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Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
Voyager Technologies, Inc. is the larger business by last-quarter revenue ($39.6M vs $28.1M, roughly 1.4× ARS Pharmaceuticals, Inc.). Voyager Technologies, Inc. runs the higher net margin — -41.1% vs -147.1%, a 106.0% gap on every dollar of revenue.
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.
SPRY vs VOYG — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $39.6M |
| Net Profit | $-41.3M | $-16.3M |
| Gross Margin | — | 15.4% |
| Operating Margin | -147.6% | -60.7% |
| Net Margin | -147.1% | -41.1% |
| Revenue YoY | -67.6% | — |
| Net Profit YoY | -182.8% | — |
| EPS (diluted) | $-0.41 | $-0.28 |
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 | — | ||
| Q3 25 | $32.5M | $39.6M | ||
| Q2 25 | $15.7M | $45.7M | ||
| Q1 25 | $8.0M | — | ||
| Q4 24 | $86.6M | — | ||
| Q3 24 | $2.1M | — | ||
| Q2 24 | $500.0K | — | ||
| Q1 24 | $0 | — |
| Q4 25 | $-41.3M | — | ||
| Q3 25 | $-51.2M | $-16.3M | ||
| Q2 25 | $-44.9M | $-31.4M | ||
| Q1 25 | $-33.9M | — | ||
| Q4 24 | $49.9M | — | ||
| Q3 24 | $-19.1M | — | ||
| Q2 24 | $-12.5M | — | ||
| Q1 24 | $-10.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 15.4% | ||
| Q2 25 | — | 18.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -147.6% | — | ||
| Q3 25 | -163.7% | -60.7% | ||
| Q2 25 | -302.9% | -52.8% | ||
| Q1 25 | -466.3% | — | ||
| Q4 24 | 54.5% | — | ||
| Q3 24 | -1051.6% | — | ||
| Q2 24 | -3068.0% | — | ||
| Q1 24 | — | — |
| Q4 25 | -147.1% | — | ||
| Q3 25 | -157.4% | -41.1% | ||
| Q2 25 | -285.6% | -68.7% | ||
| Q1 25 | -425.7% | — | ||
| Q4 24 | 57.7% | — | ||
| Q3 24 | -925.0% | — | ||
| Q2 24 | -2503.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | $-0.41 | — | ||
| Q3 25 | $-0.52 | $-0.28 | ||
| Q2 25 | $-0.46 | $-1.23 | ||
| Q1 25 | $-0.35 | — | ||
| Q4 24 | $0.52 | — | ||
| Q3 24 | $-0.20 | — | ||
| Q2 24 | $-0.13 | — | ||
| Q1 24 | $-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 | $245.0M | $413.3M |
| Total DebtLower is stronger | $96.4M | — |
| Stockholders' EquityBook value | $114.3M | $590.9M |
| Total Assets | $327.7M | $727.8M |
| Debt / EquityLower = less leverage | 0.84× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | — | ||
| Q3 25 | $288.2M | $413.3M | ||
| Q2 25 | $240.1M | $468.9M | ||
| Q1 25 | $275.7M | — | ||
| Q4 24 | $314.0M | — | ||
| Q3 24 | $204.6M | — | ||
| Q2 24 | $218.7M | — | ||
| Q1 24 | $223.6M | — |
| 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 | — | ||
| Q3 25 | $147.7M | $590.9M | ||
| Q2 25 | $192.3M | $554.7M | ||
| Q1 25 | $229.0M | — | ||
| Q4 24 | $256.8M | — | ||
| Q3 24 | $201.0M | — | ||
| Q2 24 | $215.2M | — | ||
| Q1 24 | $223.9M | — |
| Q4 25 | $327.7M | — | ||
| Q3 25 | $372.8M | $727.8M | ||
| Q2 25 | $313.5M | $685.3M | ||
| Q1 25 | $327.3M | — | ||
| Q4 24 | $351.2M | — | ||
| Q3 24 | $217.6M | — | ||
| Q2 24 | $222.0M | — | ||
| Q1 24 | $227.6M | — |
| 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 | $-15.1M |
| Free Cash FlowOCF − Capex | — | $-53.8M |
| FCF MarginFCF / Revenue | — | -135.8% |
| Capex IntensityCapex / Revenue | 0.0% | 97.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-43.5M | — | ||
| Q3 25 | $-47.0M | $-15.1M | ||
| Q2 25 | $-39.6M | $-30.9M | ||
| Q1 25 | $-40.7M | — | ||
| Q4 24 | $42.0M | — | ||
| Q3 24 | $-14.5M | — | ||
| Q2 24 | $-7.3M | — | ||
| Q1 24 | $-6.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | $-47.2M | $-53.8M | ||
| Q2 25 | $-39.6M | $-88.8M | ||
| Q1 25 | $-40.8M | — | ||
| Q4 24 | $41.7M | — | ||
| Q3 24 | $-14.6M | — | ||
| Q2 24 | $-7.3M | — | ||
| Q1 24 | $-6.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | -145.4% | -135.8% | ||
| Q2 25 | -252.2% | -194.4% | ||
| Q1 25 | -512.1% | — | ||
| Q4 24 | 48.2% | — | ||
| Q3 24 | -706.3% | — | ||
| Q2 24 | -1463.4% | — | ||
| Q1 24 | — | — |
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.6% | 97.8% | ||
| Q2 25 | 0.3% | 126.7% | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | 6.8% | — | ||
| Q2 24 | 7.6% | — | ||
| Q1 24 | — | — |
| 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% |
VOYG
| US Government | $26.9M | 68% |
| Space Solutions | $11.7M | 30% |
| Other | $1.0M | 3% |
