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Side-by-side financial comparison of Spire Global, Inc. (SPIR) and SWK Holdings Corp (SWKH). Click either name above to swap in a different company.
Spire Global, Inc. is the larger business by last-quarter revenue ($15.8M vs $8.7M, roughly 1.8× SWK Holdings Corp). On growth, Spire Global, Inc. posted the faster year-over-year revenue change (-26.9% vs -29.7%). SWK Holdings Corp produced more free cash flow last quarter ($26.8M vs $-16.2M). Over the past eight quarters, SWK Holdings Corp's revenue compounded faster (-12.5% CAGR vs -32.6%).
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.
SWK Holdings Corp is a specialty finance firm focused on the healthcare and life sciences sectors. It provides tailored financing solutions including royalty monetization, structured debt, and asset-backed lending to biotech, pharmaceutical, medical device and diagnostic companies, with its core market centered in North America.
SPIR vs SWKH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $15.8M | $8.7M |
| Net Profit | $-28.0M | $-19.4M |
| Gross Margin | 40.2% | — |
| Operating Margin | -164.1% | 9.9% |
| Net Margin | -176.6% | — |
| Revenue YoY | -26.9% | -29.7% |
| Net Profit YoY | 42.7% | -430.2% |
| EPS (diluted) | $-0.85 | $-1.59 |
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 | $8.7M | ||
| Q3 25 | $12.7M | $10.9M | ||
| Q2 25 | $19.2M | $10.1M | ||
| Q1 25 | $23.9M | $11.8M | ||
| Q4 24 | $21.7M | $12.4M | ||
| Q3 24 | $28.6M | $10.4M | ||
| Q2 24 | $25.4M | $10.8M | ||
| Q1 24 | $34.8M | $11.4M |
| Q4 25 | $-28.0M | $-19.4M | ||
| Q3 25 | $-19.7M | $8.8M | ||
| Q2 25 | $119.6M | $3.5M | ||
| Q1 25 | $-20.7M | $4.5M | ||
| Q4 24 | $-48.8M | $5.9M | ||
| Q3 24 | $-12.5M | $3.5M | ||
| Q2 24 | $-16.6M | $3.7M | ||
| Q1 24 | $-25.5M | $468.0K |
| 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% | 9.9% | ||
| Q3 25 | -166.1% | 61.3% | ||
| Q2 25 | -122.7% | 46.1% | ||
| Q1 25 | -106.5% | 68.6% | ||
| Q4 24 | -144.1% | 44.7% | ||
| Q3 24 | -48.0% | 39.2% | ||
| Q2 24 | -48.6% | 8.3% | ||
| Q1 24 | -34.4% | 9.5% |
| Q4 25 | -176.6% | — | ||
| Q3 25 | -155.3% | 80.7% | ||
| Q2 25 | 623.4% | 35.2% | ||
| Q1 25 | -86.5% | 38.4% | ||
| Q4 24 | -225.2% | 47.5% | ||
| Q3 24 | -43.7% | 33.3% | ||
| Q2 24 | -65.2% | 33.9% | ||
| Q1 24 | -73.3% | 4.1% |
| Q4 25 | $-0.85 | $-1.59 | ||
| Q3 25 | $-0.61 | $0.72 | ||
| Q2 25 | $3.72 | $0.29 | ||
| Q1 25 | $-0.77 | $0.37 | ||
| Q4 24 | $-1.93 | $0.47 | ||
| Q3 24 | $-0.50 | $0.28 | ||
| Q2 24 | $-0.68 | $0.30 | ||
| Q1 24 | $-1.17 | $0.04 |
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 | $42.8M |
| Total DebtLower is stronger | — | $33.0M |
| Stockholders' EquityBook value | $112.9M | $235.1M |
| Total Assets | $211.0M | $272.4M |
| Debt / EquityLower = less leverage | — | 0.14× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.8M | $42.8M | ||
