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Side-by-side financial comparison of IOVANCE BIOTHERAPEUTICS, INC. (IOVA) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $86.8M, roughly 1.7× IOVANCE BIOTHERAPEUTICS, INC.). On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs 17.7%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% CAGR vs 27.8%).
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
IOVA vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $86.8M | $148.3M |
| Net Profit | — | $8.1M |
| Gross Margin | 67.4% | 31.6% |
| Operating Margin | -84.7% | 11.7% |
| Net Margin | — | 5.5% |
| Revenue YoY | 17.7% | 38.6% |
| Net Profit YoY | — | 3.9% |
| EPS (diluted) | — | $0.05 |
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 | $148.3M | ||
| Q3 25 | $67.5M | $135.8M | ||
| Q2 25 | $60.0M | $110.8M | ||
| Q1 25 | $49.3M | $80.4M | ||
| Q4 24 | $73.7M | $107.0M | ||
| Q3 24 | $58.6M | $102.2M | ||
| Q2 24 | $31.1M | $99.2M | ||
| Q1 24 | $715.0K | $90.8M |
| Q4 25 | — | $8.1M | ||
| Q3 25 | $-91.3M | $11.9M | ||
| Q2 25 | $-111.7M | $13.9M | ||
| Q1 25 | $-116.2M | $-282.0K | ||
| Q4 24 | — | $7.8M | ||
| Q3 24 | $-83.5M | $-267.0K | ||
| Q2 24 | $-97.1M | $11.8M | ||
| Q1 24 | $-113.0M | $4.8M |
| Q4 25 | 67.4% | 31.6% | ||
| Q3 25 | 43.0% | 37.0% | ||
| Q2 25 | 5.5% | 37.2% | ||
| Q1 25 | -0.8% | 35.0% | ||
| Q4 24 | 68.7% | 37.6% | ||
| Q3 24 | 46.2% | 24.8% | ||
| Q2 24 | -0.8% | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | -84.7% | 11.7% | ||
| Q3 25 | -140.7% | 13.7% | ||
| Q2 25 | -189.8% | 14.4% | ||
| Q1 25 | -245.8% | 5.4% | ||
| Q4 24 | -117.5% | 15.4% | ||
| Q3 24 | -152.1% | 4.4% | ||
| Q2 24 | -327.6% | 18.7% | ||
| Q1 24 | -16464.6% | 12.8% |
| Q4 25 | — | 5.5% | ||
| Q3 25 | -135.3% | 8.7% | ||
| Q2 25 | -186.2% | 12.5% | ||
| Q1 25 | -235.5% | -0.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | -142.7% | -0.3% | ||
| Q2 24 | -312.2% | 11.9% | ||
| Q1 24 | -15800.8% | 5.3% |
| Q4 25 | — | $0.05 | ||
| Q3 25 | — | $0.07 | ||
| Q2 25 | $-0.33 | $0.08 | ||
| Q1 25 | $-0.36 | $0.00 | ||
| Q4 24 | $-0.24 | $0.04 | ||
| Q3 24 | $-0.28 | $0.00 | ||
| Q2 24 | $-0.34 | $0.07 | ||
| Q1 24 | $-0.42 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $698.6M | $600.0M |
| Total Assets | $913.2M | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $297.0M | $7.3M | ||
| Q3 25 | $300.8M | $8.6M | ||
| Q2 25 | $301.2M | $4.7M | ||
| Q1 25 | $359.7M | $35.6M | ||
| Q4 24 | $323.8M | $23.5M | ||
| Q3 24 | $397.5M | $11.1M | ||
| Q2 24 | $412.5M | $3.2M | ||
| Q1 24 | $356.2M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $698.6M | $600.0M | ||
| Q3 25 | $702.3M | $589.6M | ||
| Q2 25 | $698.5M | $575.4M | ||
| Q1 25 | $767.9M | $558.9M | ||
| Q4 24 | $710.4M | $556.8M | ||
| Q3 24 | $773.5M | $545.2M | ||
| Q2 24 | $768.5M | $544.6M | ||
| Q1 24 | $680.0M | $554.0M |
| Q4 25 | $913.2M | $904.1M | ||
| Q3 25 | $904.9M | $851.8M | ||
| Q2 25 | $907.4M | $795.0M | ||
| Q1 25 | $966.7M | $788.4M | ||
| Q4 24 | $910.4M | $793.1M | ||
| Q3 24 | $991.1M | $801.3M | ||
| Q2 24 | $964.3M | $788.4M | ||
| Q1 24 | $869.8M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-61.9M | $-11.3M |
| FCF MarginFCF / Revenue | -71.3% | -7.6% |
| Capex IntensityCapex / Revenue | 10.7% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-336.2M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-52.6M | $-4.1M | ||
| Q3 25 | $-78.7M | $19.4M | ||
| Q2 25 | $-67.4M | $-13.8M | ||
| Q1 25 | $-103.7M | $15.6M | ||
| Q4 24 | $-73.3M | $14.0M | ||
| Q3 24 | $-59.0M | $15.7M | ||
| Q2 24 | $-98.4M | $37.8M | ||
| Q1 24 | $-122.3M | $12.9M |
| Q4 25 | $-61.9M | $-11.3M | ||
| Q3 25 | $-89.5M | $9.0M | ||
| Q2 25 | $-74.9M | $-26.0M | ||
| Q1 25 | $-109.9M | $12.3M | ||
| Q4 24 | $-77.5M | $12.5M | ||
| Q3 24 | $-61.3M | $13.3M | ||
| Q2 24 | $-98.9M | $35.8M | ||
| Q1 24 | $-126.5M | $10.4M |
| Q4 25 | -71.3% | -7.6% | ||
| Q3 25 | -132.7% | 6.6% | ||
| Q2 25 | -124.9% | -23.5% | ||
| Q1 25 | -222.8% | 15.4% | ||
| Q4 24 | -105.1% | 11.6% | ||
| Q3 24 | -104.6% | 13.0% | ||
| Q2 24 | -317.9% | 36.1% | ||
| Q1 24 | -17685.3% | 11.4% |
| Q4 25 | 10.7% | 4.8% | ||
| Q3 25 | 16.1% | 7.7% | ||
| Q2 25 | 12.4% | 11.0% | ||
| Q1 25 | 12.6% | 4.0% | ||
| Q4 24 | 5.7% | 1.4% | ||
| Q3 24 | 3.9% | 2.3% | ||
| Q2 24 | 1.4% | 2.0% | ||
| Q1 24 | 583.4% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
