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Side-by-side financial comparison of ARDELYX, INC. (ARDX) and IREN Ltd (IREN). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $94.5M, roughly 2.0× ARDELYX, INC.). ARDELYX, INC. runs the higher net margin — -39.8% vs -84.1%, a 44.3% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 27.5%).
Ardelyx, Inc. is a commercial-stage biopharmaceutical firm developing and commercializing innovative therapies for gastrointestinal, cardiorenal and metabolic diseases with high unmet medical needs. Its lead product is approved in the US for irritable bowel syndrome with constipation, and it holds a robust pipeline of early and late-stage drug candidates.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
ARDX vs IREN — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $94.5M | $184.7M |
| Net Profit | $-37.6M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | — | -63.0% |
| Net Margin | -39.8% | -84.1% |
| Revenue YoY | 27.5% | 59.0% |
| Net Profit YoY | — | -610.0% |
| EPS (diluted) | $-0.15 | $-0.52 |
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 | $94.5M | — | ||
| Q4 25 | $125.2M | $184.7M | ||
| Q3 25 | $110.3M | $240.3M | ||
| Q2 25 | $97.7M | — | ||
| Q1 25 | $74.1M | — | ||
| Q4 24 | $116.1M | $116.1M | ||
| Q3 24 | $98.2M | $52.8M | ||
| Q2 24 | $73.2M | — |
| Q1 26 | $-37.6M | — | ||
| Q4 25 | $-407.0K | $-155.4M | ||
| Q3 25 | $-969.0K | $384.6M | ||
| Q2 25 | $-19.1M | — | ||
| Q1 25 | $-41.1M | — | ||
| Q4 24 | $4.6M | $-21.9M | ||
| Q3 24 | $-809.0K | $-51.7M | ||
| Q2 24 | $-16.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | 91.3% | 64.4% | ||
| Q3 25 | 96.4% | 66.4% | ||
| Q2 25 | 87.3% | — | ||
| Q1 25 | 83.4% | — | ||
| Q4 24 | 84.3% | 72.2% | ||
| Q3 24 | 84.0% | 39.6% | ||
| Q2 24 | 87.1% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.1% | -63.0% | ||
| Q3 25 | 4.2% | -31.8% | ||
| Q2 25 | -14.7% | — | ||
| Q1 25 | -49.0% | — | ||
| Q4 24 | 7.0% | 14.9% | ||
| Q3 24 | 2.3% | -89.2% | ||
| Q2 24 | -18.6% | — |
| Q1 26 | -39.8% | — | ||
| Q4 25 | -0.3% | -84.1% | ||
| Q3 25 | -0.9% | 160.1% | ||
| Q2 25 | -19.5% | — | ||
| Q1 25 | -55.5% | — | ||
| Q4 24 | 4.0% | -18.8% | ||
| Q3 24 | -0.8% | -98.0% | ||
| Q2 24 | -22.5% | — |
| Q1 26 | $-0.15 | — | ||
| Q4 25 | $-0.01 | $-0.52 | ||
| Q3 25 | $0.00 | $1.08 | ||
| Q2 25 | $-0.08 | — | ||
| Q1 25 | $-0.17 | — | ||
| Q4 24 | $0.01 | $-0.10 | ||
| Q3 24 | $0.00 | $-0.27 | ||
| Q2 24 | $-0.07 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $238.1M | $3.3B |
| Total DebtLower is stronger | $203.5M | — |
| Stockholders' EquityBook value | $148.6M | $2.5B |
| Total Assets | $504.5M | $7.0B |
| Debt / EquityLower = less leverage | 1.37× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $238.1M | — | ||
| Q4 25 | $68.0M | $3.3B | ||
| Q3 25 | $42.7M | $1.0B | ||
| Q2 25 | $90.0M | — | ||
| Q1 25 | $30.8M | — | ||
| Q4 24 | $64.9M | $427.3M | ||
| Q3 24 | $47.4M | $98.6M | ||
| Q2 24 | $41.9M | — |
| Q1 26 | $203.5M | — | ||
| Q4 25 | $202.8M | — | ||
| Q3 25 | $202.1M | — | ||
| Q2 25 | $201.4M | — | ||
| Q1 25 | $151.3M | — | ||
| Q4 24 | $150.9M | — | ||
| Q3 24 | $100.7M | — | ||
| Q2 24 | $100.2M | — |
| Q1 26 | $148.6M | — | ||
| Q4 25 | $166.9M | $2.5B | ||
| Q3 25 | $154.3M | $2.9B | ||
| Q2 25 | $139.5M | — | ||
| Q1 25 | $145.7M | — | ||
| Q4 24 | $173.3M | $1.2B | ||
| Q3 24 | $158.3M | $1.1B | ||
| Q2 24 | $147.0M | — |
| Q1 26 | $504.5M | — | ||
| Q4 25 | $501.6M | $7.0B | ||
| Q3 25 | $486.2M | $4.3B | ||
| Q2 25 | $466.8M | — | ||
| Q1 25 | $410.2M | — | ||
| Q4 24 | $435.8M | $1.9B | ||
| Q3 24 | $367.9M | $1.3B | ||
| Q2 24 | $343.5M | — |
| Q1 26 | 1.37× | — | ||
| Q4 25 | 1.21× | — | ||
| Q3 25 | 1.31× | — | ||
| Q2 25 | 1.44× | — | ||
| Q1 25 | 1.04× | — | ||
| Q4 24 | 0.87× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.68× | — |
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 | — | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | — | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $21.0M | $71.7M | ||
| Q3 25 | $365.0K | $142.4M | ||
| Q2 25 | $-25.3M | — | ||
| Q1 25 | $-38.5M | — | ||
| Q4 24 | $9.8M | $53.6M | ||
| Q3 24 | $501.0K | $-3.9M | ||
| Q2 24 | $-19.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | $20.6M | $-468.0M | ||
| Q3 25 | $209.0K | $-38.0M | ||
| Q2 25 | $-26.0M | — | ||
| Q1 25 | $-38.8M | — | ||
| Q4 24 | $9.2M | $-85.5M | ||
| Q3 24 | $364.0K | $-109.7M | ||
| Q2 24 | $-19.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | 16.4% | -253.4% | ||
| Q3 25 | 0.2% | -15.8% | ||
| Q2 25 | -26.6% | — | ||
| Q1 25 | -52.3% | — | ||
| Q4 24 | 7.9% | -73.6% | ||
| Q3 24 | 0.4% | -208.0% | ||
| Q2 24 | -26.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 292.2% | ||
| Q3 25 | 0.1% | 75.0% | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.5% | 119.7% | ||
| Q3 24 | 0.1% | 200.6% | ||
| Q2 24 | 0.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.11× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARDX
| IBSRELA | $70.1M | 74% |
| XPHOZAH | $23.3M | 25% |
| Non-cash royalty revenue related to the sale of future royalties | $695.0K | 1% |
| Product supply revenue | $354.0K | 0% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
