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Side-by-side financial comparison of KalVista Pharmaceuticals, Inc. (KALV) and NaaS Technology Inc. (NAAS). Click either name above to swap in a different company.
NaaS Technology Inc. is the larger business by last-quarter revenue ($25.9M vs $13.7M, roughly 1.9× KalVista Pharmaceuticals, Inc.). NaaS Technology Inc. runs the higher net margin — -193.3% vs -361.4%, a 168.1% gap on every dollar of revenue.
KalVista Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the research, development and commercialization of novel oral serine protease inhibitor therapies. Its core pipeline addresses unmet medical needs for rare and inflammatory diseases including hereditary angioedema and diabetic macular edema, with primary target markets in North America and Europe.
NaaS Technology Inc. is a leading electric vehicle energy service provider based in China. It delivers one-stop solutions covering charging network operation, software and hardware support for charging station operators, and value-added services such as charging location search and payment for EV owners, serving both enterprise and individual customers across domestic and select overseas markets.
KALV vs NAAS — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2024
| Metric | | |
|---|---|---|
| Revenue | $13.7M | $25.9M |
| Net Profit | $-49.5M | $-50.0M |
| Gross Margin | 91.0% | 29.2% |
| Operating Margin | -336.3% | -144.2% |
| Net Margin | -361.4% | -193.3% |
| Revenue YoY | — | 121.2% |
| Net Profit YoY | -17.1% | 18.4% |
| EPS (diluted) | $-0.92 | $-0.02 |
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.
| Q3 25 | $13.7M | — | ||
| Q3 24 | $0 | — | ||
| Q2 24 | — | $25.9M |
| Q3 25 | $-49.5M | — | ||
| Q3 24 | $-40.4M | — | ||
| Q2 24 | — | $-50.0M |
| Q3 25 | 91.0% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 29.2% |
| Q3 25 | -336.3% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -144.2% |
| Q3 25 | -361.4% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -193.3% |
| Q3 25 | $-0.92 | — | ||
| Q3 24 | $-0.87 | — | ||
| Q2 24 | — | $-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 | $243.5M | $24.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $17.0M | $-33.4M |
| Total Assets | $339.9M | $180.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q3 25 | $243.5M | — | ||
| Q3 24 | $31.8M | — | ||
| Q2 24 | — | $24.7M |
| Q3 25 | $17.0M | — | ||
| Q3 24 | $172.8M | — | ||
| Q2 24 | — | $-33.4M |
| Q3 25 | $339.9M | — | ||
| Q3 24 | $200.2M | — | ||
| Q2 24 | — | $180.2M |
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 | — | $-25.7M |
| 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.
| Q3 25 | — | — | ||
| Q3 24 | $-40.2M | — | ||
| Q2 24 | — | $-25.7M |
| Q3 25 | — | — | ||
| Q3 24 | $-40.2M | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
