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Side-by-side financial comparison of GDEV Inc. (GDEV) 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 $119.9M, roughly 1.5× GDEV Inc.). GDEV Inc. runs the higher net margin — 13.9% vs -84.1%, a 98.0% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 13.3%).
GDEV Inc. is a gaming and entertainment holding company. It is a publicly traded company listed on the Nasdaq stock exchange, headquartered in Limassol, Cyprus. The holding was evolved in June 2023 from a video game company Nexters, founded in 2014, one of the top five independent mobile game companies in Europe. Subsidiaries of GDEV include Nexters Studio, which operates offices in Cyprus, Armenia, and Kazakhstan, as well as Cubic Games, Royal Ark, Game Gears and Light Hour Games. The compan...
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.
GDEV vs IREN — Head-to-Head
Income Statement — Q2 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $119.9M | $184.7M |
| Net Profit | $16.6M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | 15.5% | -63.0% |
| Net Margin | 13.9% | -84.1% |
| Revenue YoY | 13.3% | 59.0% |
| Net Profit YoY | 13.0% | -610.0% |
| EPS (diluted) | $0.90 | $-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 | $119.9M | — | ||
| Q4 24 | — | $116.1M | ||
| Q3 24 | — | $52.8M | ||
| Q2 24 | $105.8M | — | ||
| Q1 24 | — | $54.3M | ||
| Q4 23 | — | $42.6M |
| Q4 25 | — | $-155.4M | ||
| Q3 25 | — | $384.6M | ||
| Q2 25 | $16.6M | — | ||
| Q4 24 | — | $-21.9M | ||
| Q3 24 | — | $-51.7M | ||
| Q2 24 | $14.7M | — | ||
| Q1 24 | — | $8.6M | ||
| Q4 23 | — | $-5.2M |
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | — | -63.0% | ||
| Q3 25 | — | -31.8% | ||
| Q2 25 | 15.5% | — | ||
| Q4 24 | — | 14.9% | ||
| Q3 24 | — | -89.2% | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | — | 11.1% | ||
| Q4 23 | — | -5.2% |
| Q4 25 | — | -84.1% | ||
| Q3 25 | — | 160.1% | ||
| Q2 25 | 13.9% | — | ||
| Q4 24 | — | -18.8% | ||
| Q3 24 | — | -98.0% | ||
| Q2 24 | 13.9% | — | ||
| Q1 24 | — | 15.9% | ||
| Q4 23 | — | -12.3% |
| Q4 25 | — | $-0.52 | ||
| Q3 25 | — | $1.08 | ||
| Q2 25 | $0.90 | — | ||
| Q4 24 | — | $-0.10 | ||
| Q3 24 | — | $-0.27 | ||
| Q2 24 | $0.81 | — | ||
| 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 | $41.6M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-129.4M | $2.5B |
| Total Assets | $210.2M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | $41.6M | — | ||
| Q4 24 | — | $427.3M | ||
| Q3 24 | — | $98.6M | ||
| Q2 24 | $50.8M | — | ||
| Q1 24 | — | $259.7M | ||
| Q4 23 | — | $90.3M |
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | $-129.4M | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $-118.7M | — | ||
| Q1 24 | — | $677.2M | ||
| Q4 23 | — | $381.8M |
| Q4 25 | — | $7.0B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | $210.2M | — | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | $282.8M | — | ||
| 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 | — | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | — | 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 | — | — | ||
| Q4 24 | — | $53.6M | ||
| Q3 24 | — | $-3.9M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-27.1M | ||
| Q4 23 | — | $17.4M |
| Q4 25 | — | $-468.0M | ||
| Q3 25 | — | $-38.0M | ||
| Q2 25 | — | — | ||
| Q4 24 | — | $-85.5M | ||
| Q3 24 | — | $-109.7M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-108.3M | ||
| Q4 23 | — | — |
| Q4 25 | — | -253.4% | ||
| Q3 25 | — | -15.8% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | -73.6% | ||
| Q3 24 | — | -208.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -199.4% | ||
| Q4 23 | — | — |
| Q4 25 | — | 292.2% | ||
| Q3 25 | — | 75.0% | ||
| Q2 25 | — | — | ||
| Q4 24 | — | 119.7% | ||
| Q3 24 | — | 200.6% | ||
| Q2 24 | — | — | ||
| 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
GDEV
Segment breakdown not available.
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
