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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and TELOS CORP (TLS). Click either name above to swap in a different company.
TELOS CORP is the larger business by last-quarter revenue ($46.8M vs $28.1M, roughly 1.7× ARS Pharmaceuticals, Inc.). TELOS CORP runs the higher net margin — -34.9% vs -147.1%, a 112.3% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% 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.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
SPRY vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $46.8M |
| Net Profit | $-41.3M | $-16.3M |
| Gross Margin | — | 35.0% |
| Operating Margin | -147.6% | -39.6% |
| Net Margin | -147.1% | -34.9% |
| Revenue YoY | -67.6% | 77.4% |
| Net Profit YoY | -182.8% | -74.8% |
| EPS (diluted) | $-0.41 | $-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 | $28.1M | $46.8M | ||
| Q3 25 | $32.5M | $51.4M | ||
| Q2 25 | $15.7M | $36.0M | ||
| Q1 25 | $8.0M | $30.6M | ||
| Q4 24 | $86.6M | $26.4M | ||
| Q3 24 | $2.1M | $23.8M | ||
| Q2 24 | $500.0K | $28.5M | ||
| Q1 24 | $0 | $29.6M |
| Q4 25 | $-41.3M | $-16.3M | ||
| Q3 25 | $-51.2M | $-2.1M | ||
| Q2 25 | $-44.9M | $-9.5M | ||
| Q1 25 | $-33.9M | $-8.6M | ||
| Q4 24 | $49.9M | $-9.3M | ||
| Q3 24 | $-19.1M | $-28.1M | ||
| Q2 24 | $-12.5M | $-7.8M | ||
| Q1 24 | $-10.3M | $-7.4M |
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | -147.6% | -39.6% | ||
| Q3 25 | -163.7% | -4.8% | ||
| Q2 25 | -302.9% | -27.5% | ||
| Q1 25 | -466.3% | -29.5% | ||
| Q4 24 | 54.5% | -37.6% | ||
| Q3 24 | -1051.6% | -121.4% | ||
| Q2 24 | -3068.0% | -30.3% | ||
| Q1 24 | — | -28.5% |
| Q4 25 | -147.1% | -34.9% | ||
| Q3 25 | -157.4% | -4.1% | ||
| Q2 25 | -285.6% | -26.5% | ||
| Q1 25 | -425.7% | -28.1% | ||
| Q4 24 | 57.7% | -35.4% | ||
| Q3 24 | -925.0% | -118.0% | ||
| Q2 24 | -2503.2% | -27.2% | ||
| Q1 24 | — | -24.9% |
| Q4 25 | $-0.41 | $-0.22 | ||
| Q3 25 | $-0.52 | $-0.03 | ||
| Q2 25 | $-0.46 | $-0.13 | ||
| Q1 25 | $-0.35 | $-0.12 | ||
| Q4 24 | $0.52 | $-0.13 | ||
| Q3 24 | $-0.20 | $-0.39 | ||
| Q2 24 | $-0.13 | $-0.11 | ||
| Q1 24 | $-0.11 | $-0.10 |
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 | $53.2M |
| Total DebtLower is stronger | $96.4M | — |
| Stockholders' EquityBook value | $114.3M | $96.0M |
| Total Assets | $327.7M | $139.9M |
| Debt / EquityLower = less leverage | 0.84× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | $53.2M | ||
| Q3 25 | $288.2M | $59.0M | ||
| Q2 25 | $240.1M | $57.0M | ||
| Q1 25 | $275.7M | $57.8M | ||
| Q4 24 | $314.0M | $54.6M | ||
| Q3 24 | $204.6M | $69.8M | ||
| Q2 24 | $218.7M | $80.1M | ||
| Q1 24 | $223.6M | $93.9M |
| Q4 25 | $96.4M | — | ||
| Q3 25 | $96.2M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $114.3M | $96.0M | ||
| Q3 25 | $147.7M | $119.7M | ||
| Q2 25 | $192.3M | $118.4M | ||
| Q1 25 | $229.0M | $126.1M | ||
| Q4 24 | $256.8M | $127.1M | ||
| Q3 24 | $201.0M | $129.5M | ||
| Q2 24 | $215.2M | $149.1M | ||
| Q1 24 | $223.9M | $154.4M |
| Q4 25 | $327.7M | $139.9M | ||
| Q3 25 | $372.8M | $164.3M | ||
| Q2 25 | $313.5M | $165.0M | ||
| Q1 25 | $327.3M | $158.1M | ||
| Q4 24 | $351.2M | $158.2M | ||
| Q3 24 | $217.6M | $166.3M | ||
| Q2 24 | $222.0M | $182.4M | ||
| Q1 24 | $227.6M | $195.4M |
| 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 | $8.0M |
| Free Cash FlowOCF − Capex | — | $8.0M |
| FCF MarginFCF / Revenue | — | 17.0% |
| Capex IntensityCapex / Revenue | 0.0% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-43.5M | $8.0M | ||
| Q3 25 | $-47.0M | $9.1M | ||
| Q2 25 | $-39.6M | $7.0M | ||
| Q1 25 | $-40.7M | $6.1M | ||
| Q4 24 | $42.0M | $-10.5M | ||
| Q3 24 | $-14.5M | $-7.1M | ||
| Q2 24 | $-7.3M | $-8.0M | ||
| Q1 24 | $-6.7M | $-350.0K |
| Q4 25 | — | $8.0M | ||
| Q3 25 | $-47.2M | $8.7M | ||
| Q2 25 | $-39.6M | $6.8M | ||
| Q1 25 | $-40.8M | $6.0M | ||
| Q4 24 | $41.7M | $-12.4M | ||
| Q3 24 | $-14.6M | $-7.1M | ||
| Q2 24 | $-7.3M | $-8.2M | ||
| Q1 24 | $-6.8M | $-447.0K |
| Q4 25 | — | 17.0% | ||
| Q3 25 | -145.4% | 16.9% | ||
| Q2 25 | -252.2% | 19.0% | ||
| Q1 25 | -512.1% | 19.5% | ||
| Q4 24 | 48.2% | -47.0% | ||
| Q3 24 | -706.3% | -30.0% | ||
| Q2 24 | -1463.4% | -28.9% | ||
| Q1 24 | — | -1.5% |
| Q4 25 | 0.0% | 0.1% | ||
| Q3 25 | 0.6% | 0.9% | ||
| Q2 25 | 0.3% | 0.4% | ||
| Q1 25 | 1.1% | 0.4% | ||
| Q4 24 | 0.3% | 7.1% | ||
| Q3 24 | 6.8% | 0.2% | ||
| Q2 24 | 7.6% | 0.8% | ||
| Q1 24 | — | 0.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| 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
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
