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Side-by-side financial comparison of NextPlat Corp (NXPL) and TriSalus Life Sciences, Inc. (TLSI). Click either name above to swap in a different company.
TriSalus Life Sciences, Inc. is the larger business by last-quarter revenue ($13.2M vs $12.8M, roughly 1.0× NextPlat Corp). NextPlat Corp runs the higher net margin — -40.2% vs -73.9%, a 33.7% gap on every dollar of revenue. On growth, TriSalus Life Sciences, Inc. posted the faster year-over-year revenue change (59.8% vs -21.1%). NextPlat Corp produced more free cash flow last quarter ($-339.0K vs $-2.5M). Over the past eight quarters, TriSalus Life Sciences, Inc.'s revenue compounded faster (43.0% CAGR vs -14.4%).
TriSalus Life Sciences, Inc. is a clinical-stage biotechnology company focused on advancing immuno-oncology and interventional oncology solutions. It develops proprietary targeted drug delivery technologies designed to improve treatment efficacy for patients with liver, pancreatic and other hard-to-treat solid tumors, primarily operating in North American markets via partnerships with clinical care and research institutions.
NXPL vs TLSI — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.8M | $13.2M |
| Net Profit | $-5.1M | $-9.8M |
| Gross Margin | 14.3% | 86.7% |
| Operating Margin | -28.9% | -24.8% |
| Net Margin | -40.2% | -73.9% |
| Revenue YoY | -21.1% | 59.8% |
| Net Profit YoY | -70.6% | 3.5% |
| EPS (diluted) | — | $-0.22 |
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 | $12.8M | $13.2M | ||
| Q3 25 | $13.8M | $11.6M | ||
| Q2 25 | $13.2M | $11.2M | ||
| Q1 25 | $14.5M | $9.2M | ||
| Q4 24 | $16.2M | $8.3M | ||
| Q3 24 | $15.4M | $7.3M | ||
| Q2 24 | $17.0M | $7.4M | ||
| Q1 24 | $17.5M | $6.5M |
| Q4 25 | $-5.1M | $-9.8M | ||
| Q3 25 | $-2.2M | $-10.8M | ||
| Q2 25 | $-1.8M | $-8.3M | ||
| Q1 25 | $-1.3M | $-10.4M | ||
| Q4 24 | $-3.0M | $-10.1M | ||
| Q3 24 | $-4.2M | $-2.4M | ||
| Q2 24 | $-5.3M | $-4.3M | ||
| Q1 24 | $-1.5M | $-13.2M |
| Q4 25 | 14.3% | 86.7% | ||
| Q3 25 | 19.9% | 83.5% | ||
| Q2 25 | 21.8% | 83.9% | ||
| Q1 25 | 23.8% | 83.7% | ||
| Q4 24 | 16.8% | 85.3% | ||
| Q3 24 | 23.2% | 86.3% | ||
| Q2 24 | 34.5% | 87.6% | ||
| Q1 24 | 27.8% | 85.0% |
| Q4 25 | -28.9% | -24.8% | ||
| Q3 25 | -14.5% | -77.9% | ||
| Q2 25 | -13.8% | -65.4% | ||
| Q1 25 | -10.2% | -79.9% | ||
| Q4 24 | -14.1% | -91.8% | ||
| Q3 24 | -52.1% | -118.9% | ||
| Q2 24 | -64.1% | -111.0% | ||
| Q1 24 | -10.5% | -180.8% |
| Q4 25 | -40.2% | -73.9% | ||
| Q3 25 | -15.9% | -93.5% | ||
| Q2 25 | -13.5% | -73.9% | ||
| Q1 25 | -9.2% | -113.2% | ||
| Q4 24 | -18.6% | -122.4% | ||
| Q3 24 | -27.4% | -32.6% | ||
| Q2 24 | -31.3% | -58.8% | ||
| Q1 24 | -8.5% | -204.5% |
| Q4 25 | — | $-0.22 | ||
| Q3 25 | — | $-0.96 | ||
| Q2 25 | — | $-0.27 | ||
| Q1 25 | $-0.05 | $-0.39 | ||
| Q4 24 | — | $-0.38 | ||
