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Side-by-side financial comparison of ECARX Holdings Inc. (ECX) and IREN Ltd (IREN). Click either name above to swap in a different company.
ECARX Holdings Inc. is the larger business by last-quarter revenue ($323.3M vs $184.7M, roughly 1.8× IREN Ltd). ECARX Holdings Inc. runs the higher net margin — -21.4% vs -84.1%, a 62.8% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 6.5%). ECARX Holdings Inc. produced more free cash flow last quarter ($-86.5M vs $-468.0M).
ECARX Holdings Inc. is a global mobility technology provider specializing in integrated smart vehicle solutions, including in-vehicle infotainment systems, advanced driver assistance technologies, and connected car cloud services. It primarily partners with automotive manufacturers across the world, with a strong operational presence in the Chinese and European markets.
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.
ECX vs IREN — Head-to-Head
Income Statement — Q2 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $323.3M | $184.7M |
| Net Profit | $-69.1M | $-155.4M |
| Gross Margin | 15.5% | 64.4% |
| Operating Margin | -20.2% | -63.0% |
| Net Margin | -21.4% | -84.1% |
| Revenue YoY | 6.5% | 59.0% |
| Net Profit YoY | 12.8% | -610.0% |
| EPS (diluted) | $-0.20 | $-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 | — | $240.3M | ||
| Q2 25 | $323.3M | — | ||
| Q4 24 | — | $116.1M | ||
| Q3 24 | — | $52.8M | ||
| Q2 24 | $303.5M | — | ||
| Q1 24 | — | $54.3M | ||
| Q4 23 | — | $42.6M |
| Q4 25 | — | $-155.4M | ||
| Q3 25 | — | $384.6M | ||
| Q2 25 | $-69.1M | — | ||
| Q4 24 | — | $-21.9M | ||
| Q3 24 | — | $-51.7M | ||
| Q2 24 | $-79.2M | — | ||
| Q1 24 | — | $8.6M | ||
| Q4 23 | — | $-5.2M |
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | 15.5% | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | 22.6% | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | — | -63.0% | ||
| Q3 25 | — | -31.8% | ||
| Q2 25 | -20.2% | — | ||
| Q4 24 | — | 14.9% | ||
| Q3 24 | — | -89.2% | ||
| Q2 24 | -22.2% | — | ||
| Q1 24 | — | 11.1% | ||
| Q4 23 | — | -5.2% |
| Q4 25 | — | -84.1% | ||
| Q3 25 | — | 160.1% | ||
| Q2 25 | -21.4% | — | ||
| Q4 24 | — | -18.8% | ||
| Q3 24 | — | -98.0% | ||
| Q2 24 | -26.1% | — | ||
| Q1 24 | — | 15.9% | ||
| Q4 23 | — | -12.3% |
| Q4 25 | — | $-0.52 | ||
| Q3 25 | — | $1.08 | ||
| Q2 25 | $-0.20 | — | ||
| Q4 24 | — | $-0.10 | ||
| Q3 24 | — | $-0.27 | ||
| Q2 24 | $-0.23 | — | ||
| Q1 24 | — | $0.00 | ||
| Q4 23 | — | $-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 | $86.2M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-293.7M | $2.5B |
| Total Assets | $494.9M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | $86.2M | — | ||
| Q4 24 | — | $427.3M | ||
| Q3 24 | — | $98.6M | ||
| Q2 24 | $108.4M | — | ||
| Q1 24 | — | $259.7M | ||
| Q4 23 | — | $90.3M |
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | $-293.7M | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $-198.5M | — | ||
| Q1 24 | — | $677.2M | ||
| Q4 23 | — | $381.8M |
| Q4 25 | — | $7.0B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | $494.9M | — | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $555.0M | — | ||
| Q1 24 | — | $723.6M | ||
| Q4 23 | — | $417.2M |
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 | $-82.0M | $71.7M |
| Free Cash FlowOCF − Capex | $-86.5M | $-468.0M |
| FCF MarginFCF / Revenue | -26.7% | -253.4% |
| Capex IntensityCapex / Revenue | 1.4% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $71.7M | ||
| Q3 25 | — | $142.4M | ||
| Q2 25 | $-82.0M | — | ||
| Q4 24 | — | $53.6M | ||
| Q3 24 | — | $-3.9M | ||
| Q2 24 | $-57.1M | — | ||
| Q1 24 | — | $-27.1M | ||
| Q4 23 | — | $17.4M |
| Q4 25 | — | $-468.0M | ||
| Q3 25 | — | $-38.0M | ||
| Q2 25 | $-86.5M | — | ||
| Q4 24 | — | $-85.5M | ||
| Q3 24 | — | $-109.7M | ||
| Q2 24 | $-64.9M | — | ||
| Q1 24 | — | $-108.3M | ||
| Q4 23 | — | — |
| Q4 25 | — | -253.4% | ||
| Q3 25 | — | -15.8% | ||
| Q2 25 | -26.7% | — | ||
| Q4 24 | — | -73.6% | ||
| Q3 24 | — | -208.0% | ||
| Q2 24 | -21.4% | — | ||
| Q1 24 | — | -199.4% | ||
| Q4 23 | — | — |
| Q4 25 | — | 292.2% | ||
| Q3 25 | — | 75.0% | ||
| Q2 25 | 1.4% | — | ||
| Q4 24 | — | 119.7% | ||
| Q3 24 | — | 200.6% | ||
| Q2 24 | 2.6% | — | ||
| Q1 24 | — | 149.5% | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -3.13× | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ECX
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
