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Side-by-side financial comparison of INTELLIGENT PROTECTION MANAGEMENT CORP. (IPM) and QT IMAGING HOLDINGS, INC. (QTI). Click either name above to swap in a different company.
QT IMAGING HOLDINGS, INC. is the larger business by last-quarter revenue ($8.3M vs $6.1M, roughly 1.3× INTELLIGENT PROTECTION MANAGEMENT CORP.). On growth, INTELLIGENT PROTECTION MANAGEMENT CORP. posted the faster year-over-year revenue change (2091.6% vs 877.2%).
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.
QT Imaging Holdings, Inc. is a medical technology company that designs, manufactures and commercializes non-invasive medical imaging systems primarily for breast health diagnostics. It serves healthcare providers, clinics and medical institutions across key markets including North America, Europe and Asia-Pacific, focusing on improving the accuracy and accessibility of diagnostic imaging for patients.
IPM vs QTI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.1M | $8.3M |
| Net Profit | — | $-1.4M |
| Gross Margin | 53.1% | 38.0% |
| Operating Margin | -13.4% | -8.5% |
| Net Margin | — | -16.8% |
| Revenue YoY | 2091.6% | 877.2% |
| Net Profit YoY | — | 60.2% |
| EPS (diluted) | $-0.05 | $-1.00 |
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 | $8.3M | ||
| Q3 25 | $6.2M | $4.2M | ||
| Q2 25 | $5.7M | $3.7M | ||
| Q1 25 | $5.5M | $2.8M | ||
| Q2 24 | — | $1.7M | ||
| Q1 24 | — | $1.4M | ||
| Q4 23 | $-7.3M | — | ||
| Q3 23 | $2.8M | — |
| Q4 25 | — | $-1.4M | ||
| Q3 25 | $-1.1M | $-4.6M | ||
| Q2 25 | $-1.1M | $-4.0M | ||
| Q1 25 | $808.5K | $-11.1M | ||
| Q2 24 | — | $-1.2M | ||
| Q1 24 | — | $-628.6K | ||
| Q4 23 | — | — | ||
| Q3 23 | $-181.6K | — |
| Q4 25 | 53.1% | 38.0% | ||
| Q3 25 | 50.7% | 43.0% | ||
| Q2 25 | 50.1% | 49.9% | ||
| Q1 25 | 55.3% | 64.7% | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 55.8% | ||
| Q4 23 | — | — | ||
| Q3 23 | 70.1% | — |
| Q4 25 | -13.4% | -8.5% | ||
| Q3 25 | -23.0% | -39.4% | ||
| Q2 25 | -19.7% | -28.5% | ||
| Q1 25 | -24.2% | -37.2% | ||
| Q2 24 | — | -129.5% | ||
| Q1 24 | — | -409.5% | ||
| Q4 23 | — | — | ||
| Q3 23 | -14.1% | — |
| Q4 25 | — | -16.8% | ||
| Q3 25 | -17.4% | -108.7% | ||
| Q2 25 | -18.3% | -109.3% | ||
| Q1 25 | 14.7% | -397.9% | ||
| Q2 24 | — | -72.9% | ||
| Q1 24 | — | -46.1% | ||
| Q4 23 | — | — | ||
| Q3 23 | -6.6% | — |
| Q4 25 | $-0.05 | $-1.00 | ||
| Q3 25 | $-0.08 | $-0.47 | ||
| Q2 25 | $-0.08 | $-0.14 | ||
| Q1 25 | $0.06 | $-0.40 | ||
| Q2 24 | — | $-0.30 | ||
| Q1 24 | — | $-0.05 | ||
| Q4 23 | $-0.03 | — | ||
| Q3 23 | $-0.02 | — |
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 | $10.4M |
| Total DebtLower is stronger | — | $10.1M |
| Stockholders' EquityBook value | $18.2M | $6.4M |
| Total Assets | $26.0M | $23.0M |
| Debt / EquityLower = less leverage | — | 1.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $10.4M | ||
| Q3 25 | $7.3M | — | ||
| Q2 25 | $7.3M | — | ||
| Q1 25 | $9.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | $13.6M | — | ||
| Q3 23 | $13.7M | — |
| Q4 25 | — | $10.1M | ||
| Q3 25 | — | $15.1M | ||
| Q2 25 | — | $10.1M | ||
| Q1 25 | — | $10.2M | ||
| Q2 24 | — | $11.7M | ||
| Q1 24 | — | $11.7M | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
| Q4 25 | $18.2M | $6.4M | ||
| Q3 25 | $18.8M | $-9.1M | ||
| Q2 25 | $19.9M | $-324.3K | ||
| Q1 25 | $21.1M | $-20.2M | ||
| Q2 24 | — | $-6.2M | ||
| Q1 24 | — | $-4.9M | ||
| Q4 23 | $20.1M | — | ||
| Q3 23 | $20.4M | — |
| Q4 25 | $26.0M | $23.0M | ||
| Q3 25 | $27.2M | $12.1M | ||
| Q2 25 | $29.8M | $11.6M | ||
| Q1 25 | $31.1M | $10.9M | ||
| Q2 24 | — | $10.8M | ||
| Q1 24 | — | $12.9M | ||
| Q4 23 | $23.9M | — | ||
| Q3 23 | $24.1M | — |
| Q4 25 | — | 1.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 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 | $87.6K | $-3.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $87.6K | $-3.1M | ||
| Q3 25 | $133.0K | $-878.8K | ||
| Q2 25 | $-888.7K | $-1.4M | ||
| Q1 25 | $1.7M | $-3.5M | ||
| Q2 24 | — | $-979.6K | ||
| Q1 24 | — | $-6.0M | ||
| Q4 23 | $-99.0K | — | ||
| Q3 23 | $16.1K | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.0% | 0.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.16× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
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% |
QTI
Segment breakdown not available.
