vs
Side-by-side financial comparison of Bitcoin Depot Inc. (BTM) 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 $162.5M, roughly 1.1× Bitcoin Depot Inc.). Bitcoin Depot Inc. runs the higher net margin — 3.4% vs -84.1%, a 87.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 20.1%). Bitcoin Depot Inc. produced more free cash flow last quarter ($2.5M vs $-468.0M).
Bitcoin Depot Inc. is one of the largest cryptocurrency ATM operators across North America. It provides retail consumers with accessible in-person kiosks to buy and sell Bitcoin and other leading digital assets, alongside online crypto purchase services via bank transfer. Its self-service kiosks are located in high-traffic retail spaces including grocery stores, gas stations and convenience stores.
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.
BTM vs IREN — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $162.5M | $184.7M |
| Net Profit | $5.5M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | 7.3% | -63.0% |
| Net Margin | 3.4% | -84.1% |
| Revenue YoY | 20.1% | 59.0% |
| Net Profit YoY | 690.4% | -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.
| Q4 25 | — | $184.7M | ||
| Q3 25 | $162.5M | $240.3M | ||
| Q2 25 | $172.1M | — | ||
| Q1 25 | $164.2M | — | ||
| Q4 24 | — | $116.1M | ||
| Q3 24 | $135.3M | $52.8M | ||
| Q2 24 | $163.1M | — | ||
| Q1 24 | $138.5M | $54.3M |
| Q4 25 | — | $-155.4M | ||
| Q3 25 | $5.5M | $384.6M | ||
| Q2 25 | $6.1M | — | ||
| Q1 25 | $4.2M | — | ||
| Q4 24 | — | $-21.9M | ||
| Q3 24 | $-939.0K | $-51.7M | ||
| Q2 24 | $-2.6M | — | ||
| Q1 24 | $-1.5M | $8.6M |
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -63.0% | ||
| Q3 25 | 7.3% | -31.8% | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 10.8% | — | ||
| Q4 24 | — | 14.9% | ||
| Q3 24 | 4.1% | -89.2% | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 0.5% | 11.1% |
| Q4 25 | — | -84.1% | ||
| Q3 25 | 3.4% | 160.1% | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | — | -18.8% | ||
| Q3 24 | -0.7% | -98.0% | ||
| Q2 24 | -1.6% | — | ||
| Q1 24 | -1.1% | 15.9% |
| Q4 25 | — | $-0.52 | ||
| Q3 25 | $0.08 | $1.08 | ||
| Q2 25 | $0.16 | — | ||
| Q1 25 | $0.20 | — | ||
| Q4 24 | — | $-0.10 | ||
| Q3 24 | $-0.05 | $-0.27 | ||
| Q2 24 | $-0.13 | — | ||
| Q1 24 | $-0.25 | $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 | $59.3M | $3.3B |
| Total DebtLower is stronger | $67.5M | — |
| Stockholders' EquityBook value | $21.0M | $2.5B |
| Total Assets | $125.3M | $7.0B |
| Debt / EquityLower = less leverage | 3.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.3B | ||
| Q3 25 | $59.3M | $1.0B | ||
| Q2 25 | $48.0M | — | ||
| Q1 25 | $35.0M | — | ||
| Q4 24 | — | $427.3M | ||
| Q3 24 | $32.2M | $98.6M | ||
| Q2 24 | $43.9M | — | ||
| Q1 24 | $42.2M | $259.7M |
| Q4 25 | — | — | ||
| Q3 25 | $67.5M | — | ||
| Q2 25 | $66.5M | — | ||
| Q1 25 | $56.2M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $44.5M | — | ||
| Q2 24 | $41.2M | — | ||
| Q1 24 | $37.6M | — |
| Q4 25 | — | $2.5B | ||
| Q3 25 | $21.0M | $2.9B | ||
| Q2 25 | $4.7M | — | ||
| Q1 25 | $-4.6M | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $-7.9M | $1.1B | ||
| Q2 24 | $4.4M | — | ||
| Q1 24 | $5.0M | $677.2M |
| Q4 25 | — | $7.0B | ||
| Q3 25 | $125.3M | $4.3B | ||
| Q2 25 | $109.1M | — | ||
| Q1 25 | $89.7M | — | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | $87.4M | $1.3B | ||
| Q2 24 | $97.5M | — | ||
| Q1 24 | $90.1M | $723.6M |
| Q4 25 | — | — | ||
| Q3 25 | 3.21× | — | ||
| Q2 25 | 14.18× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 9.27× | — | ||
| Q1 24 | 7.54× | — |
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 | $6.6M | $71.7M |
| Free Cash FlowOCF − Capex | $2.5M | $-468.0M |
| FCF MarginFCF / Revenue | 1.6% | -253.4% |
| Capex IntensityCapex / Revenue | 2.5% | 292.2% |
| Cash ConversionOCF / Net Profit | 1.20× | — |
| TTM Free Cash FlowTrailing 4 quarters | $27.1M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $71.7M | ||
| Q3 25 | $6.6M | $142.4M | ||
| Q2 25 | $10.2M | — | ||
| Q1 25 | $16.3M | — | ||
| Q4 24 | — | $53.6M | ||
| Q3 24 | $5.8M | $-3.9M | ||
| Q2 24 | $10.1M | — | ||
| Q1 24 | $1.3M | $-27.1M |
| Q4 25 | — | $-468.0M | ||
| Q3 25 | $2.5M | $-38.0M | ||
| Q2 25 | $9.8M | — | ||
| Q1 25 | $15.9M | — | ||
| Q4 24 | — | $-85.5M | ||
| Q3 24 | $-1.0M | $-109.7M | ||
| Q2 24 | $7.6M | — | ||
| Q1 24 | $789.0K | $-108.3M |
| Q4 25 | — | -253.4% | ||
| Q3 25 | 1.6% | -15.8% | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | — | -73.6% | ||
| Q3 24 | -0.8% | -208.0% | ||
| Q2 24 | 4.7% | — | ||
| Q1 24 | 0.6% | -199.4% |
| Q4 25 | — | 292.2% | ||
| Q3 25 | 2.5% | 75.0% | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | — | 119.7% | ||
| Q3 24 | 5.0% | 200.6% | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 0.4% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | 1.20× | 0.37× | ||
| Q2 25 | 1.67× | — | ||
| Q1 25 | 3.88× | — | ||
| 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
BTM
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