| Q3 24 | $-0.22 | $-0.12 | ||
| Q2 24 | — | $-0.21 | ||
| Q1 24 | $-0.08 | $-0.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $13.7M | $20.4M |
| Total DebtLower is stronger | $1.3M | — |
| Stockholders' EquityBook value | $17.3M | $-33.9M |
| Total Assets | $27.5M | $35.3M |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.7M | $20.4M | ||
| Q3 25 | $13.9M | $22.7M | ||
| Q2 25 | $16.6M | $26.5M | ||
| Q1 25 | $17.7M | $13.0M | ||
| Q4 24 | $20.0M | $8.5M | ||
| Q3 24 | $20.4M | $11.3M | ||
| Q2 24 | $24.9M | $16.5M | ||
| Q1 24 | $23.5M | $4.0M |
| Q4 25 | $1.3M | — | ||
| Q3 25 | $1.2M | — | ||
| Q2 25 | $1.2M | — | ||
| Q1 25 | $1.3M | — | ||
| Q4 24 | $1.4M | — | ||
| Q3 24 | $1.5M | — | ||
| Q2 24 | $1.3M | — | ||
| Q1 24 | $1.4M | — |
| Q4 25 | $17.3M | $-33.9M | ||
| Q3 25 | $21.4M | $-26.7M | ||
| Q2 25 | $23.5M | $-19.4M | ||
| Q1 25 | $25.3M | $-34.4M | ||
| Q4 24 | $27.3M | $-25.9M | ||
| Q3 24 | $22.5M | $-20.4M | ||
| Q2 24 | $26.5M | $-25.3M | ||
| Q1 24 | $31.2M | $-36.0M |
| Q4 25 | $27.5M | $35.3M | ||
| Q3 25 | $30.0M | $36.5M | ||
| Q2 25 | $31.0M | $41.3M | ||
| Q1 25 | $35.2M | $28.6M | ||
| Q4 24 | $37.1M | $24.0M | ||
| Q3 24 | $41.1M | $27.5M | ||
| Q2 24 | $51.5M | $32.4M | ||
| Q1 24 | $65.1M | $17.9M |
| Q4 25 | 0.07× | — | ||
| Q3 25 | 0.05× | — | ||
| Q2 25 | 0.05× | — | ||
| Q1 25 | 0.05× | — | ||
| Q4 24 | 0.05× | — | ||
| Q3 24 | 0.07× | — | ||
| Q2 24 | 0.05× | — | ||
| Q1 24 | 0.04× | — |
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 | $-302.0K | $-2.5M |
| Free Cash FlowOCF − Capex | $-339.0K | $-2.5M |
| FCF MarginFCF / Revenue | -2.6% | -19.1% |
| Capex IntensityCapex / Revenue | 0.3% | 0.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-19.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-302.0K | $-2.5M | ||
| Q3 25 | $-2.7M | $-3.7M | ||
| Q2 25 | $-1.0M | $-7.3M | ||
| Q1 25 | $-2.1M | $-4.5M | ||
| Q4 24 | $-476.0K | $-5.7M | ||
| Q3 24 | $-4.6M | $-10.8M | ||
| Q2 24 | $2.3M | $-13.4M | ||
| Q1 24 | $-2.7M | $-10.9M |
| Q4 25 | $-339.0K | $-2.5M | ||
| Q3 25 | — | $-3.9M | ||
| Q2 25 | $-1.1M | $-7.4M | ||
| Q1 25 | $-2.1M | $-5.3M | ||
| Q4 24 | $-508.0K | $-5.8M | ||
| Q3 24 | $-4.7M | $-11.0M | ||
| Q2 24 | $2.2M | $-13.5M | ||
| Q1 24 | $-2.7M | $-10.9M |
| Q4 25 | -2.6% | -19.1% | ||
| Q3 25 | — | -33.9% | ||
| Q2 25 | -8.0% | -66.1% | ||
| Q1 25 | -14.3% | -57.3% | ||
| Q4 24 | -3.1% | -69.7% | ||
| Q3 24 | -30.6% | -149.9% | ||
| Q2 24 | 13.2% | -183.1% | ||
| Q1 24 | -15.7% | -169.3% |
| Q4 25 | 0.3% | 0.3% | ||
| Q3 25 | 0.0% | 1.9% | ||
| Q2 25 | 0.1% | 0.8% | ||
| Q1 25 | 0.2% | 8.2% | ||
| Q4 24 | 0.2% | 0.6% | ||
| Q3 24 | 0.6% | 2.3% | ||
| Q2 24 | 0.4% | 0.8% | ||
| Q1 24 | 0.4% | 1.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NXPL
| Healthcare Operations | $9.0M | 70% |
| Ecommerce Revenue | $3.8M | 30% |
TLSI
Segment breakdown not available.
