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Side-by-side financial comparison of HARROW, INC. (HROW) and System1, Inc. (SST). Click either name above to swap in a different company.
HARROW, INC. is the larger business by last-quarter revenue ($89.1M vs $51.9M, roughly 1.7× System1, Inc.). HARROW, INC. runs the higher net margin — 7.4% vs -26.0%, a 33.4% gap on every dollar of revenue. On growth, HARROW, INC. posted the faster year-over-year revenue change (33.3% vs -31.3%). Over the past eight quarters, HARROW, INC.'s revenue compounded faster (60.5% CAGR vs -21.8%).
Harrow Health, Inc., formerly known as Imprimis Pharmaceuticals, is a publicly traded pharmaceutical company based in Nashville, Tennessee.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
HROW vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.1M | $51.9M |
| Net Profit | $6.6M | $-13.5M |
| Gross Margin | 79.3% | 41.0% |
| Operating Margin | 17.5% | -33.6% |
| Net Margin | 7.4% | -26.0% |
| Revenue YoY | 33.3% | -31.3% |
| Net Profit YoY | -2.2% | 4.8% |
| EPS (diluted) | $0.20 | $-3.58 |
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 | $89.1M | $51.9M | ||
| Q3 25 | $71.6M | $61.6M | ||
| Q2 25 | $63.7M | $78.1M | ||
| Q1 25 | $47.8M | $74.5M | ||
| Q4 24 | $66.8M | $75.6M | ||
| Q3 24 | $49.3M | $88.8M | ||
| Q2 24 | $48.9M | $94.6M | ||
| Q1 24 | $34.6M | $84.9M |
| Q4 25 | $6.6M | $-13.5M | ||
| Q3 25 | $1.0M | $-18.5M | ||
| Q2 25 | $5.0M | $-17.5M | ||
| Q1 25 | $-17.8M | $-15.9M | ||
| Q4 24 | $6.8M | $-14.2M | ||
| Q3 24 | $-4.2M | $-23.6M | ||
| Q2 24 | $-6.5M | $-26.4M | ||
| Q1 24 | $-13.6M | $-10.5M |
| Q4 25 | 79.3% | 41.0% | ||
| Q3 25 | 75.3% | 36.9% | ||
| Q2 25 | 74.5% | 35.7% | ||
| Q1 25 | 67.5% | 38.2% | ||
| Q4 24 | 78.8% | 42.1% | ||
| Q3 24 | 75.6% | 28.0% | ||
| Q2 24 | 74.4% | 27.6% | ||
| Q1 24 | 69.5% | 21.9% |
| Q4 25 | 17.5% | -33.6% | ||
| Q3 25 | 20.6% | -25.3% | ||
| Q2 25 | 17.9% | -20.4% | ||
| Q1 25 | -23.5% | -17.6% | ||
| Q4 24 | 19.3% | -15.7% | ||
| Q3 24 | 2.7% | -24.6% | ||
| Q2 24 | 3.1% | -30.8% | ||
| Q1 24 | -20.0% | -30.4% |
| Q4 25 | 7.4% | -26.0% | ||
| Q3 25 | 1.4% | -30.1% | ||
| Q2 25 | 7.8% | -22.4% | ||
| Q1 25 | -37.2% | -21.3% | ||
| Q4 24 | 10.1% | -18.7% | ||
| Q3 24 | -8.6% | -26.6% | ||
| Q2 24 | -13.2% | -27.9% | ||
| Q1 24 | -39.2% | -12.4% |
| Q4 25 | $0.20 | $-3.58 | ||
| Q3 25 | $0.03 | $-2.30 | ||
| Q2 25 | $0.13 | $-2.23 | ||
| Q1 25 | $-0.50 | $-0.21 | ||
| Q4 24 | $0.19 | $-3.41 | ||
| Q3 24 | $-0.12 | $-3.37 | ||
| Q2 24 | $-0.18 | $-3.80 | ||
| Q1 24 | $-0.38 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $72.9M | $86.9M |
| Total DebtLower is stronger | $250.0M | $305.1M |
| Stockholders' EquityBook value | $52.4M | $30.5M |
