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Side-by-side financial comparison of Bandwidth Inc. (BAND) and IREN Ltd (IREN). Click either name above to swap in a different company.
Bandwidth Inc. is the larger business by last-quarter revenue ($208.8M vs $184.7M, roughly 1.1× IREN Ltd). Bandwidth Inc. runs the higher net margin — 1.9% vs -84.1%, a 86.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 20.1%). Bandwidth Inc. produced more free cash flow last quarter ($-1.0M vs $-468.0M).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
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.
BAND vs IREN — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $208.8M | $184.7M |
| Net Profit | $4.0M | $-155.4M |
| Gross Margin | 37.3% | 64.4% |
| Operating Margin | 60.5% | -63.0% |
| Net Margin | 1.9% | -84.1% |
| Revenue YoY | 20.1% | 59.0% |
| Net Profit YoY | 200.0% | -610.0% |
| EPS (diluted) | $-0.08 | $-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 | $208.8M | — | ||
| Q4 25 | $207.7M | $184.7M | ||
| Q3 25 | $191.9M | $240.3M | ||
| Q2 25 | $180.0M | — | ||
| Q1 25 | $174.2M | — | ||
| Q4 24 | $210.0M | $116.1M | ||
| Q3 24 | $193.9M | $52.8M | ||
| Q2 24 | $173.6M | — |
| Q1 26 | $4.0M | — | ||
| Q4 25 | — | $-155.4M | ||
| Q3 25 | $-1.2M | $384.6M | ||
| Q2 25 | $-4.9M | — | ||
| Q1 25 | $-3.7M | — | ||
| Q4 24 | — | $-21.9M | ||
| Q3 24 | $413.0K | $-51.7M | ||
| Q2 24 | $4.1M | — |
| Q1 26 | 37.3% | — | ||
| Q4 25 | 37.6% | 64.4% | ||
| Q3 25 | 38.5% | 66.4% | ||
| Q2 25 | 39.8% | — | ||
| Q1 25 | 41.0% | — | ||
| Q4 24 | 36.4% | 72.2% | ||
| Q3 24 | 37.7% | 39.6% | ||
| Q2 24 | 37.3% | — |
| Q1 26 | 60.5% | — | ||
| Q4 25 | -1.9% | -63.0% | ||
| Q3 25 | -1.0% | -31.8% | ||
| Q2 25 | -2.1% | — | ||
| Q1 25 | -2.7% | — | ||
| Q4 24 | -1.3% | 14.9% | ||
| Q3 24 | -0.5% | -89.2% | ||
| Q2 24 | -3.5% | — |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | -84.1% | ||
| Q3 25 | -0.6% | 160.1% | ||
| Q2 25 | -2.7% | — | ||
| Q1 25 | -2.1% | — | ||
| Q4 24 | — | -18.8% | ||
| Q3 24 | 0.2% | -98.0% | ||
| Q2 24 | 2.3% | — |
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $-0.10 | $-0.52 | ||
| Q3 25 | $-0.04 | $1.08 | ||
| Q2 25 | $-0.16 | — | ||
| Q1 25 | $-0.13 | — | ||
| Q4 24 | $0.27 | $-0.10 | ||
| Q3 24 | $0.01 | $-0.27 | ||
| Q2 24 | $-0.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.3M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $405.7M | $2.5B |
| Total Assets | $984.2M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.3M | — | ||
| Q4 25 | $111.3M | $3.3B | ||
| Q3 25 | $80.4M | $1.0B | ||
| Q2 25 | $68.1M | — | ||
| Q1 25 | $41.7M | — | ||
| Q4 24 | $83.8M | $427.3M | ||
| Q3 24 | $79.9M | $98.6M | ||
| Q2 24 | $76.4M | — |
| Q1 26 | $405.7M | — | ||
| Q4 25 | $400.0M | $2.5B | ||
| Q3 25 | $392.7M | $2.9B | ||
| Q2 25 | $384.5M | — | ||
| Q1 25 | $345.4M | — | ||
| Q4 24 | $312.5M | $1.2B | ||
| Q3 24 | $336.6M | $1.1B | ||
| Q2 24 | $307.4M | — |
| Q1 26 | $984.2M | — | ||
| Q4 25 | $1.1B | $7.0B | ||
| Q3 25 | $1.0B | $4.3B | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $964.4M | — | ||
| Q4 24 | $989.2M | $1.9B | ||
| Q3 24 | $1.0B | $1.3B | ||
| Q2 24 | $1.0B | — |
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 | $-1.0M | $-468.0M |
| FCF MarginFCF / Revenue | -0.5% | -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 | $38.6M | $71.7M | ||
| Q3 25 | $22.2M | $142.4M | ||
| Q2 25 | $31.7M | — | ||
| Q1 25 | $-3.1M | — | ||
| Q4 24 | $36.5M | $53.6M | ||
| Q3 24 | $20.5M | $-3.9M | ||
| Q2 24 | $24.4M | — |
| Q1 26 | $-1.0M | — | ||
| Q4 25 | — | $-468.0M | ||
| Q3 25 | — | $-38.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-85.5M | ||
| Q3 24 | — | $-109.7M | ||
| Q2 24 | — | — |
| Q1 26 | -0.5% | — | ||
| Q4 25 | — | -253.4% | ||
| Q3 25 | — | -15.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -73.6% | ||
| Q3 24 | — | -208.0% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 292.2% | ||
| Q3 25 | — | 75.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 119.7% | ||
| Q3 24 | — | 200.6% | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 49.55× | — | ||
| Q2 24 | 6.03× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAND
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
