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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and OPAL Fuels Inc. (OPAL). Click either name above to swap in a different company.
OPAL Fuels Inc. is the larger business by last-quarter revenue ($88.4M vs $86.8M, roughly 1.0× IOVANCE BIOTHERAPEUTICS, INC.). On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 17.7%). OPAL Fuels Inc. produced more free cash flow last quarter ($-13.4M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 17.6%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
IOVA vs OPAL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $88.4M |
| Net Profit | — | $16.2M |
| Gross Margin | 67.4% | — |
| Operating Margin | -84.7% | 7.5% |
| Net Margin | — | 18.3% |
| Revenue YoY | 17.7% | 18.7% |
| Net Profit YoY | — | 401.5% |
| EPS (diluted) | — | $0.08 |
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 | $86.8M | $88.4M | ||
| Q3 25 | $67.5M | $77.9M | ||
| Q2 25 | $60.0M | $77.4M | ||
| Q1 25 | $49.3M | $83.0M | ||
| Q4 24 | $73.7M | $74.5M | ||
| Q3 24 | $58.6M | $82.6M | ||
| Q2 24 | $31.1M | $69.8M | ||
| Q1 24 | $715.0K | $64.0M |
| Q4 25 | — | $16.2M | ||
| Q3 25 | $-91.3M | $11.4M | ||
| Q2 25 | $-111.7M | $7.6M | ||
| Q1 25 | $-116.2M | $1.3M | ||
| Q4 24 | — | $-5.4M | ||
| Q3 24 | $-83.5M | $17.1M | ||
| Q2 24 | $-97.1M | $1.9M | ||
| Q1 24 | $-113.0M | $677.0K |
| 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 | -84.7% | 7.5% | ||
| Q3 25 | -140.7% | 4.6% | ||
| Q2 25 | -189.8% | -1.1% | ||
| Q1 25 | -245.8% | -2.3% | ||
| Q4 24 | -117.5% | -0.5% | ||
| Q3 24 | -152.1% | 14.9% | ||
| Q2 24 | -327.6% | 8.1% | ||
| Q1 24 | -16464.6% | 5.6% |
| Q4 25 | — | 18.3% | ||
| Q3 25 | -135.3% | 14.6% | ||
| Q2 25 | -186.2% | 9.8% | ||
| Q1 25 | -235.5% | 1.5% | ||
| Q4 24 | — | -7.2% | ||
| Q3 24 | -142.7% | 20.7% | ||
| Q2 24 | -312.2% | 2.7% | ||
| Q1 24 | -15800.8% | 1.1% |
| Q4 25 | — | $0.08 | ||
| Q3 25 | — | $0.05 | ||
| Q2 25 | $-0.33 | $0.03 | ||
| Q1 25 | $-0.36 | $-0.01 | ||
| Q4 24 | $-0.24 | $-0.05 | ||
| Q3 24 | $-0.28 | $0.09 | ||
| Q2 24 | $-0.34 | $-0.01 | ||
| Q1 24 | $-0.42 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $297.0M | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $698.6M | $-12.9M |
| Total Assets | $913.2M | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $24.4M | ||
| Q3 25 | $300.8M | $29.9M | ||
| Q2 25 | $301.2M | $29.3M | ||
| Q1 25 | $359.7M | $40.1M | ||
| Q4 24 | $323.8M | $24.3M | ||
| Q3 24 | $397.5M | $31.0M | ||
| Q2 24 | $412.5M | $27.6M | ||
| Q1 24 | $356.2M | $34.2M |
| Q4 25 | — | $361.3M | ||
| Q3 25 | — | $351.2M | ||
| Q2 25 | — | $331.6M | ||
| Q1 25 | — | $307.0M | ||
| Q4 24 | — | $307.5M | ||
| Q3 24 | — | $252.9M | ||
| Q2 24 | — | $233.3M | ||
| Q1 24 | — | $208.7M |
| Q4 25 | $698.6M | $-12.9M | ||
| Q3 25 | $702.3M | $7.5M | ||
| Q2 25 | $698.5M | $-25.0M | ||
| Q1 25 | $767.9M | $57.1M | ||
| Q4 24 | $710.4M | $-148.4M | ||
| Q3 24 | $773.5M | $-180.1M | ||
| Q2 24 | $768.5M | $-273.0M | ||
| Q1 24 | $680.0M | $-382.4M |
| Q4 25 | $913.2M | $959.5M | ||
| Q3 25 | $904.9M | $916.7M | ||
| Q2 25 | $907.4M | $905.5M | ||
| Q1 25 | $966.7M | $884.9M | ||
| Q4 24 | $910.4M | $881.1M | ||
| Q3 24 | $991.1M | $831.1M | ||
| Q2 24 | $964.3M | $782.3M | ||
| Q1 24 | $869.8M | $750.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 46.95× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 5.38× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-52.6M | $-3.5M |
| Free Cash FlowOCF − Capex | $-61.9M | $-13.4M |
| FCF MarginFCF / Revenue | -71.3% | -15.1% |
| Capex IntensityCapex / Revenue | 10.7% | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $-3.5M | ||
| Q3 25 | $-78.7M | $18.2M | ||
| Q2 25 | $-67.4M | $-7.9M | ||
| Q1 25 | $-103.7M | $29.7M | ||
| Q4 24 | $-73.3M | $-532.0K | ||
| Q3 24 | $-59.0M | $17.7M | ||
| Q2 24 | $-98.4M | $533.0K | ||
| Q1 24 | $-122.3M | $13.7M |
| Q4 25 | $-61.9M | $-13.4M | ||
| Q3 25 | $-89.5M | $-9.3M | ||
| Q2 25 | $-74.9M | $-29.7M | ||
| Q1 25 | $-109.9M | $18.1M | ||
| Q4 24 | $-77.5M | $-55.0M | ||
| Q3 24 | $-61.3M | $-5.4M | ||
| Q2 24 | $-98.9M | $-22.5M | ||
| Q1 24 | $-126.5M | $-13.0M |
| Q4 25 | -71.3% | -15.1% | ||
| Q3 25 | -132.7% | -11.9% | ||
| Q2 25 | -124.9% | -38.4% | ||
| Q1 25 | -222.8% | 21.8% | ||
| Q4 24 | -105.1% | -73.8% | ||
| Q3 24 | -104.6% | -6.5% | ||
| Q2 24 | -317.9% | -32.2% | ||
| Q1 24 | -17685.3% | -20.4% |
| Q4 25 | 10.7% | 11.1% | ||
| Q3 25 | 16.1% | 35.3% | ||
| Q2 25 | 12.4% | 28.2% | ||
| Q1 25 | 12.6% | 13.9% | ||
| Q4 24 | 5.7% | 73.1% | ||
| Q3 24 | 3.9% | 27.9% | ||
| Q2 24 | 1.4% | 32.9% | ||
| Q1 24 | 583.4% | 41.8% |
| Q4 25 | — | -0.22× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | -1.04× | ||
| Q1 25 | — | 23.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.03× | ||
| Q2 24 | — | 0.28× | ||
| Q1 24 | — | 20.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
