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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and SURF AIR MOBILITY INC. (SRFM). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $26.4M, roughly 1.1× SURF AIR MOBILITY INC.). SURF AIR MOBILITY INC. runs the higher net margin — -139.4% vs -147.1%, a 7.7% gap on every dollar of revenue. On growth, SURF AIR MOBILITY INC. posted the faster year-over-year revenue change (-5.7% vs -67.6%).
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.
Surf Air Mobility Inc. is an American aviation company focused on regional flying. The company plans to develop electric and hybrid powertrains to upgrade existing aircraft. Surf Air Mobility is also developing AI-enabled SurfOS operating system for the regional air mobility industry. Surf Air Mobility is the parent company of Surf Air, Surf On Demand, and two airlines, Mokulele Airlines and Southern Airways Express.
SPRY vs SRFM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $26.4M |
| Net Profit | $-41.3M | $-36.9M |
| Gross Margin | — | — |
| Operating Margin | -147.6% | -97.8% |
| Net Margin | -147.1% | -139.4% |
| Revenue YoY | -67.6% | -5.7% |
| Net Profit YoY | -182.8% | -3015.3% |
| EPS (diluted) | $-0.41 | $-0.08 |
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 | $28.1M | $26.4M | ||
| Q3 25 | $32.5M | $29.2M | ||
| Q2 25 | $15.7M | $27.4M | ||
| Q1 25 | $8.0M | $23.5M | ||
| Q4 24 | $86.6M | $28.0M | ||
| Q3 24 | $2.1M | $28.4M | ||
| Q2 24 | $500.0K | $32.4M | ||
| Q1 24 | $0 | $30.6M |
| Q4 25 | $-41.3M | $-36.9M | ||
| Q3 25 | $-51.2M | $-27.2M | ||
| Q2 25 | $-44.9M | $-28.0M | ||
| Q1 25 | $-33.9M | $-18.5M | ||
| Q4 24 | $49.9M | $1.3M | ||
| Q3 24 | $-19.1M | $-12.2M | ||
| Q2 24 | $-12.5M | $-27.0M | ||
| Q1 24 | $-10.3M | $-37.0M |
| Q4 25 | -147.6% | -97.8% | ||
| Q3 25 | -163.7% | -56.6% | ||
| Q2 25 | -302.9% | -58.1% | ||
| Q1 25 | -466.3% | -79.0% | ||
| Q4 24 | 54.5% | 28.9% | ||
| Q3 24 | -1051.6% | -30.4% | ||
| Q2 24 | -3068.0% | -78.0% | ||
| Q1 24 | — | -112.6% |
| Q4 25 | -147.1% | -139.4% | ||
| Q3 25 | -157.4% | -93.3% | ||
| Q2 25 | -285.6% | -102.1% | ||
| Q1 25 | -425.7% | -78.6% | ||
| Q4 24 | 57.7% | 4.5% | ||
| Q3 24 | -925.0% | -43.1% | ||
| Q2 24 | -2503.2% | -83.4% | ||
| Q1 24 | — | -120.7% |
| Q4 25 | $-0.41 | $-0.08 | ||
| Q3 25 | $-0.52 | $-0.64 | ||
| Q2 25 | $-0.46 | $-1.34 | ||
| Q1 25 | $-0.35 | $-1.09 | ||
| Q4 24 | $0.52 | $0.80 | ||
| Q3 24 | $-0.20 | $-0.94 | ||
| Q2 24 | $-0.13 | $-2.31 | ||
| Q1 24 | $-0.11 | $-3.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $245.0M | $12.7M |
| Total DebtLower is stronger | $96.4M | $17.1M |
