245.0M | ||
| Q3 25 | $63.9M | $288.2M | ||
| Q2 25 | $94.1M | $240.1M | ||
| Q1 25 | $57.0M | $275.7M | ||
| Q4 24 | $64.5M | $314.0M | ||
| Q3 24 | $77.3M | $204.6M | ||
| Q2 24 | $66.6M | $218.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $427.2M | — | ||
| Q4 25 | $422.9M | $114.3M | ||
| Q3 25 | $382.2M | $147.7M | ||
| Q2 25 | $376.4M | $192.3M | ||
| Q1 25 | $375.6M | $229.0M | ||
| Q4 24 | $351.8M | $256.8M | ||
| Q3 24 | $381.0M | $201.0M | ||
| Q2 24 | $376.0M | $215.2M |
| Q1 26 | $4.3B | — | ||
| Q4 25 | $4.0B | $327.7M | ||
| Q3 25 | $4.0B | $372.8M | ||
| Q2 25 | $3.9B | $313.5M | ||
| Q1 25 | $3.7B | $327.3M | ||
| Q4 24 | $3.7B | $351.2M | ||
| Q3 24 | $4.0B | $217.6M | ||
| Q2 24 | $4.0B | $222.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $-43.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $10.8M | $-43.5M | ||
| Q3 25 | $-11.4M | $-47.0M | ||
| Q2 25 | $-41.0M | $-39.6M | ||
| Q1 25 | $34.4M | $-40.7M | ||
| Q4 24 | $19.5M | $42.0M | ||
| Q3 24 | $6.1M | $-14.5M | ||
| Q2 24 | $52.3M | $-7.3M |
| Q1 26 | — | — | ||
| Q4 25 | $9.0M | — | ||
| Q3 25 | — | $-47.2M | ||
| Q2 25 | — | $-39.6M | ||
| Q1 25 | — | $-40.8M | ||
| Q4 24 | $18.3M | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | — | $-7.3M |
| Q1 26 | — | — | ||
| Q4 25 | 11.2% | — | ||
| Q3 25 | — | -145.4% | ||
| Q2 25 | — | -252.2% | ||
| Q1 25 | — | -512.1% | ||
| Q4 24 | 47.3% | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | — | -1463.4% |
| Q1 26 | — | — | ||
| Q4 25 | 2.1% | 0.0% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 1.1% | ||
| Q4 24 | 3.1% | 0.3% | ||
| Q3 24 | 0.0% | 6.8% | ||
| Q2 24 | 0.0% | 7.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.36× | — | ||
| Q3 25 | -1.67× | — | ||
| Q2 25 | -16.82× | — | ||
| Q1 25 | 1.52× | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | 4.93× | — | ||
| Q2 24 | 15.21× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRST
| Net Interest Income | $32.1M | 70% |
| Noninterest Income | $13.6M | 30% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
