vs
Side-by-side financial comparison of HYDROFARM HOLDINGS GROUP, INC. (HYFM) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
HYDROFARM HOLDINGS GROUP, INC. is the larger business by last-quarter revenue ($25.1M vs $13.2M, roughly 1.9× TriSalus Life Sciences, Inc.). TriSalus Life Sciences, Inc. runs the higher net margin — -73.9% vs -963.9%, a 890.0% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -32.7%). TriSalus Life Sciences, Inc. produced more free cash flow last quarter ($-2.5M vs $-4.3M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs -31.9%).
Hydrofarm Inc. (HYFM) is an American company specializing in the distribution and manufacture of controlled environment agriculture equipment and supplies.
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.
HYFM vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.1M | $13.2M |
| Net Profit | $-242.2M | $-9.8M |
| Gross Margin | 8.5% | 86.7% |
| Operating Margin | -953.8% | -24.8% |
| Net Margin | -963.9% | -73.9% |
| Revenue YoY | -32.7% | 59.8% |
| Net Profit YoY | -1282.7% | 3.5% |
| EPS (diluted) | $-52.09 | $-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 | $25.1M | $13.2M | ||
| Q3 25 | $29.4M | $11.6M | ||
| Q2 25 | $39.2M | $11.2M | ||
| Q1 25 | $40.5M | $9.2M | ||
| Q4 24 | $37.3M | $8.3M | ||
| Q3 24 | $44.0M | $7.3M | ||
| Q2 24 | $54.8M | $7.4M | ||
| Q1 24 | $54.2M | $6.5M |
| Q4 25 | $-242.2M | $-9.8M | ||
| Q3 25 | $-16.4M | $-10.8M | ||
| Q2 25 | $-16.9M | $-8.3M | ||
| Q1 25 | $-14.4M | $-10.4M | ||
| Q4 24 | $-17.5M | $-10.1M | ||
| Q3 24 | $-13.1M | $-2.4M | ||
| Q2 24 | $-23.4M | $-4.3M | ||
| Q1 24 | $-12.6M | $-13.2M |
| Q4 25 | 8.5% | 86.7% | ||
| Q3 25 | 11.6% | 83.5% | ||
| Q2 25 | 7.1% | 83.9% | ||
| Q1 25 | 17.0% | 83.7% | ||
| Q4 24 | 4.9% | 85.3% | ||
| Q3 24 | 19.4% | 86.3% | ||
| Q2 24 | 19.8% | 87.6% | ||
| Q1 24 | 20.2% | 85.0% |
| Q4 25 | -953.8% | -24.8% | ||
| Q3 25 | -44.1% | -77.9% | ||
| Q2 25 | -34.0% | -65.4% | ||
| Q1 25 | -27.1% | -79.9% | ||
| Q4 24 | -40.5% | -91.8% | ||
| Q3 24 | -20.5% | -118.9% | ||
| Q2 24 | -35.3% | -111.0% | ||
| Q1 24 | -16.1% | -180.8% |
| Q4 25 | -963.9% | -73.9% | ||
| Q3 25 | -55.8% | -93.5% | ||
| Q2 25 | -43.0% | -73.9% | ||
| Q1 25 | -35.5% | -113.2% | ||
| Q4 24 | -46.9% | -122.4% | ||
| Q3 24 | -29.9% | -32.6% | ||
| Q2 24 | -42.8% | -58.8% | ||
| Q1 24 | -23.3% | -204.5% |
| Q4 25 | $-52.09 | $-0.22 | ||
| Q3 25 | $-3.51 | $-0.96 | ||
| Q2 25 | $-3.63 | $-0.27 | ||
| Q1 25 | $-3.12 | $-0.39 | ||
| Q4 24 | $-3.80 | $-0.38 | ||
| Q3 24 | $-2.86 | $-0.12 | ||
| Q2 24 | $-5.10 | $-0.21 | ||
