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Side-by-side financial comparison of NORTECH SYSTEMS INC (NSYS) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
NORTECH SYSTEMS INC is the larger business by last-quarter revenue ($30.3M vs $28.1M, roughly 1.1× ARS Pharmaceuticals, Inc.). NORTECH SYSTEMS INC runs the higher net margin — 3.0% vs -147.1%, a 150.1% gap on every dollar of revenue. On growth, NORTECH SYSTEMS INC posted the faster year-over-year revenue change (5.9% vs -67.6%).
Nortech Systems Inc is a global electronics manufacturing services provider. It delivers end-to-end solutions covering product design, prototyping, full-scale production, and supply chain management for clients operating in medical technology, industrial automation, aerospace and defense, and transportation sectors. It specializes in high-reliability, regulatory-compliant electronic components and assemblies tailored to strict industry standards.
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.
NSYS vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $30.3M | $28.1M |
| Net Profit | $897.0K | $-41.3M |
| Gross Margin | 16.7% | — |
| Operating Margin | 3.0% | -147.6% |
| Net Margin | 3.0% | -147.1% |
| Revenue YoY | 5.9% | -67.6% |
| Net Profit YoY | 160.7% | -182.8% |
| EPS (diluted) | $0.32 | $-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 | $30.3M | $28.1M | ||
| Q3 25 | $30.5M | $32.5M | ||
| Q2 25 | $30.7M | $15.7M | ||
| Q1 25 | $26.9M | $8.0M | ||
| Q4 24 | $28.6M | $86.6M | ||
| Q3 24 | $31.4M | $2.1M | ||
| Q2 24 | $33.9M | $500.0K | ||
| Q1 24 | $34.2M | $0 |
| Q4 25 | $897.0K | $-41.3M | ||
| Q3 25 | $-146.0K | $-51.2M | ||
| Q2 25 | $313.0K | $-44.9M | ||
| Q1 25 | $-1.3M | $-33.9M | ||
| Q4 24 | $-1.5M | $49.9M | ||
| Q3 24 | $-739.0K | $-19.1M | ||
| Q2 24 | $157.0K | $-12.5M | ||
| Q1 24 | $765.0K | $-10.3M |
| Q4 25 | 16.7% | — | ||
| Q3 25 | 16.5% | — | ||
| Q2 25 | 15.8% | — | ||
| Q1 25 | 11.4% | — | ||
| Q4 24 | 9.9% | — | ||
| Q3 24 | 12.2% | — | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 15.9% | — |
| Q4 25 | 3.0% | -147.6% | ||
| Q3 25 | 3.1% | -163.7% | ||
| Q2 25 | 2.4% | -302.9% | ||
| Q1 25 | -6.0% | -466.3% | ||
| Q4 24 | -4.3% | 54.5% | ||
| Q3 24 | -1.5% | -1051.6% | ||
| Q2 24 | 1.0% | -3068.0% | ||
| Q1 24 | 3.4% | — |
| Q4 25 | 3.0% | -147.1% | ||
| Q3 25 | -0.5% | -157.4% | ||
| Q2 25 | 1.0% | -285.6% | ||
| Q1 25 | -4.9% | -425.7% | ||
| Q4 24 | -5.2% | 57.7% | ||
| Q3 24 | -2.4% | -925.0% | ||
| Q2 24 | 0.5% | -2503.2% | ||
| Q1 24 | 2.2% | — |
| Q4 25 | $0.32 | $-0.41 | ||
| Q3 25 | $-0.05 | $-0.52 | ||
| Q2 25 | $0.12 | $-0.46 | ||
| Q1 25 | $-0.48 | $-0.35 | ||
| Q4 24 | $-0.51 | $0.52 | ||
| Q3 24 | $-0.27 | $-0.20 | ||
