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Side-by-side financial comparison of Claritev Corp (CTEV) and IREN Ltd (IREN). Click either name above to swap in a different company.
Claritev Corp is the larger business by last-quarter revenue ($246.6M vs $184.7M, roughly 1.3× IREN Ltd). Claritev Corp runs the higher net margin — -32.7% vs -84.1%, a 51.5% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 6.2%). Claritev Corp produced more free cash flow last quarter ($36.4M vs $-468.0M).
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.
CTEV vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $246.6M | $184.7M |
| Net Profit | $-80.6M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | -3.1% | -63.0% |
| Net Margin | -32.7% | -84.1% |
| Revenue YoY | 6.2% | 59.0% |
| Net Profit YoY | 41.6% | -610.0% |
| EPS (diluted) | $-4.88 | $-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 | $246.6M | $184.7M | ||
| Q3 25 | $246.0M | $240.3M | ||
| Q2 25 | $241.6M | — | ||
| Q1 25 | $231.3M | — | ||
| Q4 24 | $232.1M | $116.1M | ||
| Q3 24 | $230.5M | $52.8M | ||
| Q2 24 | $233.5M | — | ||
| Q1 24 | $234.5M | $54.3M |
| Q4 25 | $-80.6M | $-155.4M | ||
| Q3 25 | $-69.8M | $384.6M | ||
| Q2 25 | $-62.6M | — | ||
| Q1 25 | $-71.3M | — | ||
| Q4 24 | $-138.0M | $-21.9M | ||
| Q3 24 | $-391.4M | $-51.7M | ||
| Q2 24 | $-576.7M | — | ||
| Q1 24 | $-539.7M | $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 | -3.1% | -63.0% | ||
| Q3 25 | 4.1% | -31.8% | ||
| Q2 25 | 6.9% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | -17.8% | 14.9% | ||
| Q3 24 | -146.7% | -89.2% | ||
| Q2 24 | -224.4% | — | ||
| Q1 24 | -207.4% | 11.1% |
| Q4 25 | -32.7% | -84.1% | ||
| Q3 25 | -28.4% | 160.1% | ||
| Q2 25 | -25.9% | — | ||
| Q1 25 | -30.8% | — | ||
| Q4 24 | -59.4% | -18.8% | ||
| Q3 24 | -169.8% | -98.0% | ||
| Q2 24 | -247.0% | — | ||
| Q1 24 | -230.1% | 15.9% |
| Q4 25 | $-4.88 | $-0.52 | ||
| Q3 25 | $-4.23 | $1.08 | ||
| Q2 25 | $-3.81 | — | ||
| Q1 25 | $-4.38 | — | ||
| Q4 24 | $-8.49 | $-0.10 | ||
| Q3 24 | $-24.25 | $-0.27 | ||
| Q2 24 | $-35.78 | — | ||
| Q1 24 | $-33.40 | $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 | $16.8M | $3.3B |
| Total DebtLower is stronger | $4.6B | — |
| Stockholders' EquityBook value | $-173.9M | $2.5B |
| Total Assets | $4.9B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $16.8M | $3.3B | ||
| Q3 25 | $39.2M | $1.0B | ||
| Q2 25 | $56.4M | — | ||
| Q1 25 | $23.1M | — | ||
| Q4 24 | $16.8M | $427.3M | ||
| Q3 24 | $86.6M | $98.6M | ||
| Q2 24 | $48.8M | — | ||
| Q1 24 | $58.7M | $259.7M |
| Q4 25 | $4.6B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $4.5B | — | ||
| Q3 24 | $4.5B | — | ||
| Q2 24 | $4.5B | — | ||
| Q1 24 | $4.5B | — |
| Q4 25 | $-173.9M | $2.5B | ||
| Q3 25 | $-101.8M | $2.9B | ||
| Q2 25 | $-39.9M | — | ||
| Q1 25 | $14.8M | — | ||
| Q4 24 | $84.0M | $1.2B | ||
| Q3 24 | $207.6M | $1.1B | ||
| Q2 24 | $603.4M | — | ||
| Q1 24 | $1.2B | $677.2M |
| Q4 25 | $4.9B | $7.0B | ||
| Q3 25 | $5.0B | $4.3B | ||
| Q2 25 | $5.1B | — | ||
| Q1 25 | $5.1B | — | ||
| Q4 24 | $5.2B | $1.9B | ||
| Q3 24 | $5.3B | $1.3B | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $6.4B | $723.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 304.87× | — | ||
| Q4 24 | 53.67× | — | ||
| Q3 24 | 21.73× | — | ||
| Q2 24 | 7.48× | — | ||
| Q1 24 | 3.85× | — |
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 | $66.3M | $71.7M |
| Free Cash FlowOCF − Capex | $36.4M | $-468.0M |
| FCF MarginFCF / Revenue | 14.8% | -253.4% |
| Capex IntensityCapex / Revenue | 12.1% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-12.3M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $66.3M | $71.7M | ||
| Q3 25 | $19.9M | $142.4M | ||
| Q2 25 | $61.2M | — | ||
| Q1 25 | $-30.1M | — | ||
| Q4 24 | $-33.4M | $53.6M | ||
| Q3 24 | $72.8M | $-3.9M | ||
| Q2 24 | $18.5M | — | ||
| Q1 24 | $49.7M | $-27.1M |
| Q4 25 | $36.4M | $-468.0M | ||
| Q3 25 | $-16.3M | $-38.0M | ||
| Q2 25 | $36.6M | — | ||
| Q1 25 | $-68.9M | — | ||
| Q4 24 | $-63.8M | $-85.5M | ||
| Q3 24 | $41.1M | $-109.7M | ||
| Q2 24 | $-7.0M | — | ||
| Q1 24 | $19.2M | $-108.3M |
| Q4 25 | 14.8% | -253.4% | ||
| Q3 25 | -6.6% | -15.8% | ||
| Q2 25 | 15.2% | — | ||
| Q1 25 | -29.8% | — | ||
| Q4 24 | -27.5% | -73.6% | ||
| Q3 24 | 17.8% | -208.0% | ||
| Q2 24 | -3.0% | — | ||
| Q1 24 | 8.2% | -199.4% |
| Q4 25 | 12.1% | 292.2% | ||
| Q3 25 | 14.7% | 75.0% | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 16.8% | — | ||
| Q4 24 | 13.1% | 119.7% | ||
| Q3 24 | 13.8% | 200.6% | ||
| Q2 24 | 10.9% | — | ||
| Q1 24 | 13.0% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | — | ||
| 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
CTEV
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
