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Side-by-side financial comparison of DMC Global Inc. (BOOM) 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 $143.5M, roughly 1.3× DMC Global Inc.). DMC Global Inc. runs the higher net margin — -7.8% vs -84.1%, a 76.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -5.8%). DMC Global Inc. produced more free cash flow last quarter ($9.6M vs $-468.0M).
DMC Mining Services is a mining services contractor founded in 1980 operating in Canada, the United States, Chile, and Mongolia
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.
BOOM vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $143.5M | $184.7M |
| Net Profit | $-11.2M | $-155.4M |
| Gross Margin | 17.1% | 64.4% |
| Operating Margin | -7.8% | -63.0% |
| Net Margin | -7.8% | -84.1% |
| Revenue YoY | -5.8% | 59.0% |
| Net Profit YoY | -3871.6% | -610.0% |
| EPS (diluted) | $-0.60 | $-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 | $143.5M | $184.7M | ||
| Q3 25 | $151.5M | $240.3M | ||
| Q2 25 | $155.5M | — | ||
| Q1 25 | $159.3M | — | ||
| Q4 24 | $152.4M | $116.1M | ||
| Q3 24 | $152.4M | $52.8M | ||
| Q2 24 | $171.2M | — | ||
| Q1 24 | $166.9M | $54.3M |
| Q4 25 | $-11.2M | $-155.4M | ||
| Q3 25 | $-3.1M | $384.6M | ||
| Q2 25 | $116.0K | — | ||
| Q1 25 | $677.0K | — | ||
| Q4 24 | $296.0K | $-21.9M | ||
| Q3 24 | $-101.3M | $-51.7M | ||
| Q2 24 | $4.0M | — | ||
| Q1 24 | $2.6M | $8.6M |
| Q4 25 | 17.1% | 64.4% | ||
| Q3 25 | 21.7% | 66.4% | ||
| Q2 25 | 23.6% | — | ||
| Q1 25 | 25.9% | — | ||
| Q4 24 | 20.8% | 72.2% | ||
| Q3 24 | 19.8% | 39.6% | ||
| Q2 24 | 27.1% | — | ||
| Q1 24 | 25.4% | — |
| Q4 25 | -7.8% | -63.0% | ||
| Q3 25 | 0.4% | -31.8% | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | -0.5% | 14.9% | ||
| Q3 24 | -97.7% | -89.2% | ||
| Q2 24 | 6.8% | — | ||
| Q1 24 | 4.0% | 11.1% |
| Q4 25 | -7.8% | -84.1% | ||
| Q3 25 | -2.0% | 160.1% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.2% | -18.8% | ||
| Q3 24 | -66.5% | -98.0% | ||
| Q2 24 | 2.3% | — | ||
| Q1 24 | 1.5% | 15.9% |
| Q4 25 | $-0.60 | $-0.52 | ||
| Q3 25 | $-0.10 | $1.08 | ||
| Q2 25 | $-0.24 | — | ||
| Q1 25 | $0.04 | — | ||
| Q4 24 | $-0.18 | $-0.10 | ||
| Q3 24 | $-8.27 | $-0.27 | ||
| Q2 24 | $0.24 | — | ||
| Q1 24 | $0.01 | $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 | $31.9M | $3.3B |
| Total DebtLower is stronger | $50.6M | — |
| Stockholders' EquityBook value | $242.1M | $2.5B |
| Total Assets | $635.8M | $7.0B |
| Debt / EquityLower = less leverage | 0.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.9M | $3.3B | ||
| Q3 25 | $26.4M | $1.0B | ||
| Q2 25 | $12.4M | — | ||
| Q1 25 | $14.7M | — | ||
| Q4 24 | $14.3M | $427.3M | ||
| Q3 24 | $14.5M | $98.6M | ||
| Q2 24 | $14.6M | — | ||
| Q1 24 | $20.4M | $259.7M |
| Q4 25 | $50.6M | — | ||
| Q3 25 | $56.5M | — | ||
| Q2 25 | $58.7M | — | ||
| Q1 25 | $72.4M | — | ||
| Q4 24 | $70.8M | — | ||
| Q3 24 | $74.2M | — | ||
| Q2 24 | $84.1M | — | ||
| Q1 24 | $88.0M | — |
| Q4 25 | $242.1M | $2.5B | ||
| Q3 25 | $253.0M | $2.9B | ||
| Q2 25 | $253.9M | — | ||
| Q1 25 | $253.9M | — | ||
| Q4 24 | $251.0M | $1.2B | ||
| Q3 24 | $256.5M | $1.1B | ||
| Q2 24 | $416.0M | — | ||
| Q1 24 | $409.9M | $677.2M |
| Q4 25 | $635.8M | $7.0B | ||
| Q3 25 | $644.1M | $4.3B | ||
| Q2 25 | $645.0M | — | ||
| Q1 25 | $670.6M | — | ||
| Q4 24 | $671.3M | $1.9B | ||
| Q3 24 | $702.0M | $1.3B | ||
| Q2 24 | $869.5M | — | ||
| Q1 24 | $860.0M | $723.6M |
| Q4 25 | 0.21× | — | ||
| Q3 25 | 0.22× | — | ||
| Q2 25 | 0.23× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.28× | — | ||
| Q3 24 | 0.29× | — | ||
| Q2 24 | 0.20× | — | ||
| Q1 24 | 0.21× | — |
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 | $15.2M | $71.7M |
| Free Cash FlowOCF − Capex | $9.6M | $-468.0M |
| FCF MarginFCF / Revenue | 6.7% | -253.4% |
| Capex IntensityCapex / Revenue | 3.9% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $37.0M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.2M | $71.7M | ||
| Q3 25 | $18.6M | $142.4M | ||
| Q2 25 | $15.2M | — | ||
| Q1 25 | $4.5M | — | ||
| Q4 24 | $11.8M | $53.6M | ||
| Q3 24 | $19.0M | $-3.9M | ||
| Q2 24 | $2.3M | — | ||
| Q1 24 | $13.4M | $-27.1M |
| Q4 25 | $9.6M | $-468.0M | ||
| Q3 25 | $14.4M | $-38.0M | ||
| Q2 25 | $12.3M | — | ||
| Q1 25 | $709.0K | — | ||
| Q4 24 | $6.1M | $-85.5M | ||
| Q3 24 | $12.9M | $-109.7M | ||
| Q2 24 | $-204.0K | — | ||
| Q1 24 | $10.5M | $-108.3M |
| Q4 25 | 6.7% | -253.4% | ||
| Q3 25 | 9.5% | -15.8% | ||
| Q2 25 | 7.9% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 4.0% | -73.6% | ||
| Q3 24 | 8.5% | -208.0% | ||
| Q2 24 | -0.1% | — | ||
| Q1 24 | 6.3% | -199.4% |
| Q4 25 | 3.9% | 292.2% | ||
| Q3 25 | 2.8% | 75.0% | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 3.7% | 119.7% | ||
| Q3 24 | 4.0% | 200.6% | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.8% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | 131.43× | — | ||
| Q1 25 | 6.63× | — | ||
| Q4 24 | 39.90× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 5.24× | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BOOM
| Dyna Energetics Segment | $68.9M | 48% |
| Other | $57.0M | 40% |
| Nobel Clad Segment | $17.7M | 12% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
