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Side-by-side financial comparison of Lightwave Logic, Inc. (LWLG) and Rafael Holdings, Inc. (RFL). Click either name above to swap in a different company.
Rafael Holdings, Inc. is the larger business by last-quarter revenue ($240.0K vs $159.2K, roughly 1.5× Lightwave Logic, Inc.). Lightwave Logic, Inc. runs the higher net margin — -3486.6% vs -4090.0%, a 603.4% gap on every dollar of revenue. On growth, Lightwave Logic, Inc. posted the faster year-over-year revenue change (594.5% vs 87.5%).
Lightwave Logic, Inc. is a technology firm specializing in the development of advanced electro-optic polymer materials and integrated photonic devices. Its solutions target data center, telecommunications, and optical networking segments, delivering higher data transmission speeds and lower energy consumption than traditional photonic technologies.
Rafael Advanced Defense Systems Ltd. is an Israeli defense technology company. It was founded as Israel's National R&D Defense Laboratory for the development of weapons and military technology within the Israeli Ministry of Defense; in 2002 it was incorporated as a limited company.
LWLG vs RFL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $159.2K | $240.0K |
| Net Profit | $-5.5M | $-9.8M |
| Gross Margin | 99.2% | — |
| Operating Margin | -3629.3% | -4225.4% |
| Net Margin | -3486.6% | -4090.0% |
| Revenue YoY | 594.5% | 87.5% |
| Net Profit YoY | -0.3% | -9.0% |
| EPS (diluted) | $-0.04 | $-0.19 |
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 | $159.2K | $240.0K | ||
| Q3 25 | $29.2K | — | ||
| Q2 25 | $25.6K | — | ||
| Q1 25 | $22.9K | — | ||
| Q4 24 | $22.9K | — | ||
| Q3 24 | $22.9K | $165.0K | ||
| Q2 24 | — | $336.0K | ||
| Q1 24 | $30.4K | $68.0K |
| Q4 25 | $-5.5M | $-9.8M | ||
| Q3 25 | $-5.1M | — | ||
| Q2 25 | $-5.0M | — | ||
| Q1 25 | $-4.7M | — | ||
| Q4 24 | $-5.5M | — | ||
| Q3 24 | $-5.3M | $-4.5M | ||
| Q2 24 | — | $-32.4M | ||
| Q1 24 | $-5.7M | $6.0M |
| Q4 25 | 99.2% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 86.5% | — | ||
| Q1 25 | 91.2% | — | ||
| Q4 24 | 95.7% | — | ||
| Q3 24 | 94.6% | — | ||
| Q2 24 | — | 74.7% | ||
| Q1 24 | 83.0% | — |
| Q4 25 | -3629.3% | -4225.4% | ||
| Q3 25 | -17757.5% | — | ||
| Q2 25 | -19137.6% | — | ||
| Q1 25 | -21405.0% | — | ||
| Q4 24 | -24879.3% | — | ||
| Q3 24 | -23115.3% | -2330.3% | ||
| Q2 24 | — | -27726.5% | ||
| Q1 24 | -19235.5% | -4622.1% |
| Q4 25 | -3486.6% | -4090.0% | ||
| Q3 25 | -17488.0% | — | ||
| Q2 25 | -19397.1% | — | ||
| Q1 25 | -20495.8% | — | ||
| Q4 24 | -24150.3% | — | ||
| Q3 24 | -23131.9% | -2707.9% | ||
| Q2 24 | — | -9628.3% | ||
| Q1 24 | -18673.5% | 8892.6% |
| Q4 25 | $-0.04 | $-0.19 | ||
| Q3 25 | $-0.04 | — | ||
| Q2 25 | $-0.04 | — | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | $-0.19 | ||
| Q2 24 | — | $-1.36 | ||
| Q1 24 | $-0.05 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $69.0M | $45.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $74.6M | $85.2M |
| Total Assets | $79.2M | $105.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $69.0M | $45.5M | ||
| Q3 25 | $34.9M | — | ||
| Q2 25 | $22.1M | — | ||
| Q1 25 | $25.0M | — | ||
| Q4 24 | $27.7M | — | ||
| Q3 24 | $26.9M | $2.7M | ||
| Q2 24 | — | $7.4M | ||
| Q1 24 | $31.5M | $7.1M |
| Q4 25 | $74.6M | $85.2M | ||
| Q3 25 | $41.2M | — | ||
| Q2 25 | $28.8M | — | ||
| Q1 25 | $31.5M | — | ||
| Q4 24 | $33.4M | — | ||
| Q3 24 | $33.5M | $82.2M | ||
| Q2 24 | — | $86.1M | ||
| Q1 24 | $37.2M | $104.9M |
| Q4 25 | $79.2M | $105.4M | ||
| Q3 25 | $44.8M | — | ||
| Q2 25 | $32.4M | — | ||
| Q1 25 | $35.6M | — | ||
| Q4 24 | $37.8M | — | ||
| Q3 24 | $37.2M | $96.8M | ||
| Q2 24 | — | $101.6M | ||
| Q1 24 | $41.7M | $106.1M |
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 | $-3.3M | $-6.8M |
| Free Cash FlowOCF − Capex | $-3.7M | — |
| FCF MarginFCF / Revenue | -2319.2% | — |
| Capex IntensityCapex / Revenue | 237.9% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-15.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-3.3M | $-6.8M | ||
| Q3 25 | $-3.2M | — | ||
| Q2 25 | $-3.8M | — | ||
| Q1 25 | $-3.5M | — | ||
| Q4 24 | $-3.1M | — | ||
| Q3 24 | $-3.6M | $-2.9M | ||
| Q2 24 | — | $-251.0K | ||
| Q1 24 | $-4.8M | $-2.5M |
| Q4 25 | $-3.7M | — | ||
| Q3 25 | $-3.2M | — | ||
| Q2 25 | $-3.8M | — | ||
| Q1 25 | $-4.3M | — | ||
| Q4 24 | $-3.5M | — | ||
| Q3 24 | $-3.9M | — | ||
| Q2 24 | — | $-375.0K | ||
| Q1 24 | $-5.5M | — |
| Q4 25 | -2319.2% | — | ||
| Q3 25 | -11093.4% | — | ||
| Q2 25 | -14881.6% | — | ||
| Q1 25 | -18953.9% | — | ||
| Q4 24 | -15134.1% | — | ||
| Q3 24 | -17193.6% | — | ||
| Q2 24 | — | -111.6% | ||
| Q1 24 | -18238.4% | — |
| Q4 25 | 237.9% | — | ||
| Q3 25 | 203.3% | — | ||
| Q2 25 | 157.6% | — | ||
| Q1 25 | 3724.5% | — | ||
| Q4 24 | 1448.6% | — | ||
| Q3 24 | 1525.8% | — | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | 2549.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.42× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
