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Side-by-side financial comparison of Arlo Technologies, Inc. (ARLO) 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 $141.3M, roughly 1.3× Arlo Technologies, Inc.). Arlo Technologies, Inc. runs the higher net margin — 4.1% vs -84.1%, a 88.2% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 16.2%).
Arlo Technologies is an American company that makes wireless surveillance cameras. Prior to an initial public offering (IPO) on the New York Stock Exchange in August 2018, Arlo was a brand of such products by Netgear, which retained majority control after the IPO.
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.
ARLO vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $141.3M | $184.7M |
| Net Profit | $5.8M | $-155.4M |
| Gross Margin | 46.4% | 64.4% |
| Operating Margin | 3.3% | -63.0% |
| Net Margin | 4.1% | -84.1% |
| Revenue YoY | 16.2% | 59.0% |
| Net Profit YoY | 218.6% | -610.0% |
| EPS (diluted) | $0.06 | $-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.
| Q4 25 | $141.3M | $184.7M | ||
| Q3 25 | $139.5M | $240.3M | ||
| Q2 25 | $129.4M | — | ||
| Q1 25 | $119.1M | — | ||
| Q4 24 | $121.6M | $116.1M | ||
| Q3 24 | $137.7M | $52.8M | ||
| Q2 24 | $127.4M | — | ||
| Q1 24 | $124.2M | $54.3M |
| Q4 25 | $5.8M | $-155.4M | ||
| Q3 25 | $6.9M | $384.6M | ||
| Q2 25 | $3.1M | — | ||
| Q1 25 | $-835.0K | — | ||
| Q4 24 | $-4.9M | $-21.9M | ||
| Q3 24 | $-4.4M | $-51.7M | ||
| Q2 24 | $-11.6M | — | ||
| Q1 24 | $-9.6M | $8.6M |
| Q4 25 | 46.4% | 64.4% | ||
| Q3 25 | 40.5% | 66.4% | ||
| Q2 25 | 44.9% | — | ||
| Q1 25 | 44.3% | — | ||
| Q4 24 | 36.9% | 72.2% | ||
| Q3 24 | 35.2% | 39.6% | ||
| Q2 24 | 36.8% | — | ||
| Q1 24 | 38.1% | — |
| Q4 25 | 3.3% | -63.0% | ||
| Q3 25 | 0.6% | -31.8% | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | -1.2% | — | ||
| Q4 24 | -5.0% | 14.9% | ||
| Q3 24 | -4.0% | -89.2% | ||
| Q2 24 | -10.0% | — | ||
| Q1 24 | -8.5% | 11.1% |
| Q4 25 | 4.1% | -84.1% | ||
| Q3 25 | 4.9% | 160.1% | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | -0.7% | — | ||
| Q4 24 | -4.0% | -18.8% | ||
| Q3 24 | -3.2% | -98.0% | ||
| Q2 24 | -9.1% | — | ||
| Q1 24 | -7.8% | 15.9% |
| Q4 25 | $0.06 | $-0.52 | ||
| Q3 25 | $0.06 | $1.08 | ||
| Q2 25 | $0.03 | — | ||
| Q1 25 | $-0.01 | — | ||
| Q4 24 | $-0.05 | $-0.10 | ||
| Q3 24 | $-0.04 | $-0.27 | ||
| Q2 24 | $-0.12 | — | ||
| Q1 24 | $-0.10 | $0.00 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $146.4M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $127.8M | $2.5B |
| Total Assets | $310.5M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $146.4M | $3.3B | ||
| Q3 25 | $86.0M | $1.0B | ||
| Q2 25 | $71.2M | — | ||
| Q1 25 | $84.0M | — | ||
| Q4 24 | $82.0M | $427.3M | ||
| Q3 24 | $77.0M | $98.6M | ||
| Q2 24 | $62.9M | — | ||
| Q1 24 | $62.1M | $259.7M |
| Q4 25 | $127.8M | $2.5B | ||
| Q3 25 | $129.2M | $2.9B | ||
| Q2 25 | $118.3M | — | ||
| Q1 25 | $103.4M | — | ||
| Q4 24 | $100.9M | $1.2B | ||
| Q3 24 | $96.9M | $1.1B | ||
| Q2 24 | $99.3M | — | ||
| Q1 24 | $99.9M | $677.2M |
| Q4 25 | $310.5M | $7.0B | ||
| Q3 25 | $350.9M | $4.3B | ||
| Q2 25 | $319.7M | — | ||
| Q1 25 | $296.6M | — | ||
| Q4 24 | $298.4M | $1.9B | ||
| Q3 24 | $312.4M | $1.3B | ||
| Q2 24 | $295.8M | — | ||
| Q1 24 | $289.8M | $723.6M |
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 | $19.8M | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | — | 292.2% |
| Cash ConversionOCF / Net Profit | 3.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $19.8M | $71.7M | ||
| Q3 25 | $19.2M | $142.4M | ||
| Q2 25 | $8.8M | — | ||
| Q1 25 | $30.9M | — | ||
| Q4 24 | $6.7M | $53.6M | ||
| Q3 24 | $18.4M | $-3.9M | ||
| Q2 24 | $6.5M | — | ||
| Q1 24 | $19.8M | $-27.1M |
| Q4 25 | — | $-468.0M | ||
| Q3 25 | — | $-38.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | $28.1M | — | ||
| Q4 24 | $5.6M | $-85.5M | ||
| Q3 24 | $17.4M | $-109.7M | ||
| Q2 24 | $6.2M | — | ||
| Q1 24 | $19.4M | $-108.3M |
| Q4 25 | — | -253.4% | ||
| Q3 25 | — | -15.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | 23.6% | — | ||
| Q4 24 | 4.6% | -73.6% | ||
| Q3 24 | 12.6% | -208.0% | ||
| Q2 24 | 4.8% | — | ||
| Q1 24 | 15.7% | -199.4% |
| Q4 25 | — | 292.2% | ||
| Q3 25 | — | 75.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 0.9% | 119.7% | ||
| Q3 24 | 0.7% | 200.6% | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.3% | 149.5% |
| Q4 25 | 3.43× | — | ||
| Q3 25 | 2.79× | 0.37× | ||
| Q2 25 | 2.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARLO
| Subscriptions And Services | $89.4M | 63% |
| Products | $51.9M | 37% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
