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Side-by-side financial comparison of GRAIL, Inc. (GRAL) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
GRAIL, Inc. is the larger business by last-quarter revenue ($43.6M vs $35.2M, roughly 1.2× Voyager Technologies, Inc.). Voyager Technologies, Inc. runs the higher net margin — -130.4% vs -227.5%, a 97.1% gap on every dollar of revenue. On growth, GRAIL, Inc. posted the faster year-over-year revenue change (14.0% vs 2.1%). GRAIL, Inc. produced more free cash flow last quarter ($-63.9M vs $-66.8M).
GRAIL, Inc. is an American biotechnology company based in Menlo Park, California founded in 2015 seeking to develop an early cancer screening test for people who do not have symptoms. As a startup it was a subsidiary of Illumina, which bought it outright in 2021.
GRAL vs VOYG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $43.6M | $35.2M |
| Net Profit | $-99.2M | $-45.9M |
| Gross Margin | — | -4.4% |
| Operating Margin | -285.4% | — |
| Net Margin | -227.5% | -130.4% |
| Revenue YoY | 14.0% | 2.1% |
| Net Profit YoY | -2.2% | -64.5% |
| EPS (diluted) | $-2.37 | $-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 | $43.6M | $46.7M | ||
| Q3 25 | $36.2M | $39.6M | ||
| Q2 25 | $35.5M | $45.7M | ||
| Q1 25 | $31.8M | — | ||
| Q4 24 | $38.3M | — | ||
| Q3 24 | $28.7M | — | ||
| Q2 24 | $32.0M | — |
| Q1 26 | — | $-45.9M | ||
| Q4 25 | $-99.2M | $-33.0M | ||
| Q3 25 | $-89.0M | $-16.3M | ||
| Q2 25 | $-114.0M | $-31.4M | ||
| Q1 25 | $-106.2M | — | ||
| Q4 24 | $-97.1M | — | ||
| Q3 24 | $-125.7M | — | ||
| Q2 24 | $-1.6B | — |
| 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 | -285.4% | — | ||
| Q3 25 | -346.2% | -60.7% | ||
| Q2 25 | -446.9% | -52.8% | ||
| Q1 25 | -482.5% | — | ||
| Q4 24 | -358.0% | — | ||
| Q3 24 | -640.5% | — | ||
| Q2 24 | -5133.8% | — |
| Q1 26 | — | -130.4% | ||
| Q4 25 | -227.5% | -70.7% | ||
| Q3 25 | -245.8% | -41.1% | ||
| Q2 25 | -320.7% | -68.7% | ||
| Q1 25 | -333.6% | — | ||
| Q4 24 | -253.8% | — | ||
| Q3 24 | -438.7% | — | ||
| Q2 24 | -4958.8% | — |
| Q1 26 | — | $-0.75 | ||
| Q4 25 | $-2.37 | $-0.52 | ||
| Q3 25 | $-2.46 | $-0.28 | ||
| Q2 25 | $-3.18 | $-1.23 | ||
| Q1 25 | $-3.10 | — | ||
| Q4 24 | $-1.49 | — | ||
| Q3 24 | $-3.94 | — | ||
| Q2 24 | $-51.06 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $249.7M | $429.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.6B | $404.5M |
| Total Assets | $2.9B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $429.4M | ||
| Q4 25 | $249.7M | $491.3M | ||
| Q3 25 | $126.9M | $413.3M | ||
| Q2 25 | $127.4M | $468.9M | ||
| Q1 25 | $133.9M | — | ||
| Q4 24 | $214.2M | — | ||
| Q3 24 | $853.6M | — | ||
| Q2 24 | $958.8M | — |
| Q1 26 | — | $404.5M | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.2B | $590.9M | ||
| Q2 25 | $2.3B | $554.7M | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.6B | — | ||
| Q2 24 | $2.7B | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.6B | $727.8M | ||
| Q2 25 | $2.7B | $685.3M | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.3B | — |
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 | $-63.8M | $-39.7M |
| Free Cash FlowOCF − Capex | $-63.9M | $-66.8M |
| FCF MarginFCF / Revenue | -146.5% | -189.5% |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-299.9M | $-263.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-39.7M | ||
| Q4 25 | $-63.8M | $-60.9M | ||
| Q3 25 | $-63.2M | $-15.1M | ||
| Q2 25 | $-77.0M | $-30.9M | ||
| Q1 25 | $-95.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-104.6M | — | ||
| Q2 24 | $-171.8M | — |
| Q1 26 | — | $-66.8M | ||
| Q4 25 | $-63.9M | $-54.5M | ||
| Q3 25 | $-63.6M | $-53.8M | ||
| Q2 25 | $-77.3M | $-88.8M | ||
| Q1 25 | $-95.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-105.6M | — | ||
| Q2 24 | $-173.2M | — |
| Q1 26 | — | -189.5% | ||
| Q4 25 | -146.5% | -116.9% | ||
| Q3 25 | -175.8% | -135.8% | ||
| Q2 25 | -217.6% | -194.4% | ||
| Q1 25 | -298.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -368.4% | — | ||
| Q2 24 | -541.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | — | ||
| Q3 25 | 1.1% | 97.8% | ||
| Q2 25 | 1.0% | 126.7% | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.4% | — | ||
| Q2 24 | 4.3% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GRAL
| Screening Revenue | $42.3M | 97% |
| Developmental Services Revenue | $1.3M | 3% |
VOYG
Segment breakdown not available.
