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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) 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 $132.7M, roughly 1.4× Emerald Holding, Inc.). Emerald Holding, Inc. runs the higher net margin — -22.8% vs -84.1%, a 61.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 24.3%). Emerald Holding, Inc. produced more free cash flow last quarter ($11.7M vs $-468.0M).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
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.
EEX vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $184.7M |
| Net Profit | $-30.2M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | -11.8% | -63.0% |
| Net Margin | -22.8% | -84.1% |
| Revenue YoY | 24.3% | 59.0% |
| Net Profit YoY | -692.2% | -610.0% |
| EPS (diluted) | $-0.15 | $-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 | $132.7M | $184.7M | ||
| Q3 25 | $77.5M | $240.3M | ||
| Q2 25 | $105.5M | — | ||
| Q1 25 | $147.7M | — | ||
| Q4 24 | $106.8M | $116.1M | ||
| Q3 24 | $72.6M | $52.8M | ||
| Q2 24 | $86.0M | — | ||
| Q1 24 | $133.4M | $54.3M |
| Q4 25 | $-30.2M | $-155.4M | ||
| Q3 25 | $-14.4M | $384.6M | ||
| Q2 25 | $-1.4M | — | ||
| Q1 25 | $15.3M | — | ||
| Q4 24 | $5.1M | $-21.9M | ||
| Q3 24 | $-11.1M | $-51.7M | ||
| Q2 24 | $-2.8M | — | ||
| Q1 24 | $11.0M | $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 | -11.8% | -63.0% | ||
| Q3 25 | -10.1% | -31.8% | ||
| Q2 25 | 9.7% | — | ||
| Q1 25 | 24.2% | — | ||
| Q4 24 | 19.5% | 14.9% | ||
| Q3 24 | -6.5% | -89.2% | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 18.2% | 11.1% |
| Q4 25 | -22.8% | -84.1% | ||
| Q3 25 | -18.6% | 160.1% | ||
| Q2 25 | -1.3% | — | ||
| Q1 25 | 10.4% | — | ||
| Q4 24 | 4.8% | -18.8% | ||
| Q3 24 | -15.3% | -98.0% | ||
| Q2 24 | -3.3% | — | ||
| Q1 24 | 8.2% | 15.9% |
| Q4 25 | $-0.15 | $-0.52 | ||
| Q3 25 | $-0.07 | $1.08 | ||
| Q2 25 | $-0.01 | — | ||
| Q1 25 | $0.08 | — | ||
| Q4 24 | $0.01 | $-0.10 | ||
| Q3 24 | $-0.05 | $-0.27 | ||
| Q2 24 | $-0.03 | — | ||
| Q1 24 | $0.00 | $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 | $100.9M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $338.8M | $2.5B |
| Total Assets | $1.2B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $3.3B | ||
| Q3 25 | $95.4M | $1.0B | ||
| Q2 25 | $156.4M | — | ||
| Q1 25 | $276.8M | — | ||
| Q4 24 | $194.8M | $427.3M | ||
| Q3 24 | $188.9M | $98.6M | ||
| Q2 24 | $193.2M | — | ||
| Q1 24 | $186.8M | $259.7M |
| Q4 25 | $338.8M | $2.5B | ||
| Q3 25 | $369.5M | $2.9B | ||
| Q2 25 | $389.4M | — | ||
| Q1 25 | $392.1M | — | ||
| Q4 24 | $385.9M | $1.2B | ||
| Q3 24 | $391.1M | $1.1B | ||
| Q2 24 | $407.6M | — | ||
| Q1 24 | $-90.7M | $677.2M |
| Q4 25 | $1.2B | $7.0B | ||
| Q3 25 | $1.2B | $4.3B | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.0B | $1.9B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | $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 | $12.3M | $71.7M |
| Free Cash FlowOCF − Capex | $11.7M | $-468.0M |
| FCF MarginFCF / Revenue | 8.8% | -253.4% |
| Capex IntensityCapex / Revenue | 0.5% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $71.7M | ||
| Q3 25 | $1.8M | $142.4M | ||
| Q2 25 | $15.9M | — | ||
| Q1 25 | $12.6M | — | ||
| Q4 24 | $20.6M | $53.6M | ||
| Q3 24 | $9.1M | $-3.9M | ||
| Q2 24 | $9.8M | — | ||
| Q1 24 | $7.3M | $-27.1M |
| Q4 25 | $11.7M | $-468.0M | ||
| Q3 25 | $1.5M | $-38.0M | ||
| Q2 25 | $15.8M | — | ||
| Q1 25 | $12.4M | — | ||
| Q4 24 | $19.9M | $-85.5M | ||
| Q3 24 | $9.0M | $-109.7M | ||
| Q2 24 | $9.6M | — | ||
| Q1 24 | $7.0M | $-108.3M |
| Q4 25 | 8.8% | -253.4% | ||
| Q3 25 | 1.9% | -15.8% | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 8.4% | — | ||
| Q4 24 | 18.6% | -73.6% | ||
| Q3 24 | 12.4% | -208.0% | ||
| Q2 24 | 11.2% | — | ||
| Q1 24 | 5.2% | -199.4% |
| Q4 25 | 0.5% | 292.2% | ||
| Q3 25 | 0.4% | 75.0% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.7% | 119.7% | ||
| Q3 24 | 0.1% | 200.6% | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | 149.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.82× | — | ||
| Q4 24 | 4.04× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.66× | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
