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Side-by-side financial comparison of NexPoint Real Estate Finance, Inc. (NREF) and QT IMAGING HOLDINGS, INC. (QTI). Click either name above to swap in a different company.
NexPoint Real Estate Finance, Inc. is the larger business by last-quarter revenue ($11.1M vs $8.3M, roughly 1.3× QT IMAGING HOLDINGS, INC.). NexPoint Real Estate Finance, Inc. runs the higher net margin — 216.6% vs -16.8%, a 233.4% gap on every dollar of revenue. On growth, QT IMAGING HOLDINGS, INC. posted the faster year-over-year revenue change (877.2% vs -48.8%).
NexPoint Real Estate Finance, Inc. is a US-based commercial real estate finance firm that offers structured financing solutions for multifamily, office, industrial, and hospitality properties. It focuses on originating, managing and servicing a diversified portfolio of mortgage loans and real estate-related investments to deliver stable risk-adjusted returns to stakeholders.
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.
NREF vs QTI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $11.1M | $8.3M |
| Net Profit | $24.0M | $-1.4M |
| Gross Margin | — | 38.0% |
| Operating Margin | — | -8.5% |
| Net Margin | 216.6% | -16.8% |
| Revenue YoY | -48.8% | 877.2% |
| Net Profit YoY | 58.7% | 60.2% |
| EPS (diluted) | $0.47 | $-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 | $11.1M | $8.3M | ||
| Q3 25 | $12.5M | $4.2M | ||
| Q2 25 | $12.1M | $3.7M | ||
| Q1 25 | $11.5M | $2.8M | ||
| Q4 24 | $21.7M | — | ||
| Q3 24 | $12.5M | — | ||
| Q2 24 | $6.7M | $1.7M | ||
| Q1 24 | $-12.8M | $1.4M |
| Q4 25 | $24.0M | $-1.4M | ||
| Q3 25 | $50.9M | $-4.6M | ||
| Q2 25 | $22.3M | $-4.0M | ||
| Q1 25 | $26.0M | $-11.1M | ||
| Q4 24 | $15.2M | — | ||
| Q3 24 | $23.3M | — | ||
| Q2 24 | $12.1M | $-1.2M | ||
| Q1 24 | $-14.6M | $-628.6K |
| Q4 25 | — | 38.0% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 49.9% | ||
| Q1 25 | — | 64.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 55.8% |
| Q4 25 | — | -8.5% | ||
| Q3 25 | — | -39.4% | ||
| Q2 25 | — | -28.5% | ||
| Q1 25 | — | -37.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -129.5% | ||
| Q1 24 | — | -409.5% |
| Q4 25 | 216.6% | -16.8% | ||
| Q3 25 | 407.0% | -108.7% | ||
| Q2 25 | 184.5% | -109.3% | ||
| Q1 25 | 225.6% | -397.9% | ||
| Q4 24 | 69.9% | — | ||
| Q3 24 | 186.4% | — | ||
| Q2 24 | 179.7% | -72.9% | ||
| Q1 24 | 114.3% | -46.1% |
| Q4 25 | $0.47 | $-1.00 | ||
| Q3 25 | $1.14 | $-0.47 | ||
| Q2 25 | $0.54 | $-0.14 | ||
| Q1 25 | $0.70 | $-0.40 | ||
| Q4 24 | $0.71 | — | ||
| Q3 24 | $0.74 | — | ||
| Q2 24 | $0.40 | $-0.30 | ||
| Q1 24 | $-0.83 | $-0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.1M | $10.4M |
| Total DebtLower is stronger | $771.2M | $10.1M |
| Stockholders' EquityBook value | $388.0M | $6.4M |
| Total Assets | $5.3B | $23.0M |
| Debt / EquityLower = less leverage | 1.99× | 1.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.1M | $10.4M | ||
| Q3 25 | $17.9M | — | ||
| Q2 25 | $9.1M | — | ||
| Q1 25 | $19.2M | — | ||
| Q4 24 | $3.9M | — | ||
| Q3 24 | $34.7M | — | ||
| Q2 24 | $4.3M | — | ||
| Q1 24 | $13.5M | — |
| Q4 25 | $771.2M | $10.1M | ||
| Q3 25 | $720.9M | $15.1M | ||
| Q2 25 | $815.6M | $10.1M | ||
| Q1 25 | $831.5M | $10.2M | ||
| Q4 24 | $799.3M | — | ||
| Q3 24 | $815.5M | — | ||
| Q2 24 | $861.0M | $11.7M | ||
| Q1 24 | $843.3M | $11.7M |
| Q4 25 | $388.0M | $6.4M | ||
| Q3 25 | $375.4M | $-9.1M | ||
| Q2 25 | $348.2M | $-324.3K | ||
| Q1 25 | $343.7M | $-20.2M | ||
| Q4 24 | $336.5M | — | ||
| Q3 24 | $335.8M | — | ||
| Q2 24 | $327.5M | $-6.2M | ||
| Q1 24 | $327.1M | $-4.9M |
| Q4 25 | $5.3B | $23.0M | ||
| Q3 25 | $5.3B | $12.1M | ||
| Q2 25 | $5.4B | $11.6M | ||
| Q1 25 | $5.4B | $10.9M | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.7B | — | ||
| Q2 24 | $6.6B | $10.8M | ||
| Q1 24 | $7.1B | $12.9M |
| Q4 25 | 1.99× | 1.57× | ||
| Q3 25 | 1.92× | — | ||
| Q2 25 | 2.34× | — | ||
| Q1 25 | 2.42× | — | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 2.63× | — | ||
| Q1 24 | 2.58× | — |
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 | $-4.5M | $-3.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | -0.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.5M | $-3.1M | ||
| Q3 25 | $8.1M | $-878.8K | ||
| Q2 25 | $3.3M | $-1.4M | ||
| Q1 25 | $16.0M | $-3.5M | ||
| Q4 24 | $4.4M | — | ||
| Q3 24 | $14.7M | — | ||
| Q2 24 | $-7.5M | $-979.6K | ||
| Q1 24 | $17.7M | $-6.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -0.19× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.15× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | 0.63× | — | ||
| Q2 24 | -0.62× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