| Total Assets | $399.5M | $405.0M |
| Debt / EquityLower = less leverage | 4.77× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.9M | $86.9M | ||
| Q3 25 | $74.3M | $54.6M | ||
| Q2 25 | $53.0M | $63.6M | ||
| Q1 25 | $66.7M | $43.9M | ||
| Q4 24 | $47.2M | $63.6M | ||
| Q3 24 | $72.6M | $69.1M | ||
| Q2 24 | $71.0M | $75.7M | ||
| Q1 24 | $76.0M | $69.9M |
| Q4 25 | $250.0M | $305.1M | ||
| Q3 25 | $347.2M | $259.2M | ||
| Q2 25 | $250.6M | $263.3M | ||
| Q1 25 | $256.9M | $267.4M | ||
| Q4 24 | $262.7M | $255.1M | ||
| Q3 24 | $230.7M | $259.2M | ||
| Q2 24 | $236.3M | $263.3M | ||
| Q1 24 | $243.4M | $268.6M |
| Q4 25 | $52.4M | $30.5M | ||
| Q3 25 | $47.0M | $42.7M | ||
| Q2 25 | $49.7M | $58.2M | ||
| Q1 25 | $56.5M | $67.2M | ||
| Q4 24 | $69.7M | $80.3M | ||
| Q3 24 | $58.0M | $90.3M | ||
| Q2 24 | $58.5M | $109.4M | ||
| Q1 24 | $60.6M | $131.7M |
| Q4 25 | $399.5M | $405.0M | ||
| Q3 25 | $363.1M | $385.2M | ||
| Q2 25 | $345.0M | $429.2M | ||
| Q1 25 | $364.2M | $419.2M | ||
| Q4 24 | $389.0M | $459.1M | ||
| Q3 24 | $351.5M | $479.3M | ||
| Q2 24 | $306.6M | $511.3M | ||
| Q1 24 | $295.5M | $521.1M |
| Q4 25 | 4.77× | 10.01× | ||
| Q3 25 | 7.39× | 6.07× | ||
| Q2 25 | 5.05× | 4.53× | ||
| Q1 25 | 4.55× | 3.98× | ||
| Q4 24 | 3.77× | 3.18× | ||
| Q3 24 | 3.98× | 2.87× | ||
| Q2 24 | 4.04× | 2.41× | ||
| Q1 24 | 4.02× | 2.04× |
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 | $8.4M | $-10.6M |
| Free Cash FlowOCF − Capex | $8.1M | — |
| FCF MarginFCF / Revenue | 9.1% | — |
| Capex IntensityCapex / Revenue | 0.4% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.27× | — |
| TTM Free Cash FlowTrailing 4 quarters | $43.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.4M | $-10.6M | ||
| Q3 25 | $16.6M | $-2.1M | ||
| Q2 25 | $-803.0K | $24.5M | ||
| Q1 25 | $19.7M | $-15.9M | ||
| Q4 24 | $-17.8M | $772.0K | ||
| Q3 24 | $3.0M | $-5.0K | ||
| Q2 24 | $-2.7M | $10.0M | ||
| Q1 24 | $-4.6M | $-16.0M |
| Q4 25 | $8.1M | — | ||
| Q3 25 | $16.4M | — | ||
| Q2 25 | $-969.0K | — | ||
| Q1 25 | $19.5M | $-16.0M | ||
| Q4 24 | $-18.3M | — | ||
| Q3 24 | $2.3M | $-36.0K | ||
| Q2 24 | $-3.1M | — | ||
| Q1 24 | $-4.7M | — |
| Q4 25 | 9.1% | — | ||
| Q3 25 | 22.9% | — | ||
| Q2 25 | -1.5% | — | ||
| Q1 25 | 40.8% | -21.5% | ||
| Q4 24 | -27.4% | — | ||
| Q3 24 | 4.8% | -0.0% | ||
| Q2 24 | -6.3% | — | ||
| Q1 24 | -13.6% | — |
| Q4 25 | 0.4% | 0.0% | ||
| Q3 25 | 0.3% | 0.0% | ||
| Q2 25 | 0.3% | 0.0% | ||
| Q1 25 | 0.4% | 0.1% | ||
| Q4 24 | 0.8% | 0.0% | ||
| Q3 24 | 1.2% | 0.0% | ||
| Q2 24 | 0.7% | 0.0% | ||
| Q1 24 | 0.3% | 0.0% |
| Q4 25 | 1.27× | — | ||
| Q3 25 | 16.26× | — | ||
| Q2 25 | -0.16× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -2.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
