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Side-by-side financial comparison of INFINITY NATURAL RESOURCES, INC. (INR) 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 $115.5M, roughly 1.6× INFINITY NATURAL RESOURCES, INC.). INFINITY NATURAL RESOURCES, INC. runs the higher net margin — 17.3% vs -84.1%, a 101.5% gap on every dollar of revenue.
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.
INR vs IREN — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $115.5M | $184.7M |
| Net Profit | $20.0M | $-155.4M |
| Gross Margin | — | 64.4% |
| Operating Margin | 47.0% | -63.0% |
| Net Margin | 17.3% | -84.1% |
| Revenue YoY | — | 59.0% |
| Net Profit YoY | — | -610.0% |
| EPS (diluted) | $1.33 | $-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 | $115.5M | $184.7M | ||
| Q3 25 | $78.3M | $240.3M | ||
| Q2 25 | $72.5M | — | ||
| Q1 25 | $84.2M | — | ||
| Q4 24 | — | $116.1M | ||
| Q3 24 | — | $52.8M | ||
| Q1 24 | — | $54.3M | ||
| Q4 23 | — | $42.6M |
| Q4 25 | $20.0M | $-155.4M | ||
| Q3 25 | $10.4M | $384.6M | ||
| Q2 25 | $18.0M | — | ||
| Q1 25 | $-34.6M | — | ||
| Q4 24 | — | $-21.9M | ||
| Q3 24 | — | $-51.7M | ||
| Q1 24 | — | $8.6M | ||
| Q4 23 | — | $-5.2M |
| Q4 25 | — | 64.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 72.2% | ||
| Q3 24 | — | 39.6% | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | 47.0% | -63.0% | ||
| Q3 25 | 30.5% | -31.8% | ||
| Q2 25 | 29.9% | — | ||
| Q1 25 | -104.5% | — | ||
| Q4 24 | — | 14.9% | ||
| Q3 24 | — | -89.2% | ||
| Q1 24 | — | 11.1% | ||
| Q4 23 | — | -5.2% |
| Q4 25 | 17.3% | -84.1% | ||
| Q3 25 | 13.3% | 160.1% | ||
| Q2 25 | 24.8% | — | ||
| Q1 25 | -41.1% | — | ||
| Q4 24 | — | -18.8% | ||
| Q3 24 | — | -98.0% | ||
| Q1 24 | — | 15.9% | ||
| Q4 23 | — | -12.3% |
| Q4 25 | $1.33 | $-0.52 | ||
| Q3 25 | $0.65 | $1.08 | ||
| Q2 25 | $1.18 | — | ||
| Q1 25 | $-2.27 | — | ||
| Q4 24 | — | $-0.10 | ||
| Q3 24 | — | $-0.27 | ||
| 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 | $2.8M | $3.3B |
| Total DebtLower is stronger | $55.0K | — |
| Stockholders' EquityBook value | $307.1M | $2.5B |
| Total Assets | $1.2B | $7.0B |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.8M | $3.3B | ||
| Q3 25 | $4.6M | $1.0B | ||
| Q2 25 | $6.3M | — | ||
| Q1 25 | $4.9M | — | ||
| Q4 24 | — | $427.3M | ||
| Q3 24 | — | $98.6M | ||
| Q1 24 | — | $259.7M | ||
| Q4 23 | — | $90.3M |
| Q4 25 | $55.0K | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $123.0K | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | $307.1M | $2.5B | ||
| Q3 25 | $288.6M | $2.9B | ||
| Q2 25 | $10.1M | — | ||
| Q1 25 | $-52.2M | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q1 24 | — | $677.2M | ||
| Q4 23 | — | $381.8M |
| Q4 25 | $1.2B | $7.0B | ||
| Q3 25 | $1.1B | $4.3B | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $953.9M | — | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.3B | ||
| Q1 24 | — | $723.6M | ||
| Q4 23 | — | $417.2M |
| Q4 25 | 0.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | $75.1M | $71.7M |
| Free Cash FlowOCF − Capex | — | $-468.0M |
| FCF MarginFCF / Revenue | — | -253.4% |
| Capex IntensityCapex / Revenue | — | 292.2% |
| Cash ConversionOCF / Net Profit | 3.75× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-701.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.1M | $71.7M | ||
| Q3 25 | $42.1M | $142.4M | ||
| Q2 25 | $70.4M | — | ||
| Q1 25 | $74.2M | — | ||
| Q4 24 | — | $53.6M | ||
| Q3 24 | — | $-3.9M | ||
| Q1 24 | — | $-27.1M | ||
| Q4 23 | — | $17.4M |
| Q4 25 | — | $-468.0M | ||
| Q3 25 | — | $-38.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-85.5M | ||
| Q3 24 | — | $-109.7M | ||
| Q1 24 | — | $-108.3M | ||
| Q4 23 | — | — |
| Q4 25 | — | -253.4% | ||
| Q3 25 | — | -15.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -73.6% | ||
| Q3 24 | — | -208.0% | ||
| Q1 24 | — | -199.4% | ||
| Q4 23 | — | — |
| Q4 25 | — | 292.2% | ||
| Q3 25 | — | 75.0% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 119.7% | ||
| Q3 24 | — | 200.6% | ||
| Q1 24 | — | 149.5% | ||
| Q4 23 | — | — |
| Q4 25 | 3.75× | — | ||
| Q3 25 | 4.04× | 0.37× | ||
| Q2 25 | 3.91× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | -3.13× | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INR
| Oil Reserves | $54.0M | 47% |
| Natural Gas Reserves | $46.8M | 41% |
| Natural Gas Liquids Reserves | $14.7M | 13% |
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