| Q1 24 | $-2.75 | $-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 | $6.3M | $20.4M |
| Total DebtLower is stronger | $50.0K | — |
| Stockholders' EquityBook value | $-63.3M | $-33.9M |
| Total Assets | $123.8M | $35.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.3M | $20.4M | ||
| Q3 25 | $10.7M | $22.7M | ||
| Q2 25 | $11.0M | $26.5M | ||
| Q1 25 | $13.7M | $13.0M | ||
| Q4 24 | $26.1M | $8.5M | ||
| Q3 24 | $24.4M | $11.3M | ||
| Q2 24 | $30.3M | $16.5M | ||
| Q1 24 | $24.2M | $4.0M |
| Q4 25 | $50.0K | — | ||
| Q3 25 | $111.7M | — | ||
| Q2 25 | $111.6M | — | ||
| Q1 25 | $110.0M | — | ||
| Q4 24 | $114.7M | — | ||
| Q3 24 | $114.8M | — | ||
| Q2 24 | $114.9M | — | ||
| Q1 24 | $115.4M | — |
| Q4 25 | $-63.3M | $-33.9M | ||
| Q3 25 | $178.3M | $-26.7M | ||
| Q2 25 | $195.0M | $-19.4M | ||
| Q1 25 | $209.9M | $-34.4M | ||
| Q4 24 | $223.7M | $-25.9M | ||
| Q3 24 | $243.0M | $-20.4M | ||
| Q2 24 | $255.0M | $-25.3M | ||
| Q1 24 | $278.0M | $-36.0M |
| Q4 25 | $123.8M | $35.3M | ||
| Q3 25 | $369.7M | $36.5M | ||
| Q2 25 | $389.9M | $41.3M | ||
| Q1 25 | $410.6M | $28.6M | ||
| Q4 24 | $426.1M | $24.0M | ||
| Q3 24 | $445.9M | $27.5M | ||
| Q2 24 | $463.4M | $32.4M | ||
| Q1 24 | $494.0M | $17.9M |
| Q4 25 | — | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.57× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.42× | — |
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 | $-4.0M | $-2.5M |
| Free Cash FlowOCF − Capex | $-4.3M | $-2.5M |
| FCF MarginFCF / Revenue | -17.1% | -19.1% |
| Capex IntensityCapex / Revenue | 1.3% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-15.1M | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.0M | $-2.5M | ||
| Q3 25 | $-37.0K | $-3.7M | ||
| Q2 25 | $1.7M | $-7.3M | ||
| Q1 25 | $-11.8M | $-4.5M | ||
| Q4 24 | $2.7M | $-5.7M | ||
| Q3 24 | $-4.5M | $-10.8M | ||
| Q2 24 | $3.8M | $-13.4M | ||
| Q1 24 | $-2.3M | $-10.9M |
| Q4 25 | $-4.3M | $-2.5M | ||
| Q3 25 | $-207.0K | $-3.9M | ||
| Q2 25 | $1.4M | $-7.4M | ||
| Q1 25 | $-12.0M | $-5.3M | ||
| Q4 24 | $2.4M | $-5.8M | ||
| Q3 24 | $-5.3M | $-11.0M | ||
| Q2 24 | $3.4M | $-13.5M | ||
| Q1 24 | $-3.7M | $-10.9M |
| Q4 25 | -17.1% | -19.1% | ||
| Q3 25 | -0.7% | -33.9% | ||
| Q2 25 | 3.7% | -66.1% | ||
| Q1 25 | -29.6% | -57.3% | ||
| Q4 24 | 6.4% | -69.7% | ||
| Q3 24 | -12.0% | -149.9% | ||
| Q2 24 | 6.2% | -183.1% | ||
| Q1 24 | -6.9% | -169.3% |
| Q4 25 | 1.3% | 0.3% | ||
| Q3 25 | 0.6% | 1.9% | ||
| Q2 25 | 0.7% | 0.8% | ||
| Q1 25 | 0.6% | 8.2% | ||
| Q4 24 | 0.7% | 0.6% | ||
| Q3 24 | 1.8% | 2.3% | ||
| Q2 24 | 0.7% | 0.8% | ||
| Q1 24 | 2.7% | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
