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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) 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 $114.9M, roughly 1.6× DULUTH HOLDINGS INC.). DULUTH HOLDINGS INC. runs the higher net margin — -8.8% vs -84.1%, a 75.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -9.6%). DULUTH HOLDINGS INC. produced more free cash flow last quarter ($-8.9M vs $-468.0M).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
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.
DLTH vs IREN — Head-to-Head
Income Statement — Q3 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $184.7M |
| Net Profit | $-10.1M | $-155.4M |
| Gross Margin | 53.8% | 64.4% |
| Operating Margin | -7.7% | -63.0% |
| Net Margin | -8.8% | -84.1% |
| Revenue YoY | -9.6% | 59.0% |
| Net Profit YoY | 64.6% | -610.0% |
| EPS (diluted) | $-0.29 | $-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 | $114.9M | $184.7M | ||
| Q3 25 | $131.7M | $240.3M | ||
| Q2 25 | $102.7M | — | ||
| Q1 25 | $241.3M | — | ||
| Q4 24 | $127.1M | $116.1M | ||
| Q3 24 | $141.6M | $52.8M | ||
| Q2 24 | $116.7M | — | ||
| Q1 24 | $245.6M | $54.3M |
| Q4 25 | $-10.1M | $-155.4M | ||
| Q3 25 | $1.3M | $384.6M | ||
| Q2 25 | $-15.3M | — | ||
| Q1 25 | $-5.6M | — | ||
| Q4 24 | $-28.2M | $-21.9M | ||
| Q3 24 | $-2.0M | $-51.7M | ||
| Q2 24 | $-7.9M | — | ||
| Q1 24 | $6.4M | $8.6M |
| Q4 25 | 53.8% | 64.4% | ||
| Q3 25 | 54.7% | 66.4% | ||
| Q2 25 | 52.0% | — | ||
| Q1 25 | 44.1% | — | ||
| Q4 24 | 52.3% | 72.2% | ||
| Q3 24 | 52.3% | 39.6% | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 48.2% | — |
| Q4 25 | -7.7% | -63.0% | ||
| Q3 25 | 1.8% | -31.8% | ||
| Q2 25 | -12.0% | — | ||
| Q1 25 | -1.8% | — | ||
| Q4 24 | -17.4% | 14.9% | ||
| Q3 24 | -1.1% | -89.2% | ||
| Q2 24 | -7.7% | — | ||
| Q1 24 | 3.6% | 11.1% |
| Q4 25 | -8.8% | -84.1% | ||
| Q3 25 | 1.0% | 160.1% | ||
| Q2 25 | -14.9% | — | ||
| Q1 25 | -2.3% | — | ||
| Q4 24 | -22.2% | -18.8% | ||
| Q3 24 | -1.4% | -98.0% | ||
| Q2 24 | -6.7% | — | ||
| Q1 24 | 2.6% | 15.9% |
| Q4 25 | $-0.29 | $-0.52 | ||
| Q3 25 | $0.04 | $1.08 | ||
| Q2 25 | $-0.45 | — | ||
| Q1 25 | $-0.17 | — | ||
| Q4 24 | $-0.84 | $-0.10 | ||
| Q3 24 | $-0.06 | $-0.27 | ||
| Q2 24 | $-0.24 | — | ||
| Q1 24 | $0.20 | $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 | $8.2M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $2.5B |
| Total Assets | $468.0M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $3.3B | ||
| Q3 25 | $5.7M | $1.0B | ||
| Q2 25 | $8.6M | — | ||
| Q1 25 | $3.3M | — | ||
| Q4 24 | $9.3M | $427.3M | ||
| Q3 24 | $9.8M | $98.6M | ||
| Q2 24 | $6.8M | — | ||
| Q1 24 | $32.2M | $259.7M |
| Q4 25 | $160.6M | $2.5B | ||
| Q3 25 | $170.0M | $2.9B | ||
| Q2 25 | $167.9M | — | ||
| Q1 25 | $182.7M | — | ||
| Q4 24 | $188.1M | $1.2B | ||
| Q3 24 | $215.7M | $1.1B | ||
| Q2 24 | $218.4M | — | ||
| Q1 24 | $222.8M | $677.2M |
| Q4 25 | $468.0M | $7.0B | ||
| Q3 25 | $433.8M | $4.3B | ||
| Q2 25 | $463.7M | — | ||
| Q1 25 | $452.4M | — | ||
| Q4 24 | $533.1M | $1.9B | ||
| Q3 24 | $488.6M | $1.3B | ||
| Q2 24 | $471.4M | — | ||
| Q1 24 | $491.2M | $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 | $-6.7M | $71.7M |
| Free Cash FlowOCF − Capex | $-8.9M | $-468.0M |
| FCF MarginFCF / Revenue | -7.8% | -253.4% |
| Capex IntensityCapex / Revenue | 2.0% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $71.7M | ||
| Q3 25 | $32.0M | $142.4M | ||
| Q2 25 | $-56.5M | — | ||
| Q1 25 | $41.2M | — | ||
| Q4 24 | $-41.1M | $53.6M | ||
| Q3 24 | $16.6M | $-3.9M | ||
| Q2 24 | $-33.7M | — | ||
| Q1 24 | $69.7M | $-27.1M |
| Q4 25 | $-8.9M | $-468.0M | ||
| Q3 25 | $29.8M | $-38.0M | ||
| Q2 25 | $-57.8M | — | ||
| Q1 25 | $38.7M | — | ||
| Q4 24 | $-43.7M | $-85.5M | ||
| Q3 24 | $15.0M | $-109.7M | ||
| Q2 24 | $-35.2M | — | ||
| Q1 24 | $60.6M | $-108.3M |
| Q4 25 | -7.8% | -253.4% | ||
| Q3 25 | 22.6% | -15.8% | ||
| Q2 25 | -56.3% | — | ||
| Q1 25 | 16.0% | — | ||
| Q4 24 | -34.4% | -73.6% | ||
| Q3 24 | 10.6% | -208.0% | ||
| Q2 24 | -30.2% | — | ||
| Q1 24 | 24.7% | -199.4% |
| Q4 25 | 2.0% | 292.2% | ||
| Q3 25 | 1.7% | 75.0% | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 2.1% | 119.7% | ||
| Q3 24 | 1.2% | 200.6% | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 3.7% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | 0.37× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.86× | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