| Q2 24 | $0.05 | $-0.13 | ||
| Q1 24 | $0.26 | $-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 | $1.7M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $34.5M | $114.3M |
| Total Assets | $71.9M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7M | $245.0M | ||
| Q3 25 | $1.3M | $288.2M | ||
| Q2 25 | $652.0K | $240.1M | ||
| Q1 25 | $1.2M | $275.7M | ||
| Q4 24 | $916.0K | $314.0M | ||
| Q3 24 | $1.2M | $204.6M | ||
| Q2 24 | $1.5M | $218.7M | ||
| Q1 24 | $4.0M | $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 | $34.5M | $114.3M | ||
| Q3 25 | $33.4M | $147.7M | ||
| Q2 25 | $33.4M | $192.3M | ||
| Q1 25 | $32.8M | $229.0M | ||
| Q4 24 | $34.0M | $256.8M | ||
| Q3 24 | $35.7M | $201.0M | ||
| Q2 24 | $36.1M | $215.2M | ||
| Q1 24 | $36.0M | $223.9M |
| Q4 25 | $71.9M | $327.7M | ||
| Q3 25 | $74.8M | $372.8M | ||
| Q2 25 | $74.8M | $313.5M | ||
| Q1 25 | $73.5M | $327.3M | ||
| Q4 24 | $72.4M | $351.2M | ||
| Q3 24 | $77.0M | $217.6M | ||
| Q2 24 | $76.3M | $222.0M | ||
| Q1 24 | $75.5M | $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 | $5.6M | $-43.5M |
| Free Cash FlowOCF − Capex | $5.5M | — |
| FCF MarginFCF / Revenue | 18.0% | — |
| Capex IntensityCapex / Revenue | 0.5% | 0.0% |
| Cash ConversionOCF / Net Profit | 6.25× | — |
| TTM Free Cash FlowTrailing 4 quarters | $2.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $-43.5M | ||
| Q3 25 | $-92.0K | $-47.0M | ||
| Q2 25 | $157.0K | $-39.6M | ||
| Q1 25 | $-2.9M | $-40.7M | ||
| Q4 24 | $793.0K | $42.0M | ||
| Q3 24 | $-1.6M | $-14.5M | ||
| Q2 24 | $-4.3M | $-7.3M | ||
| Q1 24 | $2.8M | $-6.7M |
| Q4 25 | $5.5M | — | ||
| Q3 25 | $-242.0K | $-47.2M | ||
| Q2 25 | $58.0K | $-39.6M | ||
| Q1 25 | $-3.2M | $-40.8M | ||
| Q4 24 | $503.0K | $41.7M | ||
| Q3 24 | $-1.6M | $-14.6M | ||
| Q2 24 | $-4.6M | $-7.3M | ||
| Q1 24 | $2.1M | $-6.8M |
| Q4 25 | 18.0% | — | ||
| Q3 25 | -0.8% | -145.4% | ||
| Q2 25 | 0.2% | -252.2% | ||
| Q1 25 | -11.9% | -512.1% | ||
| Q4 24 | 1.8% | 48.2% | ||
| Q3 24 | -5.2% | -706.3% | ||
| Q2 24 | -13.5% | -1463.4% | ||
| Q1 24 | 6.1% | — |
| Q4 25 | 0.5% | 0.0% | ||
| Q3 25 | 0.5% | 0.6% | ||
| Q2 25 | 0.3% | 0.3% | ||
| Q1 25 | 1.0% | 1.1% | ||
| Q4 24 | 1.0% | 0.3% | ||
| Q3 24 | 0.1% | 6.8% | ||
| Q2 24 | 0.8% | 7.6% | ||
| Q1 24 | 2.2% | — |
| Q4 25 | 6.25× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.50× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | -27.30× | — | ||
| Q1 24 | 3.70× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSYS
| Medical Imaging | $11.4M | 37% |
| Medical Device | $8.0M | 26% |
| Industrial | $7.3M | 24% |
| Aerospace And Defense | $3.7M | 12% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
