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Side-by-side financial comparison of Fat Brands, Inc (FAT) 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 $140.0M, roughly 1.3× Fat Brands, Inc). Fat Brands, Inc runs the higher net margin — -41.6% vs -84.1%, a 42.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -2.3%). Fat Brands, Inc produced more free cash flow last quarter ($-16.9M vs $-468.0M).
FAT Brands Inc. is an American multi-brand restaurant and sports bar franchise operator headquartered in Beverly Hills, California.
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.
FAT vs IREN — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $140.0M | $184.7M |
| Net Profit | $-58.2M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | -12.4% | -63.0% |
| Net Margin | -41.6% | -84.1% |
| Revenue YoY | -2.3% | 59.0% |
| Net Profit YoY | -30.1% | -610.0% |
| EPS (diluted) | $-3.39 | $-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 | $140.0M | $240.3M | ||
| Q2 25 | $146.8M | — | ||
| Q1 25 | $142.0M | — | ||
| Q4 24 | $145.3M | $116.1M | ||
| Q3 24 | $143.4M | $52.8M | ||
| Q2 24 | $152.0M | — | ||
| Q1 24 | $152.0M | $54.3M |
| Q4 25 | — | $-155.4M | ||
| Q3 25 | $-58.2M | $384.6M | ||
| Q2 25 | $-54.2M | — | ||
| Q1 25 | $-46.0M | — | ||
| Q4 24 | $-67.4M | $-21.9M | ||
| Q3 24 | $-44.8M | $-51.7M | ||
| Q2 24 | $-39.4M | — | ||
| Q1 24 | $-38.3M | $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 | -12.4% | -31.8% | ||
| Q2 25 | -10.6% | — | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | -27.1% | 14.9% | ||
| Q3 24 | -6.2% | -89.2% | ||
| Q2 24 | -1.8% | — | ||
| Q1 24 | -0.9% | 11.1% |
| Q4 25 | — | -84.1% | ||
| Q3 25 | -41.6% | 160.1% | ||
| Q2 25 | -36.9% | — | ||
| Q1 25 | -32.4% | — | ||
| Q4 24 | -46.4% | -18.8% | ||
| Q3 24 | -31.2% | -98.0% | ||
| Q2 24 | -25.9% | — | ||
| Q1 24 | -25.2% | 15.9% |
| Q4 25 | — | $-0.52 | ||
| Q3 25 | $-3.39 | $1.08 | ||
| Q2 25 | $-3.17 | — | ||
| Q1 25 | $-2.73 | — | ||
| Q4 24 | $-4.06 | $-0.10 | ||
| Q3 24 | $-2.74 | $-0.27 | ||
| Q2 24 | $-2.43 | — | ||
| Q1 24 | $-2.37 | $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 | — | $3.3B |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $-585.8M | $2.5B |
| Total Assets | $1.2B | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $427.3M | ||
| Q3 24 | — | $98.6M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $259.7M |
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | — | $2.5B | ||
| Q3 25 | $-585.8M | $2.9B | ||
| Q2 25 | $-536.5M | — | ||
| Q1 25 | $-493.9M | — | ||
| Q4 24 | $-455.7M | $1.2B | ||
| Q3 24 | $-386.1M | $1.1B | ||
| Q2 24 | $-338.6M | — | ||
| Q1 24 | $-296.8M | $677.2M |
| Q4 25 | — | $7.0B | ||
| Q3 25 | $1.2B | $4.3B | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | $1.9B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | $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 | $-14.5M | $71.7M |
| Free Cash FlowOCF − Capex | $-16.9M | $-468.0M |
| FCF MarginFCF / Revenue | -12.1% | -253.4% |
| Capex IntensityCapex / Revenue | 1.7% | 292.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-75.0M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $71.7M | ||
| Q3 25 | $-14.5M | $142.4M | ||
| Q2 25 | $-26.9M | — | ||
| Q1 25 | $-13.2M | — | ||
| Q4 24 | $-10.4M | $53.6M | ||
| Q3 24 | $-3.2M | $-3.9M | ||
| Q2 24 | $-14.2M | — | ||
| Q1 24 | $-28.4M | $-27.1M |
| Q4 25 | — | $-468.0M | ||
| Q3 25 | $-16.9M | $-38.0M | ||
| Q2 25 | $-29.3M | — | ||
| Q1 25 | $-17.8M | — | ||
| Q4 24 | $-11.0M | $-85.5M | ||
| Q3 24 | $-11.1M | $-109.7M | ||
| Q2 24 | $-24.4M | — | ||
| Q1 24 | $-32.5M | $-108.3M |
| Q4 25 | — | -253.4% | ||
| Q3 25 | -12.1% | -15.8% | ||
| Q2 25 | -20.0% | — | ||
| Q1 25 | -12.5% | — | ||
| Q4 24 | -7.6% | -73.6% | ||
| Q3 24 | -7.7% | -208.0% | ||
| Q2 24 | -16.1% | — | ||
| Q1 24 | -21.4% | -199.4% |
| Q4 25 | — | 292.2% | ||
| Q3 25 | 1.7% | 75.0% | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 0.4% | 119.7% | ||
| Q3 24 | 5.5% | 200.6% | ||
| Q2 24 | 6.7% | — | ||
| Q1 24 | 2.7% | 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
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
