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Side-by-side financial comparison of Inspirato Inc (ISPO) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
Inspirato Inc is the larger business by last-quarter revenue ($55.5M vs $28.1M, roughly 2.0× ARS Pharmaceuticals, Inc.). Inspirato Inc runs the higher net margin — -8.1% vs -147.1%, a 139.0% gap on every dollar of revenue. On growth, Inspirato Inc posted the faster year-over-year revenue change (-19.6% vs -67.6%).
Inspirato Inc is a luxury travel and hospitality subscription service provider catering primarily to high-net-worth consumers across North America. It offers curated premium villa rentals, exclusive resort access, customized trip planning, and corporate travel incentive solutions for enterprise clients.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
ISPO vs SPRY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $55.5M | $28.1M |
| Net Profit | $-4.5M | $-41.3M |
| Gross Margin | 31.4% | — |
| Operating Margin | -8.0% | -147.6% |
| Net Margin | -8.1% | -147.1% |
| Revenue YoY | -19.6% | -67.6% |
| Net Profit YoY | -204.4% | -182.8% |
| EPS (diluted) | $-0.36 | $-0.41 |
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 | — | $28.1M | ||
| Q3 25 | $55.5M | $32.5M | ||
| Q2 25 | $63.1M | $15.7M | ||
| Q1 25 | $65.9M | $8.0M | ||
| Q4 24 | $63.1M | $86.6M | ||
| Q3 24 | $69.1M | $2.1M | ||
| Q2 24 | $67.4M | $500.0K | ||
| Q1 24 | $80.2M | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | $-4.5M | $-51.2M | ||
| Q2 25 | $-5.3M | $-44.9M | ||
| Q1 25 | $1.6M | $-33.9M | ||
| Q4 24 | $-2.3M | $49.9M | ||
| Q3 24 | $4.3M | $-19.1M | ||
| Q2 24 | $-8.7M | $-12.5M | ||
| Q1 24 | $1.3M | $-10.3M |
| Q4 25 | — | — | ||
| Q3 25 | 31.4% | — | ||
| Q2 25 | 27.5% | — | ||
| Q1 25 | 38.8% | — | ||
| Q4 24 | 34.7% | — | ||
| Q3 24 | 71.5% | — | ||
| Q2 24 | 24.0% | — | ||
| Q1 24 | 39.5% | — |
| Q4 25 | — | -147.6% | ||
| Q3 25 | -8.0% | -163.7% | ||
| Q2 25 | -8.3% | -302.9% | ||
| Q1 25 | 2.5% | -466.3% | ||
| Q4 24 | -3.2% | 54.5% | ||
| Q3 24 | 9.8% | -1051.6% | ||
| Q2 24 | -22.8% | -3068.0% | ||
| Q1 24 | 3.0% | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | -8.1% | -157.4% | ||
| Q2 25 | -8.4% | -285.6% | ||
| Q1 25 | 2.5% | -425.7% | ||
| Q4 24 | -3.6% | 57.7% | ||
| Q3 24 | 6.3% | -925.0% | ||
| Q2 24 | -12.9% | -2503.2% | ||
| Q1 24 | 1.6% | — |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | $-0.36 | $-0.52 | ||
| Q2 25 | $-0.42 | $-0.46 | ||
| Q1 25 | $0.12 | $-0.35 | ||
| Q4 24 | $0.98 | $0.52 | ||
| Q3 24 | $0.62 | $-0.20 | ||
| Q2 24 | $-2.33 | $-0.13 | ||
| Q1 24 | $-0.18 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $13.7M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $-134.0M | $114.3M |
| Total Assets | $228.3M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $245.0M | ||
| Q3 25 | $13.7M | $288.2M | ||
| Q2 25 | $16.7M | $240.1M | ||
| Q1 25 | $16.4M | $275.7M | ||
| Q4 24 | $21.8M | $314.0M | ||
| Q3 24 | $13.5M | $204.6M | ||
| Q2 24 | $18.8M | $218.7M | ||
| Q1 24 | $22.6M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $114.3M | ||
| Q3 25 | $-134.0M | $147.7M | ||
| Q2 25 | $-129.7M | $192.3M | ||
| Q1 25 | $-125.2M | $229.0M | ||
| Q4 24 | $-129.9M | $256.8M | ||
| Q3 24 | $-134.6M | $201.0M | ||
| Q2 24 | $-35.2M | $215.2M | ||
| Q1 24 | $-27.5M | $223.9M |
| Q4 25 | — | $327.7M | ||
| Q3 25 | $228.3M | $372.8M | ||
| Q2 25 | $252.6M | $313.5M | ||
| Q1 25 | $270.1M | $327.3M | ||
| Q4 24 | $273.9M | $351.2M | ||
| Q3 24 | $273.3M | $217.6M | ||
| Q2 24 | $301.7M | $222.0M | ||
| Q1 24 | $313.0M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| 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 | $-2.2M | $-43.5M |
| Free Cash FlowOCF − Capex | $-3.0M | — |
| FCF MarginFCF / Revenue | -5.4% | — |
| Capex IntensityCapex / Revenue | 1.4% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-31.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-43.5M | ||
| Q3 25 | $-2.2M | $-47.0M | ||
| Q2 25 | $1.1M | $-39.6M | ||
| Q1 25 | $-6.6M | $-40.7M | ||
| Q4 24 | $-15.8M | $42.0M | ||
| Q3 24 | $-13.7M | $-14.5M | ||
| Q2 24 | $-1.8M | $-7.3M | ||
| Q1 24 | $-7.2M | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | $-3.0M | $-47.2M | ||
| Q2 25 | $468.0K | $-39.6M | ||
| Q1 25 | $-7.5M | $-40.8M | ||
| Q4 24 | $-21.2M | $41.7M | ||
| Q3 24 | $-14.8M | $-14.6M | ||
| Q2 24 | $-3.7M | $-7.3M | ||
| Q1 24 | $-8.5M | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | -5.4% | -145.4% | ||
| Q2 25 | 0.7% | -252.2% | ||
| Q1 25 | -11.4% | -512.1% | ||
| Q4 24 | -33.7% | 48.2% | ||
| Q3 24 | -21.5% | -706.3% | ||
| Q2 24 | -5.5% | -1463.4% | ||
| Q1 24 | -10.6% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | 1.4% | 0.6% | ||
| Q2 25 | 1.0% | 0.3% | ||
| Q1 25 | 1.3% | 1.1% | ||
| Q4 24 | 8.7% | 0.3% | ||
| Q3 24 | 1.6% | 6.8% | ||
| Q2 24 | 2.8% | 7.6% | ||
| Q1 24 | 1.6% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -4.09× | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | -3.16× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -5.70× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ISPO
| Residence And Hotel Travel | $25.9M | 47% |
| Subscription | $19.4M | 35% |
| Experiences And Bespoke Travel | $8.0M | 14% |
| Rewards And Other Revenue | $2.3M | 4% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
