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Side-by-side financial comparison of IT TECH PACKAGING, INC. (ITP) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $25.6M, roughly 1.1× IT TECH PACKAGING, INC.). IT TECH PACKAGING, INC. runs the higher net margin — -5.7% vs -147.1%, a 141.5% gap on every dollar of revenue. On growth, IT TECH PACKAGING, INC. posted the faster year-over-year revenue change (2.1% vs -67.6%).
IT TECH PACKAGING, INC. is a paper manufacturing enterprise primarily operating in China. It produces and distributes a diverse portfolio of paper products including corrugated packaging paper, boxboard, and printing-use cultural paper, serving sectors such as consumer goods packaging, logistics, and commercial printing across its core market.
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.
ITP vs SPRY — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $25.6M | $28.1M |
| Net Profit | $-1.4M | $-41.3M |
| Gross Margin | 7.9% | — |
| Operating Margin | -3.9% | -147.6% |
| Net Margin | -5.7% | -147.1% |
| Revenue YoY | 2.1% | -67.6% |
| Net Profit YoY | 26.6% | -182.8% |
| EPS (diluted) | $-0.11 | $-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 | $25.6M | $32.5M | ||
| Q2 25 | $24.8M | $15.7M | ||
| Q1 25 | $10.9M | $8.0M | ||
| Q4 24 | $17.6M | $86.6M | ||
| Q3 24 | $25.1M | $2.1M | ||
| Q2 24 | $26.2M | $500.0K | ||
| Q1 24 | $6.9M | $0 |
| Q4 25 | — | $-41.3M | ||
| Q3 25 | $-1.4M | $-51.2M | ||
| Q2 25 | $-2.0M | $-44.9M | ||
| Q1 25 | $-3.5M | $-33.9M | ||
| Q4 24 | $-4.0M | $49.9M | ||
| Q3 24 | $-2.0M | $-19.1M | ||
| Q2 24 | $-77.7K | $-12.5M | ||
| Q1 24 | $-3.7M | $-10.3M |
| Q4 25 | — | — | ||
| Q3 25 | 7.9% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 6.3% | — | ||
| Q3 24 | 7.6% | — | ||
| Q2 24 | 12.4% | — | ||
| Q1 24 | 5.8% | — |
| Q4 25 | — | -147.6% | ||
| Q3 25 | -3.9% | -163.7% | ||
| Q2 25 | -7.1% | -302.9% | ||
| Q1 25 | -31.0% | -466.3% | ||
| Q4 24 | -21.5% | 54.5% | ||
| Q3 24 | -5.8% | -1051.6% | ||
| Q2 24 | 2.1% | -3068.0% | ||
| Q1 24 | -51.0% | — |
| Q4 25 | — | -147.1% | ||
| Q3 25 | -5.7% | -157.4% | ||
| Q2 25 | -7.9% | -285.6% | ||
| Q1 25 | -32.2% | -425.7% | ||
| Q4 24 | -22.9% | 57.7% | ||
| Q3 24 | -7.9% | -925.0% | ||
| Q2 24 | -0.3% | -2503.2% | ||
| Q1 24 | -54.6% | — |
| Q4 25 | — | $-0.41 | ||
| Q3 25 | $-0.11 | $-0.52 | ||
| Q2 25 | $-0.16 | $-0.46 | ||
| Q1 25 | $-0.35 | $-0.35 | ||
| Q4 24 | $-0.40 | $0.52 | ||
| Q3 24 | $-0.20 | $-0.20 | ||
| Q2 24 | $-0.01 | $-0.13 | ||
| Q1 24 | $-0.37 | $-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 | — | $245.0M |
| Total DebtLower is stronger | $4.7M | $96.4M |
| Stockholders' EquityBook value | $152.0M | $114.3M |
| Total Assets | $175.7M | $327.7M |
| Debt / EquityLower = less leverage | 0.03× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $245.0M | ||
| Q3 25 | — | $288.2M | ||
| Q2 25 | — | $240.1M | ||
| Q1 25 | — | $275.7M | ||
| Q4 24 | — | $314.0M | ||
| Q3 24 | — | $204.6M | ||
| Q2 24 | — | $218.7M | ||
| Q1 24 | — | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | $4.7M | $96.2M | ||
| Q2 25 | $4.7M | — | ||
| Q1 25 | $4.7M | — | ||
| Q4 24 | $4.7M | $0 | ||
| Q3 24 | $8.9M | — | ||
| Q2 24 | $11.3M | — | ||
| Q1 24 | $11.4M | — |
| Q4 25 | — | $114.3M | ||
| Q3 25 | $152.0M | $147.7M | ||
| Q2 25 | $152.3M | $192.3M | ||
| Q1 25 | $152.8M | $229.0M | ||
| Q4 24 | $156.1M | $256.8M | ||
| Q3 24 | $164.3M | $201.0M | ||
| Q2 24 | $163.5M | $215.2M | ||
| Q1 24 | $164.3M | $223.9M |
| Q4 25 | — | $327.7M | ||
| Q3 25 | $175.7M | $372.8M | ||
| Q2 25 | $175.2M | $313.5M | ||
| Q1 25 | $175.2M | $327.3M | ||
| Q4 24 | $177.5M | $351.2M | ||
| Q3 24 | $190.0M | $217.6M | ||
| Q2 24 | $191.4M | $222.0M | ||
| Q1 24 | $177.5M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | 0.03× | 0.65× | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.03× | — | ||
| Q4 24 | 0.03× | 0.00× | ||
| Q3 24 | 0.05× | — | ||
| Q2 24 | 0.07× | — | ||
| Q1 24 | 0.07× | — |
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 | $1.5M | $-43.5M |
| Free Cash FlowOCF − Capex | $1.5M | — |
| FCF MarginFCF / Revenue | 5.9% | — |
| Capex IntensityCapex / Revenue | 0.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $3.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-43.5M | ||
| Q3 25 | $1.5M | $-47.0M | ||
| Q2 25 | $1.4M | $-39.6M | ||
| Q1 25 | $-2.5M | $-40.7M | ||
| Q4 24 | $3.5M | $42.0M | ||
| Q3 24 | $1.5M | $-14.5M | ||
| Q2 24 | $721.9K | $-7.3M | ||
| Q1 24 | $624.4K | $-6.7M |
| Q4 25 | — | — | ||
| Q3 25 | $1.5M | $-47.2M | ||
| Q2 25 | $1.3M | $-39.6M | ||
| Q1 25 | $-2.5M | $-40.8M | ||
| Q4 24 | $3.5M | $41.7M | ||
| Q3 24 | $1.2M | $-14.6M | ||
| Q2 24 | $668.3K | $-7.3M | ||
| Q1 24 | $615.4K | $-6.8M |
| Q4 25 | — | — | ||
| Q3 25 | 5.9% | -145.4% | ||
| Q2 25 | 5.4% | -252.2% | ||
| Q1 25 | -22.8% | -512.1% | ||
| Q4 24 | 19.6% | 48.2% | ||
| Q3 24 | 4.9% | -706.3% | ||
| Q2 24 | 2.5% | -1463.4% | ||
| Q1 24 | 9.0% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | 0.0% | 0.6% | ||
| Q2 25 | 0.1% | 0.3% | ||
| Q1 25 | 0.1% | 1.1% | ||
| Q4 24 | 0.1% | 0.3% | ||
| Q3 24 | 1.0% | 6.8% | ||
| Q2 24 | 0.2% | 7.6% | ||
| Q1 24 | 0.1% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ITP
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
