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Side-by-side financial comparison of INTELLIGENT PROTECTION MANAGEMENT CORP. (IPM) and Spectral AI, Inc. (MDAI). Click either name above to swap in a different company.
INTELLIGENT PROTECTION MANAGEMENT CORP. is the larger business by last-quarter revenue ($6.1M vs $4.1M, roughly 1.5× Spectral AI, Inc.). On growth, INTELLIGENT PROTECTION MANAGEMENT CORP. posted the faster year-over-year revenue change (2091.6% vs -46.3%). Over the past eight quarters, INTELLIGENT PROTECTION MANAGEMENT CORP.'s revenue compounded faster (54.7% CAGR vs -19.6%).
Intelligent Limited is a Holding Company and Parent company headquartered in Gloucestershire, United Kingdom and was incorporated on 21 May 2008. Intelligent Limited provides a group management structure for four companies and was born out of the operations of International Intelligence Limited, a company specialising in Intelligence, Counter Espionage and TSCM sweeping.
Spectral AI, Inc. is a medical technology firm specializing in AI-powered diagnostic imaging solutions primarily for burn and wound care. It develops non-invasive imaging tools that enable healthcare providers to deliver faster, more accurate treatment assessments, serving clinical and healthcare partner networks across North America and European markets.
IPM vs MDAI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.1M | $4.1M |
| Net Profit | — | $1.1M |
| Gross Margin | 53.1% | 45.2% |
| Operating Margin | -13.4% | -54.9% |
| Net Margin | — | 25.7% |
| Revenue YoY | 2091.6% | -46.3% |
| Net Profit YoY | — | 113.9% |
| EPS (diluted) | $-0.05 | $0.04 |
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 | $6.1M | $4.1M | ||
| Q3 25 | $6.2M | $3.8M | ||
| Q2 25 | $5.7M | $5.1M | ||
| Q1 25 | $5.5M | $6.7M | ||
| Q4 24 | — | $7.6M | ||
| Q3 24 | — | $8.2M | ||
| Q2 24 | — | $7.5M | ||
| Q1 24 | — | $6.3M |
| Q4 25 | — | $1.1M | ||
| Q3 25 | $-1.1M | $-3.6M | ||
| Q2 25 | $-1.1M | $-8.0M | ||
| Q1 25 | $808.5K | $2.9M | ||
| Q4 24 | — | $-7.6M | ||
| Q3 24 | — | $-1.5M | ||
| Q2 24 | — | $-2.9M | ||
| Q1 24 | — | $-3.2M |
| Q4 25 | 53.1% | 45.2% | ||
| Q3 25 | 50.7% | 42.7% | ||
| Q2 25 | 50.1% | 45.2% | ||
| Q1 25 | 55.3% | 47.2% | ||
| Q4 24 | — | 44.0% | ||
| Q3 24 | — | 44.9% | ||
| Q2 24 | — | 44.3% | ||
| Q1 24 | — | 46.6% |
| Q4 25 | -13.4% | -54.9% | ||
| Q3 25 | -23.0% | -88.1% | ||
| Q2 25 | -19.7% | -41.9% | ||
| Q1 25 | -24.2% | -13.4% | ||
| Q4 24 | — | -14.6% | ||
| Q3 24 | — | -10.8% | ||
| Q2 24 | — | -32.7% | ||
| Q1 24 | — | -33.9% |
| Q4 25 | — | 25.7% | ||
| Q3 25 | -17.4% | -93.7% | ||
| Q2 25 | -18.3% | -157.3% | ||
| Q1 25 | 14.7% | 43.2% | ||
| Q4 24 | — | -99.8% | ||
| Q3 24 | — | -18.4% | ||
| Q2 24 | — | -38.3% | ||
| Q1 24 | — | -50.7% |
| Q4 25 | $-0.05 | $0.04 | ||
| Q3 25 | $-0.08 | $-0.13 | ||
| Q2 25 | $-0.08 | $-0.31 | ||
| Q1 25 | $0.06 | $0.11 | ||
| Q4 24 | — | $-0.42 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.16 | ||
| Q1 24 | — | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.6M | $15.4M |
| Total DebtLower is stronger | — | $9.3M |
| Stockholders' EquityBook value | $18.2M | $-5.7M |
| Total Assets | $26.0M | $21.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $15.4M | ||
| Q3 25 | $7.3M | $10.5M | ||
| Q2 25 | $7.3M | $10.5M | ||
| Q1 25 | $9.7M | $14.1M | ||
| Q4 24 | — | $5.2M | ||
| Q3 24 | — | $3.7M | ||
| Q2 24 | — | $6.9M | ||
| Q1 24 | — | $10.2M |
| Q4 25 | — | $9.3M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $7.8M | ||
| Q4 24 | — | $2.8M | ||
| Q3 24 | — | $1.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $18.2M | $-5.7M | ||
| Q3 25 | $18.8M | $-8.2M | ||
| Q2 25 | $19.9M | $-9.2M | ||
| Q1 25 | $21.1M | $-1.6M | ||
| Q4 24 | — | $-7.3M | ||
| Q3 24 | — | $-4.8M | ||
| Q2 24 | — | $-4.7M | ||
| Q1 24 | — | $-2.5M |
| Q4 25 | $26.0M | $21.4M | ||
| Q3 25 | $27.2M | $15.3M | ||
| Q2 25 | $29.8M | $16.0M | ||
| Q1 25 | $31.1M | $20.7M | ||
| Q4 24 | — | $12.1M | ||
| Q3 24 | — | $11.6M | ||
| Q2 24 | — | $13.9M | ||
| Q1 24 | — | $15.5M |
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 | $87.6K | $-2.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -2.43× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6K | $-2.6M | ||
| Q3 25 | $133.0K | $-2.5M | ||
| Q2 25 | $-888.7K | $-3.4M | ||
| Q1 25 | $1.7M | $-1.5M | ||
| Q4 24 | — | $469.0K | ||
| Q3 24 | — | $-1.6M | ||
| Q2 24 | — | $-5.4M | ||
| Q1 24 | — | $-2.7M |
| Q4 25 | — | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -2.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.16× | -0.52× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IPM
| Procurement Revenue | $5.4M | 88% |
| Other | $743.9K | 12% |
MDAI
Segment breakdown not available.