| Stockholders' EquityBook value | $114.3M | $-54.9M |
| Total Assets | $327.7M | $131.7M |
| Debt / EquityLower = less leverage | 0.84× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | $12.7M | ||
| Q3 25 | $288.2M | $7.1M | ||
| Q2 25 | $240.1M | $22.6M | ||
| Q1 25 | $275.7M | $6.6M | ||
| Q4 24 | $314.0M | $21.1M | ||
| Q3 24 | $204.6M | $506.0K | ||
| Q2 24 | $218.7M | $1.5M | ||
| Q1 24 | $223.6M | $1.3M |
| Q4 25 | $96.4M | $17.1M | ||
| Q3 25 | $96.2M | $63.8M | ||
| Q2 25 | — | $63.3M | ||
| Q1 25 | — | $62.9M | ||
| Q4 24 | $0 | $62.4M | ||
| Q3 24 | — | $22.5M | ||
| Q2 24 | — | $23.3M | ||
| Q1 24 | — | $25.1M |
| Q4 25 | $114.3M | $-54.9M | ||
| Q3 25 | $147.7M | $-92.6M | ||
| Q2 25 | $192.3M | $-115.5M | ||
| Q1 25 | $229.0M | $-135.6M | ||
| Q4 24 | $256.8M | $-120.0M | ||
| Q3 24 | $201.0M | $-135.6M | ||
| Q2 24 | $215.2M | $-128.1M | ||
| Q1 24 | $223.9M | $-106.3M |
| Q4 25 | $327.7M | $131.7M | ||
| Q3 25 | $372.8M | $106.8M | ||
| Q2 25 | $313.5M | $129.0M | ||
| Q1 25 | $327.3M | $105.3M | ||
| Q4 24 | $351.2M | $124.1M | ||
| Q3 24 | $217.6M | $97.9M | ||
| Q2 24 | $222.0M | $105.5M | ||
| Q1 24 | $227.6M | $108.8M |
| Q4 25 | 0.84× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-43.5M | $-18.4M |
| Free Cash FlowOCF − Capex | — | $-20.1M |
| FCF MarginFCF / Revenue | — | -76.0% |
| Capex IntensityCapex / Revenue | 0.0% | 6.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-70.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-43.5M | $-18.4M | ||
| Q3 25 | $-47.0M | $-19.3M | ||
| Q2 25 | $-39.6M | $-10.6M | ||
| Q1 25 | $-40.7M | $-15.8M | ||
| Q4 24 | $42.0M | $-23.6M | ||
| Q3 24 | $-14.5M | $-12.3M | ||
| Q2 24 | $-7.3M | $-5.6M | ||
| Q1 24 | $-6.7M | $-12.8M |
| Q4 25 | — | $-20.1M | ||
| Q3 25 | $-47.2M | $-21.1M | ||
| Q2 25 | $-39.6M | $-11.9M | ||
| Q1 25 | $-40.8M | $-17.1M | ||
| Q4 24 | $41.7M | $-32.7M | ||
| Q3 24 | $-14.6M | $-13.6M | ||
| Q2 24 | $-7.3M | $-6.3M | ||
| Q1 24 | $-6.8M | $-13.5M |
| Q4 25 | — | -76.0% | ||
| Q3 25 | -145.4% | -72.2% | ||
| Q2 25 | -252.2% | -43.2% | ||
| Q1 25 | -512.1% | -72.6% | ||
| Q4 24 | 48.2% | -116.5% | ||
| Q3 24 | -706.3% | -47.8% | ||
| Q2 24 | -1463.4% | -19.5% | ||
| Q1 24 | — | -44.2% |
| Q4 25 | 0.0% | 6.5% | ||
| Q3 25 | 0.6% | 5.9% | ||
| Q2 25 | 0.3% | 4.4% | ||
| Q1 25 | 1.1% | 5.4% | ||
| Q4 24 | 0.3% | 32.4% | ||
| Q3 24 | 6.8% | 4.4% | ||
| Q2 24 | 7.6% | 2.2% | ||
| Q1 24 | — | 2.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.84× | -18.64× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
SRFM
| Scheduled | $17.2M | 65% |
| On Demand | $9.2M | 35% |
