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Side-by-side financial comparison of Forward Industries, Inc. (FWDI) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
Forward Industries, Inc. is the larger business by last-quarter revenue ($21.4M vs $13.2M, roughly 1.6× TriSalus Life Sciences, Inc.). TriSalus Life Sciences, Inc. runs the higher net margin — -73.9% vs -2732.2%, a 2658.3% gap on every dollar of revenue. On growth, Forward Industries, Inc. posted the faster year-over-year revenue change (224.0% vs 59.8%). Over the past eight quarters, Forward Industries, Inc.'s revenue compounded faster (74.6% CAGR vs 43.0%).
Melrose Industries plc is a British aerospace manufacturing company based in Birmingham, England. It is the parent company of GKN Aerospace. The company's shares are listed on the London Stock Exchange as a constituent of the FTSE 100 Index.
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.
FWDI vs TLSI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.4M | $13.2M |
| Net Profit | $-585.7M | $-9.8M |
| Gross Margin | 78.6% | 86.7% |
| Operating Margin | -2722.8% | -24.8% |
| Net Margin | -2732.2% | -73.9% |
| Revenue YoY | 224.0% | 59.8% |
| Net Profit YoY | -82611.5% | 3.5% |
| EPS (diluted) | $-5.91 | $-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 | $21.4M | $13.2M | ||
| Q3 25 | $7.9M | $11.6M | ||
| Q2 25 | $2.5M | $11.2M | ||
| Q1 25 | $3.1M | $9.2M | ||
| Q4 24 | $6.6M | $8.3M | ||
| Q3 24 | — | $7.3M | ||
| Q2 24 | $7.8M | $7.4M | ||
| Q1 24 | $5.1M | $6.5M |
| Q4 25 | $-585.7M | $-9.8M | ||
| Q3 25 | $-164.0M | $-10.8M | ||
| Q2 25 | $-850.0K | $-8.3M | ||
| Q1 25 | $-1.5M | $-10.4M | ||
| Q4 24 | $-708.1K | $-10.1M | ||
| Q3 24 | — | $-2.4M | ||
| Q2 24 | $-399.6K | $-4.3M | ||
| Q1 24 | $-553.2K | $-13.2M |
| Q4 25 | 78.6% | 86.7% | ||
| Q3 25 | 61.1% | 83.5% | ||
| Q2 25 | — | 83.9% | ||
| Q1 25 | -5.7% | 83.7% | ||
| Q4 24 | 17.1% | 85.3% | ||
| Q3 24 | — | 86.3% | ||
| Q2 24 | 16.8% | 87.6% | ||
| Q1 24 | 26.2% | 85.0% |
| Q4 25 | -2722.8% | -24.8% | ||
| Q3 25 | -39.2% | -77.9% | ||
| Q2 25 | -102.6% | -65.4% | ||
| Q1 25 | -58.3% | -79.9% | ||
| Q4 24 | -13.6% | -91.8% | ||
| Q3 24 | — | -118.9% | ||
| Q2 24 | -5.9% | -111.0% | ||
| Q1 24 | -12.2% | -180.8% |
| Q4 25 | -2732.2% | -73.9% | ||
| Q3 25 | -2063.6% | -93.5% | ||
| Q2 25 | -34.1% | -73.9% | ||
| Q1 25 | -46.5% | -113.2% | ||
| Q4 24 | -10.7% | -122.4% | ||
| Q3 24 | — | -32.6% | ||
| Q2 24 | -5.1% | -58.8% | ||
| Q1 24 | -10.9% | -204.5% |
| Q4 25 | $-5.91 | $-0.22 | ||
| Q3 25 | $-21.86 | $-0.96 | ||
| Q2 25 | $-0.77 | $-0.27 | ||
| Q1 25 | $-1.32 | $-0.39 | ||
| Q4 24 | $-0.64 | $-0.38 | ||
| Q3 24 | — | $-0.12 | ||
| Q2 24 | $-0.36 | $-0.21 | ||
| Q1 24 | $-0.50 | $-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 | — | $20.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $880.9M | $-33.9M |
| Total Assets | $892.9M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.4M | ||
| Q3 25 | — | $22.7M | ||
| Q2 25 | — | $26.5M | ||
| Q1 25 | — | $13.0M | ||
| Q4 24 | — | $8.5M | ||
| Q3 24 | — | $11.3M | ||
| Q2 24 | — | $16.5M | ||
| Q1 24 | — | $4.0M |
| Q4 25 | $880.9M | $-33.9M | ||
| Q3 25 | $1.5B | $-26.7M | ||
| Q2 25 | $3.4M | $-19.4M | ||
| Q1 25 | $3.6M | $-34.4M | ||
| Q4 24 | $2.3M | $-25.9M | ||
| Q3 24 | — | $-20.4M | ||
| Q2 24 | $1.4M | $-25.3M | ||
| Q1 24 | $1.8M | $-36.0M |
| Q4 25 | $892.9M | $35.3M | ||
| Q3 25 | $1.5B | $36.5M | ||
| Q2 25 | $8.3M | $41.3M | ||
| Q1 25 | $12.3M | $28.6M | ||
| Q4 24 | — | $24.0M | ||
| Q3 24 | — | $27.5M | ||
| Q2 24 | $15.2M | $32.4M | ||
| Q1 24 | $15.2M | $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 | $-7.9M | $-2.5M |
| Free Cash FlowOCF − Capex | — | $-2.5M |
| FCF MarginFCF / Revenue | — | -19.1% |
| Capex IntensityCapex / Revenue | 0.0% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-7.9M | $-2.5M | ||
| Q3 25 | $-4.5M | $-3.7M | ||
| Q2 25 | $-1.2M | $-7.3M | ||
| Q1 25 | $-537.6K | $-4.5M | ||
| Q4 24 | $-434.3K | $-5.7M | ||
| Q3 24 | — | $-10.8M | ||
| Q2 24 | $436.0K | $-13.4M | ||
| Q1 24 | — | $-10.9M |
| Q4 25 | — | $-2.5M | ||
| Q3 25 | $-4.5M | $-3.9M | ||
| Q2 25 | $-1.2M | $-7.4M | ||
| Q1 25 | $-539.0K | $-5.3M | ||
| Q4 24 | $-439.7K | $-5.8M | ||
| Q3 24 | — | $-11.0M | ||
| Q2 24 | $426.8K | $-13.5M | ||
| Q1 24 | — | $-10.9M |
| Q4 25 | — | -19.1% | ||
| Q3 25 | -57.0% | -33.9% | ||
| Q2 25 | -50.0% | -66.1% | ||
| Q1 25 | -17.3% | -57.3% | ||
| Q4 24 | -6.6% | -69.7% | ||
| Q3 24 | — | -149.9% | ||
| Q2 24 | 5.5% | -183.1% | ||
| Q1 24 | — | -169.3% |
| Q4 25 | 0.0% | 0.3% | ||
| Q3 25 | 0.3% | 1.9% | ||
| Q2 25 | 0.8% | 0.8% | ||
| Q1 25 | 0.0% | 8.2% | ||
| Q4 24 | 0.1% | 0.6% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | 0.1% | 0.8% | ||
| Q1 24 | — | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FWDI
| CODM | $17.4M | 81% |
| Design Segment | $4.1M | 19% |
TLSI
Segment breakdown not available.