| Q3 25 | $96.8M | $10.2M | ||
| Q2 25 | $117.6M | $8.0M | ||
| Q1 25 | $35.9M | $29.8M | ||
| Q4 24 | $19.2M | $5.9M | ||
| Q3 24 | $36.6M | $17.2M | ||
| Q2 24 | $45.8M | $5.5M | ||
| Q1 24 | $63.7M | $5.5M |
| Q4 25 | — | $33.0M | ||
| Q3 25 | — | $33.0M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | $103.7M | $33.0M | ||
| Q4 24 | $103.1M | $33.0M | ||
| Q3 24 | $4.9M | $33.0M | ||
| Q2 24 | $4.9M | $33.0M | ||
| Q1 24 | $123.1M | $33.0M |
| Q4 25 | $112.9M | $235.1M | ||
| Q3 25 | $133.1M | $254.2M | ||
| Q2 25 | $149.2M | $246.5M | ||
| Q1 25 | $3.7M | $292.7M | ||
| Q4 24 | $-11.7M | $288.7M | ||
| Q3 24 | $30.8M | $283.4M | ||
| Q2 24 | $40.3M | $282.8M | ||
| Q1 24 | $52.5M | $279.9M |
| Q4 25 | $211.0M | $272.4M | ||
| Q3 25 | $224.3M | $289.4M | ||
| Q2 25 | $239.5M | $285.7M | ||
| Q1 25 | $208.8M | $331.3M | ||
| Q4 24 | $193.6M | $332.2M | ||
| Q3 24 | $224.2M | $321.3M | ||
| Q2 24 | $230.8M | $321.0M | ||
| Q1 24 | $252.3M | $322.0M |
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 0.13× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | 27.92× | 0.11× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | 0.16× | 0.12× | ||
| Q2 24 | 0.12× | 0.12× | ||
| Q1 24 | 2.35× | 0.12× |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $-16.2M | $26.8M |
| FCF MarginFCF / Revenue | -102.1% | 308.1% |
| Capex IntensityCapex / Revenue | 75.1% | 5.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-92.6M | $43.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.3M | $27.3M | ||
| Q3 25 | $-12.0M | $906.0K | ||
| Q2 25 | $-35.1M | $7.8M | ||
| Q1 25 | $-8.4M | $8.3M | ||
| Q4 24 | $-19.2M | $23.0M | ||
| Q3 24 | $14.0M | $6.3M | ||
| Q2 24 | $-4.4M | $5.4M | ||
| Q1 24 | $-8.8M | $4.4M |
| Q4 25 | $-16.2M | $26.8M | ||
| Q3 25 | $-20.4M | $557.0K | ||
| Q2 25 | $-38.7M | $7.7M | ||
| Q1 25 | $-17.3M | $8.2M | ||
| Q4 24 | $-24.3M | $22.9M | ||
| Q3 24 | $5.1M | $6.3M | ||
| Q2 24 | $-9.9M | $5.4M | ||
| Q1 24 | $-15.9M | — |
| Q4 25 | -102.1% | 308.1% | ||
| Q3 25 | -161.3% | 5.1% | ||
| Q2 25 | -201.7% | 77.0% | ||
| Q1 25 | -72.6% | 69.1% | ||
| Q4 24 | -112.2% | 185.3% | ||
| Q3 24 | 17.8% | 60.4% | ||
| Q2 24 | -39.0% | 49.7% | ||
| Q1 24 | -45.7% | — |
| Q4 25 | 75.1% | 5.9% | ||
| Q3 25 | 66.2% | 3.2% | ||
| Q2 25 | 18.8% | 0.6% | ||
| Q1 25 | 37.3% | 0.8% | ||
| Q4 24 | 23.5% | 1.1% | ||
| Q3 24 | 31.2% | 0.3% | ||
| Q2 24 | 21.8% | 0.2% | ||
| Q1 24 | 20.3% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.10× | ||
| Q2 25 | -0.29× | 2.21× | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 3.93× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 9.47× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPIR
Segment breakdown not available.
SWKH
| Finance Receivables Segment | $8.4M | 96% |
| Other | $329.0K | 4% |
