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Side-by-side financial comparison of Spire Global, Inc. (SPIR) 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 $15.8M, roughly 1.8× Spire Global, Inc.). ARS Pharmaceuticals, Inc. runs the higher net margin — -147.1% vs -176.6%, a 29.5% gap on every dollar of revenue. On growth, Spire Global, Inc. posted the faster year-over-year revenue change (-26.9% vs -67.6%).
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
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.
SPIR vs SPRY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.8M | $28.1M |
| Net Profit | $-28.0M | $-41.3M |
| Gross Margin | 40.2% | — |
| Operating Margin | -164.1% | -147.6% |
| Net Margin | -176.6% | -147.1% |
| Revenue YoY | -26.9% | -67.6% |
| Net Profit YoY | 42.7% | -182.8% |
| EPS (diluted) | $-0.85 | $-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 | $15.8M | $28.1M | ||
| Q3 25 | $12.7M | $32.5M | ||
| Q2 25 | $19.2M | $15.7M | ||
| Q1 25 | $23.9M | $8.0M | ||
| Q4 24 | $21.7M | $86.6M | ||
| Q3 24 | $28.6M | $2.1M | ||
| Q2 24 | $25.4M | $500.0K | ||
| Q1 24 | $34.8M | $0 |
| Q4 25 | $-28.0M | $-41.3M | ||
| Q3 25 | $-19.7M | $-51.2M | ||
| Q2 25 | $119.6M | $-44.9M | ||
| Q1 25 | $-20.7M | $-33.9M | ||
| Q4 24 | $-48.8M | $49.9M | ||
| Q3 24 | $-12.5M | $-19.1M | ||
| Q2 24 | $-16.6M | $-12.5M | ||
| Q1 24 | $-25.5M | $-10.3M |
| Q4 25 | 40.2% | — | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 48.9% | — | ||
| Q1 25 | 36.8% | — | ||
| Q4 24 | 32.4% | — | ||
| Q3 24 | 44.5% | — | ||
| Q2 24 | 43.0% | — | ||
| Q1 24 | 26.5% | — |
| Q4 25 | -164.1% | -147.6% | ||
| Q3 25 | -166.1% | -163.7% | ||
| Q2 25 | -122.7% | -302.9% | ||
| Q1 25 | -106.5% | -466.3% | ||
| Q4 24 | -144.1% | 54.5% | ||
| Q3 24 | -48.0% | -1051.6% | ||
| Q2 24 | -48.6% | -3068.0% | ||
| Q1 24 | -34.4% | — |
| Q4 25 | -176.6% | -147.1% | ||
| Q3 25 | -155.3% | -157.4% | ||
| Q2 25 | 623.4% | -285.6% | ||
| Q1 25 | -86.5% | -425.7% | ||
| Q4 24 | -225.2% | 57.7% | ||
| Q3 24 | -43.7% | -925.0% | ||
| Q2 24 | -65.2% | -2503.2% | ||
| Q1 24 | -73.3% | — |
| Q4 25 | $-0.85 | $-0.41 | ||
| Q3 25 | $-0.61 | $-0.52 | ||
| Q2 25 | $3.72 | $-0.46 | ||
| Q1 25 | $-0.77 | $-0.35 | ||
| Q4 24 | $-1.93 | $0.52 | ||
| Q3 24 | $-0.50 | $-0.20 | ||
| Q2 24 | $-0.68 | $-0.13 | ||
| Q1 24 | $-1.17 | $-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 | $81.8M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $112.9M | $114.3M |
| Total Assets | $211.0M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.8M | $245.0M | ||
| Q3 25 | $96.8M | $288.2M | ||
| Q2 25 | $117.6M | $240.1M | ||
| Q1 25 | $35.9M | $275.7M | ||
| Q4 24 | $19.2M | $314.0M | ||
| Q3 24 | $36.6M | $204.6M | ||
| Q2 24 | $45.8M | $218.7M | ||
| Q1 24 | $63.7M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | $103.7M | — | ||
| Q4 24 | $103.1M | $0 | ||
| Q3 24 | $4.9M | — | ||
| Q2 24 | $4.9M | — | ||
| Q1 24 | $123.1M | — |
| Q4 25 | $112.9M | $114.3M | ||
| Q3 25 | $133.1M | $147.7M | ||
| Q2 25 | $149.2M | $192.3M | ||
| Q1 25 | $3.7M | $229.0M | ||
| Q4 24 | $-11.7M | $256.8M | ||
| Q3 24 | $30.8M | $201.0M | ||
| Q2 24 | $40.3M | $215.2M | ||
| Q1 24 | $52.5M | $223.9M |
| Q4 25 | $211.0M | $327.7M | ||
| Q3 25 | $224.3M | $372.8M | ||
| Q2 25 | $239.5M | $313.5M | ||
| Q1 25 | $208.8M | $327.3M | ||
| Q4 24 | $193.6M | $351.2M | ||
| Q3 24 | $224.2M | $217.6M | ||
| Q2 24 | $230.8M | $222.0M | ||
| Q1 24 | $252.3M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | 27.92× | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | 0.16× | — | ||
| Q2 24 | 0.12× | — | ||
| Q1 24 | 2.35× | — |
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 | $-4.3M | $-43.5M |
| Free Cash FlowOCF − Capex | $-16.2M | — |
| FCF MarginFCF / Revenue | -102.1% | — |
| Capex IntensityCapex / Revenue | 75.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-92.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.3M | $-43.5M | ||
| Q3 25 | $-12.0M | $-47.0M | ||
| Q2 25 | $-35.1M | $-39.6M | ||
| Q1 25 | $-8.4M | $-40.7M | ||
| Q4 24 | $-19.2M | $42.0M | ||
| Q3 24 | $14.0M | $-14.5M | ||
| Q2 24 | $-4.4M | $-7.3M | ||
| Q1 24 | $-8.8M | $-6.7M |
| Q4 25 | $-16.2M | — | ||
| Q3 25 | $-20.4M | $-47.2M | ||
| Q2 25 | $-38.7M | $-39.6M | ||
| Q1 25 | $-17.3M | $-40.8M | ||
| Q4 24 | $-24.3M | $41.7M | ||
| Q3 24 | $5.1M | $-14.6M | ||
| Q2 24 | $-9.9M | $-7.3M | ||
| Q1 24 | $-15.9M | $-6.8M |
| Q4 25 | -102.1% | — | ||
| Q3 25 | -161.3% | -145.4% | ||
| Q2 25 | -201.7% | -252.2% | ||
| Q1 25 | -72.6% | -512.1% | ||
| Q4 24 | -112.2% | 48.2% | ||
| Q3 24 | 17.8% | -706.3% | ||
| Q2 24 | -39.0% | -1463.4% | ||
| Q1 24 | -45.7% | — |
| Q4 25 | 75.1% | 0.0% | ||
| Q3 25 | 66.2% | 0.6% | ||
| Q2 25 | 18.8% | 0.3% | ||
| Q1 25 | 37.3% | 1.1% | ||
| Q4 24 | 23.5% | 0.3% | ||
| Q3 24 | 31.2% | 6.8% | ||
| Q2 24 | 21.8% | 7.6% | ||
| Q1 24 | 20.3% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.29× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPIR
Segment breakdown not available.
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
