vs
Side-by-side financial comparison of STEM, INC. (STEM) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
STEM, INC. is the larger business by last-quarter revenue ($47.1M vs $35.2M, roughly 1.3× Voyager Technologies, Inc.). STEM, INC. runs the higher net margin — -33.9% vs -130.4%, a 96.5% gap on every dollar of revenue. On growth, Voyager Technologies, Inc. posted the faster year-over-year revenue change (2.1% vs -15.6%).
StemCells, Inc. is a public biopharmaceutical company headquartered in Newark, California, that is developing purified human neural stem cells (HuCNS-SCs) in the hopes of treating central nervous system disorders and paralysis. StemCells' HuCNS-SCs have the ability to differentiate into the three main types of cells found in the central nervous system: neurons, astrocytes and oligodendrocytes.
STEM vs VOYG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $47.1M | $35.2M |
| Net Profit | $-16.0M | $-45.9M |
| Gross Margin | 48.9% | -4.4% |
| Operating Margin | -17.7% | — |
| Net Margin | -33.9% | -130.4% |
| Revenue YoY | -15.6% | 2.1% |
| Net Profit YoY | 68.8% | -64.5% |
| EPS (diluted) | $-4.40 | $-0.75 |
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.
| Q1 26 | — | $35.2M | ||
| Q4 25 | $47.1M | $46.7M | ||
| Q3 25 | $38.2M | $39.6M | ||
| Q2 25 | $38.4M | $45.7M | ||
| Q1 25 | $32.5M | — | ||
| Q4 24 | $55.8M | — | ||
| Q3 24 | $29.3M | — | ||
| Q2 24 | $34.0M | — |
| Q1 26 | — | $-45.9M | ||
| Q4 25 | $-16.0M | $-33.0M | ||
| Q3 25 | $-23.8M | $-16.3M | ||
| Q2 25 | $202.5M | $-31.4M | ||
| Q1 25 | $-25.0M | — | ||
| Q4 24 | $-51.1M | — | ||
| Q3 24 | $-148.3M | — | ||
| Q2 24 | $-582.3M | — |
| Q1 26 | — | -4.4% | ||
| Q4 25 | 48.9% | 21.4% | ||
| Q3 25 | 35.5% | 15.4% | ||
| Q2 25 | 33.4% | 18.0% | ||
| Q1 25 | 32.4% | — | ||
| Q4 24 | -4.4% | — | ||
| Q3 24 | 21.2% | — | ||
| Q2 24 | 27.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | -17.7% | — | ||
| Q3 25 | -33.6% | -60.7% | ||
| Q2 25 | -34.8% | -52.8% | ||
| Q1 25 | -65.0% | — | ||
| Q4 24 | -84.4% | — | ||
| Q3 24 | -493.2% | — | ||
| Q2 24 | -1705.5% | — |
| Q1 26 | — | -130.4% | ||
| Q4 25 | -33.9% | -70.7% | ||
| Q3 25 | -62.2% | -41.1% | ||
| Q2 25 | 527.8% | -68.7% | ||
| Q1 25 | -76.9% | — | ||
| Q4 24 | -91.6% | — | ||
| Q3 24 | -506.3% | — | ||
| Q2 24 | -1712.6% | — |
| Q1 26 | — | $-0.75 | ||
| Q4 25 | $-4.40 | $-0.52 | ||
| Q3 25 | $-2.84 | $-0.28 | ||
| Q2 25 | $-1.79 | $-1.23 | ||
| Q1 25 | $-0.15 | — | ||
| Q4 24 | $-15.29 | — | ||
| Q3 24 | $-18.24 | — | ||
| Q2 24 | $-71.81 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $48.9M | $429.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-249.4M | $404.5M |
| Total Assets | $308.9M | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $429.4M | ||
| Q4 25 | $48.9M | $491.3M | ||
| Q3 25 | $43.1M | $413.3M | ||
| Q2 25 | $40.8M | $468.9M | ||
| Q1 25 | $58.6M | — | ||
| Q4 24 | $56.3M | — | ||
| Q3 24 | $75.4M | — | ||
| Q2 24 | $89.6M | — |
| Q1 26 | — | $404.5M | ||
| Q4 25 | $-249.4M | — | ||
| Q3 25 | $-235.7M | $590.9M | ||
| Q2 25 | $-214.1M | $554.7M | ||
| Q1 25 | $-417.5M | — | ||
| Q4 24 | $-398.4M | — | ||
| Q3 24 | $-344.1M | — | ||
| Q2 24 | $-203.2M | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $308.9M | — | ||
| Q3 25 | $362.6M | $727.8M | ||
| Q2 25 | $379.2M | $685.3M | ||
| Q1 25 | $405.1M | — | ||
| Q4 24 | $437.4M | — | ||
| Q3 24 | $537.8M | — | ||
| Q2 24 | $691.5M | — |
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 | $8.2M | $-39.7M |
| Free Cash FlowOCF − Capex | — | $-66.8M |
| FCF MarginFCF / Revenue | — | -189.5% |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-263.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-39.7M | ||
| Q4 25 | $8.2M | $-60.9M | ||
| Q3 25 | $11.4M | $-15.1M | ||
| Q2 25 | $-21.3M | $-30.9M | ||
| Q1 25 | $8.5M | — | ||
| Q4 24 | $-14.7M | — | ||
| Q3 24 | $-9.4M | — | ||
| Q2 24 | $-11.9M | — |
| Q1 26 | — | $-66.8M | ||
| Q4 25 | — | $-54.5M | ||
| Q3 25 | — | $-53.8M | ||
| Q2 25 | — | $-88.8M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | -189.5% | ||
| Q4 25 | — | -116.9% | ||
| Q3 25 | — | -135.8% | ||
| Q2 25 | — | -194.4% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 97.8% | ||
| Q2 25 | — | 126.7% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.11× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
