vs
Side-by-side financial comparison of ARS Pharmaceuticals, Inc. (SPRY) and Zeo Energy Corp. (ZEO). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $18.6M, roughly 1.5× Zeo Energy Corp.). Zeo Energy Corp. runs the higher net margin — -10.8% vs -147.1%, a 136.3% gap on every dollar of revenue. On growth, Zeo Energy Corp. posted the faster year-over-year revenue change (-0.4% 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.
SPRY vs ZEO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.1M | $18.6M |
| Net Profit | $-41.3M | $-2.0M |
| Gross Margin | — | — |
| Operating Margin | -147.6% | -11.8% |
| Net Margin | -147.1% | -10.8% |
| Revenue YoY | -67.6% | -0.4% |
| Net Profit YoY | -182.8% | -360.9% |
| EPS (diluted) | $-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 | $28.1M | $18.6M | ||
| Q3 25 | $32.5M | $23.9M | ||
| Q2 25 | $15.7M | $18.1M | ||
| Q1 25 | $8.0M | $8.8M | ||
| Q4 24 | $86.6M | $18.6M | ||
| Q3 24 | $2.1M | $19.7M | ||
| Q2 24 | $500.0K | $14.8M | ||
| Q1 24 | $0 | $20.1M |
| Q4 25 | $-41.3M | $-2.0M | ||
| Q3 25 | $-51.2M | $-3.2M | ||
| Q2 25 | $-44.9M | $-2.4M | ||
| Q1 25 | $-33.9M | $-6.4M | ||
| Q4 24 | $49.9M | $-435.3K | ||
| Q3 24 | $-19.1M | $-424.3K | ||
| Q2 24 | $-12.5M | $-277.8K | ||
| Q1 24 | $-10.3M | $-1.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 57.9% | ||
| Q2 25 | — | 59.8% | ||
| Q1 25 | — | 99.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 50.2% | ||
| Q2 24 | — | 52.3% | ||
| Q1 24 | — | — |
| Q4 25 | -147.6% | -11.8% | ||
| Q3 25 | -163.7% | -8.3% | ||
| Q2 25 | -302.9% | -15.8% | ||
| Q1 25 | -466.3% | -153.8% | ||
| Q4 24 | 54.5% | -6.0% | ||
| Q3 24 | -1051.6% | -15.2% | ||
| Q2 24 | -3068.0% | -18.0% | ||
| Q1 24 | — | -20.1% |
| Q4 25 | -147.1% | -10.8% | ||
| Q3 25 | -157.4% | -13.5% | ||
| Q2 25 | -285.6% | -13.3% | ||
| Q1 25 | -425.7% | -72.4% | ||
| Q4 24 | 57.7% | -2.3% | ||
| Q3 24 | -925.0% | -2.2% | ||
| Q2 24 | -2503.2% | -1.9% | ||
| Q1 24 | — | -7.6% |
| Q4 25 | $-0.41 | — | ||
| Q3 25 | $-0.52 | — | ||
| Q2 25 | $-0.46 | — | ||
| Q1 25 | $-0.35 | $-0.48 | ||
| Q4 24 | $0.52 | $1.11 | ||
| Q3 24 | $-0.20 | $-0.08 | ||
| Q2 24 | $-0.13 | $0.03 | ||
| Q1 24 | $-0.11 | $-1.54 |
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 | $6.1M |
| Total DebtLower is stronger | $96.4M | $79.1K |
| Stockholders' EquityBook value | $114.3M | $5.3M |
| Total Assets | $327.7M | $56.9M |
| Debt / EquityLower = less leverage | 0.84× | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.0M | $6.1M | ||
| Q3 25 | $288.2M | $3.9M | ||
| Q2 25 | $240.1M | $68.7K | ||
| Q1 25 | $275.7M | $2.9M | ||
| Q4 24 | $314.0M | $5.6M | ||
| Q3 24 | $204.6M | $4.3M | ||
| Q2 24 | $218.7M | $5.3M | ||
| Q1 24 | $223.6M | — |
| Q4 25 | $96.4M | $79.1K | ||
| Q3 25 | $96.2M | $84.6K | ||
| Q2 25 | — | $642.8K | ||
| Q1 25 | — | $715.4K | ||
| Q4 24 | $0 | $787.7K | ||
| Q3 24 | — | $858.6K | ||
| Q2 24 | — | $1.6M | ||
| Q1 24 | — | $748.8K |
| Q4 25 | $114.3M | $5.3M | ||
| Q3 25 | $147.7M | $-1.7M | ||
| Q2 25 | $192.3M | $-59.4M | ||
| Q1 25 | $229.0M | $-23.1M | ||
| Q4 24 | $256.8M | $-88.9M | ||
| Q3 24 | $201.0M | $-39.3M | ||
| Q2 24 | $215.2M | $-53.0M | ||
| Q1 24 | $223.9M | $-173.0M |
| Q4 25 | $327.7M | $56.9M | ||
| Q3 25 | $372.8M | $58.5M | ||
| Q2 25 | $313.5M | $46.2M | ||
| Q1 25 | $327.3M | $47.4M | ||
| Q4 24 | $351.2M | $61.0M | ||
| Q3 24 | $217.6M | $47.1M | ||
| Q2 24 | $222.0M | $49.1M | ||
| Q1 24 | $227.6M | $50.1M |
| Q4 25 | 0.84× | 0.01× | ||
| 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 | $2.4M |
| Free Cash FlowOCF − Capex | — | $2.3M |
| FCF MarginFCF / Revenue | — | 12.2% |
| Capex IntensityCapex / Revenue | 0.0% | 0.9% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-9.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-43.5M | $2.4M | ||
| Q3 25 | $-47.0M | $-6.6M | ||
| Q2 25 | $-39.6M | $-2.3M | ||
| Q1 25 | $-40.7M | $-2.3M | ||
| Q4 24 | $42.0M | $3.5M | ||
| Q3 24 | $-14.5M | $162.2K | ||
| Q2 24 | $-7.3M | $-2.2M | ||
| Q1 24 | $-6.7M | $-10.2M |
| Q4 25 | — | $2.3M | ||
| Q3 25 | $-47.2M | $-6.8M | ||
| Q2 25 | $-39.6M | $-2.7M | ||
| Q1 25 | $-40.8M | $-2.6M | ||
| Q4 24 | $41.7M | $3.4M | ||
| Q3 24 | $-14.6M | $116.5K | ||
| Q2 24 | $-7.3M | $-2.3M | ||
| Q1 24 | $-6.8M | $-10.4M |
| Q4 25 | — | 12.2% | ||
| Q3 25 | -145.4% | -28.6% | ||
| Q2 25 | -252.2% | -15.0% | ||
| Q1 25 | -512.1% | -30.0% | ||
| Q4 24 | 48.2% | 18.2% | ||
| Q3 24 | -706.3% | 0.6% | ||
| Q2 24 | -1463.4% | -15.6% | ||
| Q1 24 | — | -51.5% |
| Q4 25 | 0.0% | 0.9% | ||
| Q3 25 | 0.6% | 1.0% | ||
| Q2 25 | 0.3% | 2.4% | ||
| Q1 25 | 1.1% | 4.2% | ||
| Q4 24 | 0.3% | 0.5% | ||
| Q3 24 | 6.8% | 0.2% | ||
| Q2 24 | 7.6% | 0.7% | ||
| Q1 24 | — | 1.1% |
| 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% |
ZEO
| Nonrelated Party | $18.1M | 98% |
| Related Party | $432.1K | 2% |
