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Side-by-side financial comparison of Quipt Home Medical Corp. (QIPT) and System1, Inc. (SST). Click either name above to swap in a different company.
System1, Inc. is the larger business by last-quarter revenue ($51.9M vs $49.0M, roughly 1.1× Quipt Home Medical Corp.). Quipt Home Medical Corp. runs the higher net margin — -2.1% vs -26.0%, a 23.8% gap on every dollar of revenue. On growth, Quipt Home Medical Corp. posted the faster year-over-year revenue change (32.3% vs -31.3%).
Quipt Home Medical Corp is a U.S.-based home medical equipment provider specializing in respiratory care, sleep therapy supplies, and chronic disease management products. It serves patients with long-term health conditions, partners with healthcare providers and insurance payers across operating regions to deliver accessible in-home medical solutions.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
QIPT vs SST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $49.0M | $51.9M |
| Net Profit | $-1.1M | $-13.5M |
| Gross Margin | 53.5% | 41.0% |
| Operating Margin | 2.1% | -33.6% |
| Net Margin | -2.1% | -26.0% |
| Revenue YoY | 32.3% | -31.3% |
| Net Profit YoY | 2.9% | 4.8% |
| EPS (diluted) | $-0.02 | $-3.58 |
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 | $49.0M | $51.9M | ||
| Q3 25 | $39.8M | $61.6M | ||
| Q2 25 | $35.1M | $78.1M | ||
| Q1 25 | $33.3M | $74.5M | ||
| Q4 24 | $37.1M | $75.6M | ||
| Q3 24 | — | $88.8M | ||
| Q2 24 | — | $94.6M | ||
| Q1 24 | — | $84.9M |
| Q4 25 | $-1.1M | $-13.5M | ||
| Q3 25 | $-3.5M | $-18.5M | ||
| Q2 25 | $-3.0M | $-17.5M | ||
| Q1 25 | $-3.0M | $-15.9M | ||
| Q4 24 | $-1.1M | $-14.2M | ||
| Q3 24 | — | $-23.6M | ||
| Q2 24 | — | $-26.4M | ||
| Q1 24 | — | $-10.5M |
| Q4 25 | 53.5% | 41.0% | ||
| Q3 25 | 48.7% | 36.9% | ||
| Q2 25 | 57.6% | 35.7% | ||
| Q1 25 | 54.6% | 38.2% | ||
| Q4 24 | 52.1% | 42.1% | ||
| Q3 24 | — | 28.0% | ||
| Q2 24 | — | 27.6% | ||
| Q1 24 | — | 21.9% |
| Q4 25 | 2.1% | -33.6% | ||
| Q3 25 | -3.6% | -25.3% | ||
| Q2 25 | -5.2% | -20.4% | ||
| Q1 25 | -3.0% | -17.6% | ||
| Q4 24 | 1.2% | -15.7% | ||
| Q3 24 | — | -24.6% | ||
| Q2 24 | — | -30.8% | ||
| Q1 24 | — | -30.4% |
| Q4 25 | -2.1% | -26.0% | ||
| Q3 25 | -8.9% | -30.1% | ||
| Q2 25 | -8.6% | -22.4% | ||
| Q1 25 | -9.1% | -21.3% | ||
| Q4 24 | -2.9% | -18.7% | ||
| Q3 24 | — | -26.6% | ||
| Q2 24 | — | -27.9% | ||
| Q1 24 | — | -12.4% |
| Q4 25 | $-0.02 | $-3.58 | ||
| Q3 25 | $-0.07 | $-2.30 | ||
| Q2 25 | $-0.07 | $-2.23 | ||
| Q1 25 | $-0.07 | $-0.21 | ||
| Q4 24 | $-0.03 | $-3.41 | ||
| Q3 24 | — | $-3.37 | ||
| Q2 24 | — | $-3.80 | ||
| Q1 24 | — | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.5M | $86.9M |
| Total DebtLower is stronger | $84.0M | $305.1M |
| Stockholders' EquityBook value | $113.0M | $30.5M |
| Total Assets | $280.7M | $405.0M |
| Debt / EquityLower = less leverage | 0.74× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.5M | $86.9M | ||
| Q3 25 | $12.9M | $54.6M | ||
| Q2 25 | $11.3M | $63.6M | ||
| Q1 25 | $17.1M | $43.9M | ||
| Q4 24 | $15.5M | $63.6M | ||
| Q3 24 | — | $69.1M | ||
| Q2 24 | — | $75.7M | ||
| Q1 24 | — | $69.9M |
| Q4 25 | $84.0M | $305.1M | ||
| Q3 25 | $87.6M | $259.2M | ||
| Q2 25 | $66.0M | $263.3M | ||
| Q1 25 | $71.5M | $267.4M | ||
| Q4 24 | $70.6M | $255.1M | ||
| Q3 24 | — | $259.2M | ||
| Q2 24 | — | $263.3M | ||
| Q1 24 | — | $268.6M |
| Q4 25 | $113.0M | $30.5M | ||
| Q3 25 | $112.1M | $42.7M | ||
| Q2 25 | $102.5M | $58.2M | ||
| Q1 25 | $103.6M | $67.2M | ||
| Q4 24 | $106.3M | $80.3M | ||
| Q3 24 | — | $90.3M | ||
| Q2 24 | — | $109.4M | ||
| Q1 24 | — | $131.7M |
| Q4 25 | $280.7M | $405.0M | ||
| Q3 25 | $283.3M | $385.2M | ||
| Q2 25 | $236.1M | $429.2M | ||
| Q1 25 | $244.6M | $419.2M | ||
| Q4 24 | $242.8M | $459.1M | ||
| Q3 24 | — | $479.3M | ||
| Q2 24 | — | $511.3M | ||
| Q1 24 | — | $521.1M |
| Q4 25 | 0.74× | 10.01× | ||
| Q3 25 | 0.78× | 6.07× | ||
| Q2 25 | 0.64× | 4.53× | ||
| Q1 25 | 0.69× | 3.98× | ||
| Q4 24 | 0.66× | 3.18× | ||
| Q3 24 | — | 2.87× | ||
| Q2 24 | — | 2.41× | ||
| Q1 24 | — | 2.04× |
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 | $8.9M | $-10.6M |
| Free Cash FlowOCF − Capex | $6.9M | — |
| FCF MarginFCF / Revenue | 14.0% | — |
| Capex IntensityCapex / Revenue | 4.2% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $26.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.9M | $-10.6M | ||
| Q3 25 | $9.8M | $-2.1M | ||
| Q2 25 | $9.7M | $24.5M | ||
| Q1 25 | $8.9M | $-15.9M | ||
| Q4 24 | $9.3M | $772.0K | ||
| Q3 24 | — | $-5.0K | ||
| Q2 24 | — | $10.0M | ||
| Q1 24 | — | $-16.0M |
| Q4 25 | $6.9M | — | ||
| Q3 25 | $8.0M | — | ||
| Q2 25 | $4.4M | — | ||
| Q1 25 | $7.3M | $-16.0M | ||
| Q4 24 | $5.6M | — | ||
| Q3 24 | — | $-36.0K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 14.0% | — | ||
| Q3 25 | 20.0% | — | ||
| Q2 25 | 12.6% | — | ||
| Q1 25 | 22.0% | -21.5% | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | — | -0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 4.2% | 0.0% | ||
| Q3 25 | 4.6% | 0.0% | ||
| Q2 25 | 14.9% | 0.0% | ||
| Q1 25 | 4.8% | 0.1% | ||
| Q4 24 | 9.9% | 0.0% | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.0% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
