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Side-by-side financial comparison of HA Sustainable Infrastructure Capital, Inc. (HASI) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $86.8M, roughly 1.3× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs 13.3%). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 4.2%).
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
HASI vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.8M | $86.8M |
| Net Profit | $-53.8M | — |
| Gross Margin | — | 67.4% |
| Operating Margin | -57.4% | -84.7% |
| Net Margin | -46.8% | — |
| Revenue YoY | 13.3% | 17.7% |
| Net Profit YoY | -176.7% | — |
| EPS (diluted) | $-0.38 | — |
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 | $114.8M | $86.8M | ||
| Q3 25 | $103.1M | $67.5M | ||
| Q2 25 | $85.7M | $60.0M | ||
| Q1 25 | $96.9M | $49.3M | ||
| Q4 24 | $101.3M | $73.7M | ||
| Q3 24 | $82.0M | $58.6M | ||
| Q2 24 | $94.5M | $31.1M | ||
| Q1 24 | $105.8M | $715.0K |
| Q4 25 | $-53.8M | — | ||
| Q3 25 | $83.3M | $-91.3M | ||
| Q2 25 | $98.4M | $-111.7M | ||
| Q1 25 | $56.6M | $-116.2M | ||
| Q4 24 | $70.1M | — | ||
| Q3 24 | $-19.6M | $-83.5M | ||
| Q2 24 | $26.5M | $-97.1M | ||
| Q1 24 | $123.0M | $-113.0M |
| Q4 25 | — | 67.4% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | -0.8% | ||
| Q4 24 | — | 68.7% | ||
| Q3 24 | — | 46.2% | ||
| Q2 24 | — | -0.8% | ||
| Q1 24 | — | — |
| Q4 25 | -57.4% | -84.7% | ||
| Q3 25 | — | -140.7% | ||
| Q2 25 | — | -189.8% | ||
| Q1 25 | 84.7% | -245.8% | ||
| Q4 24 | 90.9% | -117.5% | ||
| Q3 24 | -32.1% | -152.1% | ||
| Q2 24 | 39.5% | -327.6% | ||
| Q1 24 | — | -16464.6% |
| Q4 25 | -46.8% | — | ||
| Q3 25 | 80.8% | -135.3% | ||
| Q2 25 | 114.9% | -186.2% | ||
| Q1 25 | 58.4% | -235.5% | ||
| Q4 24 | 69.2% | — | ||
| Q3 24 | -23.9% | -142.7% | ||
| Q2 24 | 28.1% | -312.2% | ||
| Q1 24 | 116.3% | -15800.8% |
| Q4 25 | $-0.38 | — | ||
| Q3 25 | $0.61 | — | ||
| Q2 25 | $0.74 | $-0.33 | ||
| Q1 25 | $0.44 | $-0.36 | ||
| Q4 24 | $0.58 | $-0.24 | ||
| Q3 24 | $-0.17 | $-0.28 | ||
| Q2 24 | $0.23 | $-0.34 | ||
| Q1 24 | $0.98 | $-0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $110.2M | $297.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | $698.6M |
| Total Assets | $8.2B | $913.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.2M | $297.0M | ||
| Q3 25 | $301.8M | $300.8M | ||
| Q2 25 | $86.5M | $301.2M | ||
| Q1 25 | $67.4M | $359.7M | ||
| Q4 24 | $129.8M | $323.8M | ||
| Q3 24 | $44.1M | $397.5M | ||
| Q2 24 | $145.7M | $412.5M | ||
| Q1 24 | $61.4M | $356.2M |
| Q4 25 | $2.7B | $698.6M | ||
| Q3 25 | $2.7B | $702.3M | ||
| Q2 25 | $2.6B | $698.5M | ||
| Q1 25 | $2.5B | $767.9M | ||
| Q4 24 | $2.4B | $710.4M | ||
| Q3 24 | $2.3B | $773.5M | ||
| Q2 24 | $2.3B | $768.5M | ||
| Q1 24 | $2.3B | $680.0M |
| Q4 25 | $8.2B | $913.2M | ||
| Q3 25 | $8.2B | $904.9M | ||
| Q2 25 | $7.6B | $907.4M | ||
| Q1 25 | $7.5B | $966.7M | ||
| Q4 24 | $7.1B | $910.4M | ||
| Q3 24 | $6.7B | $991.1M | ||
| Q2 24 | $6.7B | $964.3M | ||
| Q1 24 | $6.7B | $869.8M |
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 | $167.3M | $-52.6M |
| Free Cash FlowOCF − Capex | — | $-61.9M |
| FCF MarginFCF / Revenue | — | -71.3% |
| Capex IntensityCapex / Revenue | — | 10.7% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $167.3M | $-52.6M | ||
| Q3 25 | $-121.8M | $-78.7M | ||
| Q2 25 | $79.6M | $-67.4M | ||
| Q1 25 | $-37.1M | $-103.7M | ||
| Q4 24 | $5.9M | $-73.3M | ||
| Q3 24 | $21.9M | $-59.0M | ||
| Q2 24 | $-24.8M | $-98.4M | ||
| Q1 24 | $20.9M | $-122.3M |
| Q4 25 | — | $-61.9M | ||
| Q3 25 | — | $-89.5M | ||
| Q2 25 | — | $-74.9M | ||
| Q1 25 | — | $-109.9M | ||
| Q4 24 | — | $-77.5M | ||
| Q3 24 | — | $-61.3M | ||
| Q2 24 | — | $-98.9M | ||
| Q1 24 | — | $-126.5M |
| Q4 25 | — | -71.3% | ||
| Q3 25 | — | -132.7% | ||
| Q2 25 | — | -124.9% | ||
| Q1 25 | — | -222.8% | ||
| Q4 24 | — | -105.1% | ||
| Q3 24 | — | -104.6% | ||
| Q2 24 | — | -317.9% | ||
| Q1 24 | — | -17685.3% |
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | — | 12.6% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 583.4% |
| Q4 25 | — | — | ||
| Q3 25 | -1.46× | — | ||
| Q2 25 | 0.81× | — | ||
| Q1 25 | -0.66× | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.94× | — | ||
| Q1 24 | 0.17× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HASI
Segment breakdown not available.
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
