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Side-by-side financial comparison of IMAX CORP (IMAX) 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 $125.2M, roughly 1.5× IMAX CORP). IMAX CORP runs the higher net margin — 0.5% vs -84.1%, a 84.7% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 35.1%). IMAX CORP produced more free cash flow last quarter ($28.0M vs $-468.0M).
IMAX Corporation is a Canadian production theatre company which designs and manufactures IMAX cameras and projection systems as well as performing film development, production, post-production and distribution to IMAX-affiliated theatres worldwide. Founded in Montreal in 1967, it has headquarters in the Toronto area, and operations in New York City and Los Angeles.
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.
IMAX vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $125.2M | $184.7M |
| Net Profit | $637.0K | $-155.4M |
| Gross Margin | 57.6% | 64.4% |
| Operating Margin | 19.3% | -63.0% |
| Net Margin | 0.5% | -84.1% |
| Revenue YoY | 35.1% | 59.0% |
| Net Profit YoY | -88.0% | -610.0% |
| EPS (diluted) | $0.02 | $-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 | $125.2M | $184.7M | ||
| Q3 25 | $106.7M | $240.3M | ||
| Q2 25 | $91.7M | — | ||
| Q1 25 | $86.7M | — | ||
| Q4 24 | $92.7M | $116.1M | ||
| Q3 24 | $91.5M | $52.8M | ||
| Q2 24 | $89.0M | — | ||
| Q1 24 | $79.1M | $54.3M |
| Q4 25 | $637.0K | $-155.4M | ||
| Q3 25 | $20.7M | $384.6M | ||
| Q2 25 | $11.3M | — | ||
| Q1 25 | $2.3M | — | ||
| Q4 24 | $5.3M | $-21.9M | ||
| Q3 24 | $13.9M | $-51.7M | ||
| Q2 24 | $3.6M | — | ||
| Q1 24 | $3.3M | $8.6M |
| Q4 25 | 57.6% | 64.4% | ||
| Q3 25 | 63.1% | 66.4% | ||
| Q2 25 | 58.5% | — | ||
| Q1 25 | 61.4% | — | ||
| Q4 24 | 52.2% | 72.2% | ||
| Q3 24 | 55.8% | 39.6% | ||
| Q2 24 | 49.4% | — | ||
| Q1 24 | 59.3% | — |
| Q4 25 | 19.3% | -63.0% | ||
| Q3 25 | 27.2% | -31.8% | ||
| Q2 25 | 15.6% | — | ||
| Q1 25 | 19.3% | — | ||
| Q4 24 | 10.3% | 14.9% | ||
| Q3 24 | 21.2% | -89.2% | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 15.3% | 11.1% |
| Q4 25 | 0.5% | -84.1% | ||
| Q3 25 | 19.4% | 160.1% | ||
| Q2 25 | 12.3% | — | ||
| Q1 25 | 2.7% | — | ||
| Q4 24 | 5.7% | -18.8% | ||
| Q3 24 | 15.2% | -98.0% | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 4.1% | 15.9% |
| Q4 25 | $0.02 | $-0.52 | ||
| Q3 25 | $0.37 | $1.08 | ||
| Q2 25 | $0.20 | — | ||
| Q1 25 | $0.04 | — | ||
| Q4 24 | $0.09 | $-0.10 | ||
| Q3 24 | $0.26 | $-0.27 | ||
| Q2 24 | $0.07 | — | ||
| Q1 24 | $0.06 | $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 | $151.2M | $3.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $337.9M | $2.5B |
| Total Assets | $894.0M | $7.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $151.2M | $3.3B | ||
| Q3 25 | $143.1M | $1.0B | ||
| Q2 25 | $109.3M | — | ||
| Q1 25 | $97.1M | — | ||
| Q4 24 | $100.6M | $427.3M | ||
| Q3 24 | $104.5M | $98.6M | ||
| Q2 24 | $91.6M | — | ||
| Q1 24 | $81.0M | $259.7M |
| Q4 25 | $337.9M | $2.5B | ||
| Q3 25 | $349.5M | $2.9B | ||
| Q2 25 | $320.4M | — | ||
| Q1 25 | $299.5M | — | ||
| Q4 24 | $299.5M | $1.2B | ||
| Q3 24 | $289.4M | $1.1B | ||
| Q2 24 | $267.2M | — | ||
| Q1 24 | $258.8M | $677.2M |
| Q4 25 | $894.0M | $7.0B | ||
| Q3 25 | $889.6M | $4.3B | ||
| Q2 25 | $868.6M | — | ||
| Q1 25 | $848.3M | — | ||
| Q4 24 | $830.4M | $1.9B | ||
| Q3 24 | $847.6M | $1.3B | ||
| Q2 24 | $827.4M | — | ||
| Q1 24 | $824.1M | $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 | $29.4M | $71.7M |
| Free Cash FlowOCF − Capex | $28.0M | $-468.0M |
| FCF MarginFCF / Revenue | 22.3% | -253.4% |
| Capex IntensityCapex / Revenue | 1.1% | 292.2% |
| Cash ConversionOCF / Net Profit | 46.11× | — |
| TTM Free Cash FlowTrailing 4 quarters | $118.9M | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.4M | $71.7M | ||
| Q3 25 | $67.5M | $142.4M | ||
| Q2 25 | $23.2M | — | ||
| Q1 25 | $7.0M | — | ||
| Q4 24 | $11.5M | $53.6M | ||
| Q3 24 | $35.3M | $-3.9M | ||
| Q2 24 | $35.0M | — | ||
| Q1 24 | $-11.0M | $-27.1M |
| Q4 25 | $28.0M | $-468.0M | ||
| Q3 25 | $64.8M | $-38.0M | ||
| Q2 25 | $20.9M | — | ||
| Q1 25 | $5.3M | — | ||
| Q4 24 | $6.9M | $-85.5M | ||
| Q3 24 | $34.2M | $-109.7M | ||
| Q2 24 | $33.5M | — | ||
| Q1 24 | $-12.1M | $-108.3M |
| Q4 25 | 22.3% | -253.4% | ||
| Q3 25 | 60.7% | -15.8% | ||
| Q2 25 | 22.8% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 7.4% | -73.6% | ||
| Q3 24 | 37.3% | -208.0% | ||
| Q2 24 | 37.6% | — | ||
| Q1 24 | -15.3% | -199.4% |
| Q4 25 | 1.1% | 292.2% | ||
| Q3 25 | 2.6% | 75.0% | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 1.9% | — | ||
| Q4 24 | 5.0% | 119.7% | ||
| Q3 24 | 1.2% | 200.6% | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 1.4% | 149.5% |
| Q4 25 | 46.11× | — | ||
| Q3 25 | 3.27× | 0.37× | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 2.99× | — | ||
| Q4 24 | 2.16× | — | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | 9.78× | — | ||
| Q1 24 | -3.35× | -3.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IMAX
| Technology Sales | $46.6M | 37% |
| Image Enhancement And Maintenance Services | $38.1M | 30% |
| Joint Revenue Sharing Arrangement | $20.4M | 16% |
| Maintenance | $16.3M | 13% |
| Finance Income | $2.8M | 2% |
| Other Content Solutions | $1.6M | 1% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
