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Side-by-side financial comparison of Innventure, Inc. (INV) and TMC the metals Co Inc. (TMC). Click either name above to swap in a different company.
TMC the metals Co Inc. is the larger business by last-quarter revenue ($1.3M vs $822.0K, roughly 1.6× Innventure, Inc.). TMC the metals Co Inc. runs the higher net margin — -3136.5% vs -4593.8%, a 1457.3% gap on every dollar of revenue. TMC the metals Co Inc. produced more free cash flow last quarter ($-11.5M vs $-82.1M).
Innventure, Inc. is a business development and commercialization firm that partners with large global corporations to turn their underutilized intellectual property and unused R&D innovations into scalable, high-growth independent businesses. It focuses on sectors including sustainability, advanced materials and life sciences, serving primarily North American and European markets.
The Metals Company, formerly DeepGreen Metals, is a Canadian deep sea mining exploration company. The company focuses on the mining of polymetallic nodules in the Clarion Clipperton Zone of the Pacific.
INV vs TMC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $822.0K | $1.3M |
| Net Profit | $-37.8M | $-40.4M |
| Gross Margin | -1315.8% | — |
| Operating Margin | -3859.1% | -3470.9% |
| Net Margin | -4593.8% | -3136.5% |
| Revenue YoY | — | 2425.5% |
| Net Profit YoY | — | -151.5% |
| EPS (diluted) | $-0.18 | $0.11 |
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 | $822.0K | $1.3M | ||
| Q3 25 | $534.0K | $1.3M | ||
| Q2 25 | $476.0K | — | ||
| Q1 25 | $224.0K | — | ||
| Q3 24 | $317.0K | — | ||
| Q4 23 | — | $205.0K | ||
| Q3 23 | — | $319.0K | ||
| Q1 23 | — | $454.0K |
| Q4 25 | $-37.8M | $-40.4M | ||
| Q3 25 | $-28.3M | $-184.5M | ||
| Q2 25 | $-84.2M | — | ||
| Q1 25 | $-143.0M | — | ||
| Q3 24 | $-2.2M | — | ||
| Q4 23 | — | $-33.5M | ||
| Q3 23 | — | $-12.5M | ||
| Q1 23 | — | $-13.7M |
| Q4 25 | -1315.8% | — | ||
| Q3 25 | -676.6% | — | ||
| Q2 25 | -501.1% | — | ||
| Q1 25 | 17.9% | — | ||
| Q3 24 | -145.1% | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q1 23 | — | — |
| Q4 25 | -3859.1% | -3470.9% | ||
| Q3 25 | -5469.1% | -4134.4% | ||
| Q2 25 | -29952.5% | — | ||
| Q1 25 | -116606.3% | — | ||
| Q3 24 | -4313.6% | — | ||
| Q4 23 | — | -16223.9% | ||
| Q3 23 | — | -3924.1% | ||
| Q1 23 | — | -2947.8% |
| Q4 25 | -4593.8% | -3136.5% | ||
| Q3 25 | -5305.6% | -13780.2% | ||
| Q2 25 | -17694.7% | — | ||
| Q1 25 | -63837.9% | — | ||
| Q3 24 | -697.5% | — | ||
| Q4 23 | — | -16321.5% | ||
| Q3 23 | — | -3908.2% | ||
| Q1 23 | — | -3028.2% |
| Q4 25 | $-0.18 | $0.11 | ||
| Q3 25 | $-0.51 | $0.46 | ||
| Q2 25 | $-1.60 | — | ||
| Q1 25 | $-3.10 | — | ||
| Q3 24 | $-0.94 | — | ||
| Q4 23 | — | $0.12 | ||
| Q3 23 | — | $0.04 | ||
| Q1 23 | — | $0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $60.4M | $117.6M |
| Total DebtLower is stronger | $8.3M | — |
| Stockholders' EquityBook value | $204.2M | $-33.4M |
| Total Assets | $599.2M | $181.6M |
| Debt / EquityLower = less leverage | 0.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.4M | $117.6M | ||
| Q3 25 | $9.1M | $115.6M | ||
| Q2 25 | $7.0M | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | $6.8M | ||
| Q3 23 | — | $22.5M | ||
| Q1 23 | — | $28.4M |
| Q4 25 | $8.3M | — | ||
| Q3 25 | $29.5M | — | ||
| Q2 25 | $16.8M | — | ||
| Q1 25 | $12.3M | — | ||
| Q3 24 | $14.9M | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q1 23 | — | — |
| Q4 25 | $204.2M | $-33.4M | ||
| Q3 25 | $190.8M | $-40.6M | ||
| Q2 25 | $218.6M | — | ||
| Q1 25 | $261.5M | — | ||
| Q3 24 | $-22.3M | — | ||
| Q4 23 | — | $10.9M | ||
| Q3 23 | — | $41.6M | ||
| Q1 23 | — | $41.8M |
| Q4 25 | $599.2M | $181.6M | ||
| Q3 25 | $556.5M | $175.6M | ||
| Q2 25 | $556.0M | — | ||
| Q1 25 | $660.4M | — | ||
| Q3 24 | $55.7M | — | ||
| Q4 23 | — | $68.9M | ||
| Q3 23 | — | $87.8M | ||
| Q1 23 | — | $85.5M |
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.08× | — | ||
| Q1 25 | 0.05× | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q1 23 | — | — |
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 | $-80.7M | $-11.4M |
| Free Cash FlowOCF − Capex | $-82.1M | $-11.5M |
| FCF MarginFCF / Revenue | -9987.8% | -889.8% |
| Capex IntensityCapex / Revenue | 172.4% | 8.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-139.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-80.7M | $-11.4M | ||
| Q3 25 | $-19.6M | $-11.5M | ||
| Q2 25 | $-22.1M | — | ||
| Q1 25 | $-14.7M | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | $-15.2M | ||
| Q3 23 | — | $-12.5M | ||
| Q1 23 | — | $-23.5M |
| Q4 25 | $-82.1M | $-11.5M | ||
| Q3 25 | $-20.0M | $-11.5M | ||
| Q2 25 | $-22.1M | — | ||
| Q1 25 | $-15.6M | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | $-12.6M | ||
| Q1 23 | — | — |
| Q4 25 | -9987.8% | -889.8% | ||
| Q3 25 | -3747.8% | -859.4% | ||
| Q2 25 | -4637.2% | — | ||
| Q1 25 | -6970.1% | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | -3951.4% | ||
| Q1 23 | — | — |
| Q4 25 | 172.4% | 8.2% | ||
| Q3 25 | 82.2% | 1.5% | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 409.4% | — | ||
| Q3 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | 31.3% | ||
| Q1 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
