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Side-by-side financial comparison of HCW Biologics Inc. (HCWB) and Iveda Solutions, Inc. (IVDA). Click either name above to swap in a different company.
Iveda Solutions, Inc. is the larger business by last-quarter revenue ($626.0K vs $394.8K, roughly 1.6× HCW Biologics Inc.). Iveda Solutions, Inc. runs the higher net margin — -258.6% vs -854.4%, a 595.8% gap on every dollar of revenue. On growth, Iveda Solutions, Inc. posted the faster year-over-year revenue change (-64.1% vs -70.2%). Over the past eight quarters, Iveda Solutions, Inc.'s revenue compounded faster (34.4% CAGR vs -45.8%).
HCW Biologics Inc. is a clinical-stage biotechnology company focused on researching and developing novel immunotherapies and biological products targeting unmet medical needs in oncology, chronic inflammatory disorders, and autoimmune diseases. It primarily operates in the U.S., advancing multiple pipeline candidates through early to mid-stage clinical trials.
Iveda Solutions, Inc. is a technology provider specializing in cloud-based AI video surveillance, IoT-enabled smart sensing, and integrated smart city solutions. It serves public sector, enterprise, and education clients across North America and Asia, with core offerings covering remote security monitoring, smart facility management, and real-time data analysis tools for public safety use cases.
HCWB vs IVDA — Head-to-Head
Income Statement — Q4 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $394.8K | $626.0K |
| Net Profit | $-3.4M | $-1.6M |
| Gross Margin | 20.0% | 3.6% |
| Operating Margin | -795.9% | -262.7% |
| Net Margin | -854.4% | -258.6% |
| Revenue YoY | -70.2% | -64.1% |
| Net Profit YoY | 68.4% | -7.1% |
| EPS (diluted) | $-10.47 | $-0.33 |
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 | — | $626.0K | ||
| Q3 25 | — | $1.7M | ||
| Q2 25 | — | $1.5M | ||
| Q1 25 | — | $1.5M | ||
| Q4 24 | $394.8K | $1.7M | ||
| Q3 24 | $426.4K | $2.4M | ||
| Q2 24 | $618.9K | $1.5M | ||
| Q1 24 | $1.1M | $346.8K |
| Q4 25 | — | $-1.6M | ||
| Q3 25 | — | $-221.3K | ||
| Q2 25 | — | $-564.2K | ||
| Q1 25 | — | $-793.7K | ||
| Q4 24 | $-3.4M | $-1.5M | ||
| Q3 24 | $-3.9M | $-581.4K | ||
| Q2 24 | $-15.3M | $-599.0K | ||
| Q1 24 | $-7.5M | $-1.3M |
| Q4 25 | — | 3.6% | ||
| Q3 25 | — | 31.3% | ||
| Q2 25 | — | 29.1% | ||
| Q1 25 | — | 19.5% | ||
| Q4 24 | 20.0% | 11.9% | ||
| Q3 24 | 20.0% | 17.1% | ||
| Q2 24 | 29.2% | 32.7% | ||
| Q1 24 | 54.6% | 52.5% |
| Q4 25 | — | -262.7% | ||
| Q3 25 | — | -13.0% | ||
| Q2 25 | — | -34.8% | ||
| Q1 25 | — | -56.7% | ||
| Q4 24 | -795.9% | -87.3% | ||
| Q3 24 | -864.1% | -25.4% | ||
| Q2 24 | -2445.8% | -39.7% | ||
| Q1 24 | -665.1% | -384.1% |
| Q4 25 | — | -258.6% | ||
| Q3 25 | — | -13.4% | ||
| Q2 25 | — | -36.9% | ||
| Q1 25 | — | -53.8% | ||
| Q4 24 | -854.4% | -86.7% | ||
| Q3 24 | -915.1% | -24.2% | ||
| Q2 24 | -2469.1% | -39.0% | ||
| Q1 24 | -662.8% | -371.9% |
| Q4 25 | — | $-0.33 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $-0.20 | ||
| Q1 25 | — | $-0.28 | ||
| Q4 24 | $-10.47 | $-0.60 | ||
| Q3 24 | $-4.13 | $-0.27 | ||
| Q2 24 | $-16.16 | $-0.30 | ||
| Q1 24 | $-0.20 | $-0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $4.7M | $5.2M |
| Total DebtLower is stronger | $7.4M | $393.4K |
| Stockholders' EquityBook value | $-6.8M | $4.8M |
| Total Assets | $30.2M | $6.4M |
| Debt / EquityLower = less leverage | — | 0.08× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.2M | ||
| Q3 25 | — | $3.3M | ||
| Q2 25 | — | $1.6M | ||
| Q1 25 | — | $2.5M | ||
| Q4 24 | $4.7M | $2.6M | ||
| Q3 24 | $998.2K | $3.6M | ||
| Q2 24 | $1.2M | $2.9M | ||
| Q1 24 | $4.1M | $3.9M |
| Q4 25 | — | $393.4K | ||
| Q3 25 | — | $306.4K | ||
| Q2 25 | — | $365.3K | ||
| Q1 25 | — | $340.8K | ||
| Q4 24 | $7.4M | $376.2K | ||
| Q3 24 | $6.5M | $545.9K | ||
| Q2 24 | $9.9M | $564.0K | ||
| Q1 24 | $8.3M | $480.0K |
| Q4 25 | — | $4.8M | ||
| Q3 25 | — | $3.8M | ||
| Q2 25 | — | $1.5M | ||
| Q1 25 | — | $1.7M | ||
| Q4 24 | $-6.8M | $2.5M | ||
| Q3 24 | $-10.0M | $4.1M | ||
| Q2 24 | $-6.3M | $2.8M | ||
| Q1 24 | $8.7M | $3.3M |
| Q4 25 | — | $6.4M | ||
| Q3 25 | — | $5.8M | ||
| Q2 25 | — | $4.4M | ||
| Q1 25 | — | $4.5M | ||
| Q4 24 | $30.2M | $5.2M | ||
| Q3 24 | $26.6M | $9.1M | ||
| Q2 24 | $26.8M | $6.8M | ||
| Q1 24 | $30.4M | $6.6M |
| Q4 25 | — | 0.08× | ||
| Q3 25 | — | 0.08× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.20× | ||
| Q1 24 | 0.95× | 0.14× |
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 | $-2.8M | $-252.4K |
| Free Cash FlowOCF − Capex | $-2.9M | — |
| FCF MarginFCF / Revenue | -746.8% | — |
| Capex IntensityCapex / Revenue | 28.7% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-14.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-252.4K | ||
| Q3 25 | — | $-317.0K | ||
| Q2 25 | — | $-1.3M | ||
| Q1 25 | — | $-126.0K | ||
| Q4 24 | $-2.8M | $-889.8K | ||
| Q3 24 | $-2.9M | $-1.2M | ||
| Q2 24 | $-4.9M | $-999.7K | ||
| Q1 24 | $-3.6M | $-1.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-2.9M | $-889.8K | ||
| Q3 24 | $-3.0M | $-1.5M | ||
| Q2 24 | $-4.9M | $-1.1M | ||
| Q1 24 | $-3.7M | $-1.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -746.8% | -51.1% | ||
| Q3 24 | -695.0% | -64.1% | ||
| Q2 24 | -788.7% | -72.6% | ||
| Q1 24 | -331.4% | -427.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 28.7% | 0.0% | ||
| Q3 24 | 8.7% | 12.5% | ||
| Q2 24 | 3.0% | 7.5% | ||
| Q1 24 | 11.5% | 54.3% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
