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Side-by-side financial comparison of NETSOL TECHNOLOGIES INC (NTWK) 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 $18.8M, roughly 1.5× NETSOL TECHNOLOGIES INC). NETSOL TECHNOLOGIES INC runs the higher net margin — 1.3% vs -147.1%, a 148.4% gap on every dollar of revenue. On growth, NETSOL TECHNOLOGIES INC posted the faster year-over-year revenue change (21.1% vs -67.6%).
NetSol Technologies Inc. is an American software company which makes automobile leasing software. It is based in Encino, California.
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.
NTWK vs SPRY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $18.8M | $28.1M |
| Net Profit | $246.8K | $-41.3M |
| Gross Margin | 48.0% | — |
| Operating Margin | 6.9% | -147.6% |
| Net Margin | 1.3% | -147.1% |
| Revenue YoY | 21.1% | -67.6% |
| Net Profit YoY | 121.5% | -182.8% |
| EPS (diluted) | $0.02 | $-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 | $18.8M | $28.1M | ||
| Q3 25 | $15.0M | $32.5M | ||
| Q2 25 | $18.4M | $15.7M | ||
| Q1 25 | $17.5M | $8.0M | ||
| Q4 24 | $15.5M | $86.6M | ||
| Q3 24 | $14.6M | $2.1M | ||
| Q2 24 | $16.4M | $500.0K | ||
| Q1 24 | $15.5M | $0 |
| Q4 25 | $246.8K | $-41.3M | ||
| Q3 25 | $-2.4M | $-51.2M | ||
| Q2 25 | $2.6M | $-44.9M | ||
| Q1 25 | $1.4M | $-33.9M | ||
| Q4 24 | $-1.1M | $49.9M | ||
| Q3 24 | $70.8K | $-19.1M | ||
| Q2 24 | $-82.9K | $-12.5M | ||
| Q1 24 | $327.5K | $-10.3M |
| Q4 25 | 48.0% | — | ||
| Q3 25 | 39.4% | — | ||
| Q2 25 | 56.2% | — | ||
| Q1 25 | 49.8% | — | ||
| Q4 24 | 44.5% | — | ||
| Q3 24 | 45.0% | — | ||
| Q2 24 | 51.5% | — | ||
| Q1 24 | 48.3% | — |
| Q4 25 | 6.9% | -147.6% | ||
| Q3 25 | -12.2% | -163.7% | ||
| Q2 25 | 17.4% | -302.9% | ||
| Q1 25 | 8.9% | -466.3% | ||
| Q4 24 | -3.1% | 54.5% | ||
| Q3 24 | -5.2% | -1051.6% | ||
| Q2 24 | 4.9% | -3068.0% | ||
| Q1 24 | 8.5% | — |
| Q4 25 | 1.3% | -147.1% | ||
| Q3 25 | -15.7% | -157.4% | ||
| Q2 25 | 14.0% | -285.6% | ||
| Q1 25 | 8.1% | -425.7% | ||
| Q4 24 | -7.4% | 57.7% | ||
| Q3 24 | 0.5% | -925.0% | ||
| Q2 24 | -0.5% | -2503.2% | ||
| Q1 24 | 2.1% | — |
| Q4 25 | $0.02 | $-0.41 | ||
| Q3 25 | $-0.20 | $-0.52 | ||
| Q2 25 | $0.22 | $-0.46 | ||
| Q1 25 | $0.12 | $-0.35 | ||
| Q4 24 | $-0.10 | $0.52 | ||
| Q3 24 | $0.01 | $-0.20 | ||
| Q2 24 | $-0.01 | $-0.13 | ||
| Q1 24 | $0.03 | $-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 | $18.1M | $245.0M |
| Total DebtLower is stronger | $337.0K | $96.4M |
| Stockholders' EquityBook value | $35.9M | $114.3M |
| Total Assets | $62.7M | $327.7M |
| Debt / EquityLower = less leverage | 0.01× | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.1M | $245.0M | ||
| Q3 25 | $22.7M | $288.2M | ||
| Q2 25 | $17.4M | $240.1M | ||
| Q1 25 | $18.8M | $275.7M | ||
| Q4 24 | $21.3M | $314.0M | ||
| Q3 24 | $24.5M | $204.6M | ||
| Q2 24 | $19.1M | $218.7M | ||
| Q1 24 | $12.3M | $223.6M |
| Q4 25 | $337.0K | $96.4M | ||
| Q3 25 | $218.2K | $96.2M | ||
| Q2 25 | $134.6K | — | ||
| Q1 25 | $86.8K | — | ||
| Q4 24 | $87.0K | $0 | ||
| Q3 24 | $92.6K | — | ||
| Q2 24 | $95.8K | — | ||
| Q1 24 | $130.4K | — |
| Q4 25 | $35.9M | $114.3M | ||
| Q3 25 | $35.8M | $147.7M | ||
| Q2 25 | $37.8M | $192.3M | ||
| Q1 25 | $35.5M | $229.0M | ||
| Q4 24 | $33.9M | $256.8M | ||
| Q3 24 | $34.7M | $201.0M | ||
| Q2 24 | $34.8M | $215.2M | ||
| Q1 24 | $35.3M | $223.9M |
| Q4 25 | $62.7M | $327.7M | ||
| Q3 25 | $62.6M | $372.8M | ||
| Q2 25 | $62.4M | $313.5M | ||
| Q1 25 | $58.1M | $327.3M | ||
| Q4 24 | $59.1M | $351.2M | ||
| Q3 24 | $62.8M | $217.6M | ||
| Q2 24 | $64.2M | $222.0M | ||
| Q1 24 | $63.3M | $227.6M |
| Q4 25 | 0.01× | 0.84× | ||
| Q3 25 | 0.01× | 0.65× | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.00× | 0.00× | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.00× | — |
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 | $-4.7M | $-43.5M |
| Free Cash FlowOCF − Capex | $-5.1M | — |
| FCF MarginFCF / Revenue | -27.2% | — |
| Capex IntensityCapex / Revenue | 2.0% | 0.0% |
| Cash ConversionOCF / Net Profit | -19.24× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.7M | $-43.5M | ||
| Q3 25 | $5.3M | $-47.0M | ||
| Q2 25 | $441.0K | $-39.6M | ||
| Q1 25 | $-363.4K | $-40.7M | ||
| Q4 24 | $-5.1M | $42.0M | ||
| Q3 24 | $5.5M | $-14.5M | ||
| Q2 24 | $6.5M | $-7.3M | ||
| Q1 24 | $-4.2M | $-6.7M |
| Q4 25 | $-5.1M | — | ||
| Q3 25 | $4.8M | $-47.2M | ||
| Q2 25 | $-44.1K | $-39.6M | ||
| Q1 25 | $-693.0K | $-40.8M | ||
| Q4 24 | $-5.6M | $41.7M | ||
| Q3 24 | $5.4M | $-14.6M | ||
| Q2 24 | $6.1M | $-7.3M | ||
| Q1 24 | $-4.6M | $-6.8M |
| Q4 25 | -27.2% | — | ||
| Q3 25 | 32.1% | -145.4% | ||
| Q2 25 | -0.2% | -252.2% | ||
| Q1 25 | -4.0% | -512.1% | ||
| Q4 24 | -36.1% | 48.2% | ||
| Q3 24 | 37.1% | -706.3% | ||
| Q2 24 | 37.0% | -1463.4% | ||
| Q1 24 | -29.6% | — |
| Q4 25 | 2.0% | 0.0% | ||
| Q3 25 | 3.2% | 0.6% | ||
| Q2 25 | 2.6% | 0.3% | ||
| Q1 25 | 1.9% | 1.1% | ||
| Q4 24 | 3.0% | 0.3% | ||
| Q3 24 | 0.7% | 6.8% | ||
| Q2 24 | 2.6% | 7.6% | ||
| Q1 24 | 2.4% | — |
| Q4 25 | -19.24× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | -0.26× | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | 77.94× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -12.84× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NTWK
| Core Revenue | $18.0M | 96% |
| Other | $816.8K | 4% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
