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Side-by-side financial comparison of IREN Ltd (IREN) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
Limbach Holdings, Inc. is the larger business by last-quarter revenue ($186.9M vs $184.7M, roughly 1.0× IREN Ltd). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs -84.1%, a 90.7% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 30.1%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $-468.0M).
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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
IREN vs LMB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $186.9M |
| Net Profit | $-155.4M | $12.3M |
| Gross Margin | 64.4% | 25.7% |
| Operating Margin | -63.0% | 9.4% |
| Net Margin | -84.1% | 6.6% |
| Revenue YoY | 59.0% | 30.1% |
| Net Profit YoY | -610.0% | 25.0% |
| EPS (diluted) | $-0.52 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $240.3M | $184.6M | ||
| Q2 25 | — | $142.2M | ||
| Q1 25 | — | $133.1M | ||
| Q4 24 | $116.1M | $143.7M | ||
| Q3 24 | $52.8M | $133.9M | ||
| Q2 24 | — | $122.2M | ||
| Q1 24 | $54.3M | $119.0M |
| Q4 25 | $-155.4M | $12.3M | ||
| Q3 25 | $384.6M | $8.8M | ||
| Q2 25 | — | $7.8M | ||
| Q1 25 | — | $10.2M | ||
| Q4 24 | $-21.9M | $9.8M | ||
| Q3 24 | $-51.7M | $7.5M | ||
| Q2 24 | — | $6.0M | ||
| Q1 24 | $8.6M | $7.6M |
| Q4 25 | 64.4% | 25.7% | ||
| Q3 25 | 66.4% | 24.2% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | — | 27.6% | ||
| Q4 24 | 72.2% | 30.3% | ||
| Q3 24 | 39.6% | 27.0% | ||
| Q2 24 | — | 27.4% | ||
| Q1 24 | — | 26.1% |
| Q4 25 | -63.0% | 9.4% | ||
| Q3 25 | -31.8% | 7.2% | ||
| Q2 25 | — | 7.5% | ||
| Q1 25 | — | 5.9% | ||
| Q4 24 | 14.9% | 9.1% | ||
| Q3 24 | -89.2% | 8.1% | ||
| Q2 24 | — | 6.7% | ||
| Q1 24 | 11.1% | 5.5% |
| Q4 25 | -84.1% | 6.6% | ||
| Q3 25 | 160.1% | 4.8% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | -18.8% | 6.9% | ||
| Q3 24 | -98.0% | 5.6% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | 15.9% | 6.4% |
| Q4 25 | $-0.52 | $1.01 | ||
| Q3 25 | $1.08 | $0.73 | ||
| Q2 25 | — | $0.64 | ||
| Q1 25 | — | $0.85 | ||
| Q4 24 | $-0.10 | $0.81 | ||
| Q3 24 | $-0.27 | $0.62 | ||
| Q2 24 | — | $0.50 | ||
| Q1 24 | $0.00 | $0.64 |
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 | $11.3M |
| Total DebtLower is stronger | — | $30.5M |
| Stockholders' EquityBook value | $2.5B | $195.7M |
| Total Assets | $7.0B | $381.1M |
| Debt / EquityLower = less leverage | — | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $11.3M | ||
| Q3 25 | $1.0B | $9.8M | ||
| Q2 25 | — | $38.9M | ||
| Q1 25 | — | $38.1M | ||
| Q4 24 | $427.3M | $44.9M | ||
| Q3 24 | $98.6M | $51.2M | ||
| Q2 24 | — | $59.5M | ||
| Q1 24 | $259.7M | $48.2M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $56.3M | ||
| Q2 25 | — | $28.4M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $23.6M | ||
| Q3 24 | — | $20.5M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $19.4M |
| Q4 25 | $2.5B | $195.7M | ||
| Q3 25 | $2.9B | $181.6M | ||
| Q2 25 | — | $170.5M | ||
| Q1 25 | — | $161.1M | ||
| Q4 24 | $1.2B | $153.5M | ||
| Q3 24 | $1.1B | $142.2M | ||
| Q2 24 | — | $133.0M | ||
| Q1 24 | $677.2M | $125.5M |
| Q4 25 | $7.0B | $381.1M | ||
| Q3 25 | $4.3B | $409.1M | ||
| Q2 25 | — | $343.0M | ||
| Q1 25 | — | $336.4M | ||
| Q4 24 | $1.9B | $352.1M | ||
| Q3 24 | $1.3B | $324.4M | ||
| Q2 24 | — | $303.9M | ||
| Q1 24 | $723.6M | $289.2M |
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $-468.0M | $27.9M |
| FCF MarginFCF / Revenue | -253.4% | 14.9% |
| Capex IntensityCapex / Revenue | 292.2% | 0.1% |
| Cash ConversionOCF / Net Profit | — | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $28.1M | ||
| Q3 25 | $142.4M | $13.3M | ||
| Q2 25 | — | $2.0M | ||
| Q1 25 | — | $2.2M | ||
| Q4 24 | $53.6M | $19.3M | ||
| Q3 24 | $-3.9M | $4.9M | ||
| Q2 24 | — | $16.5M | ||
| Q1 24 | $-27.1M | $-3.9M |
| Q4 25 | $-468.0M | $27.9M | ||
| Q3 25 | $-38.0M | $12.8M | ||
| Q2 25 | — | $1.2M | ||
| Q1 25 | — | $11.0K | ||
| Q4 24 | $-85.5M | $18.0M | ||
| Q3 24 | $-109.7M | $4.6M | ||
| Q2 24 | — | $13.2M | ||
| Q1 24 | $-108.3M | $-6.5M |
| Q4 25 | -253.4% | 14.9% | ||
| Q3 25 | -15.8% | 7.0% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 0.0% | ||
| Q4 24 | -73.6% | 12.5% | ||
| Q3 24 | -208.0% | 3.4% | ||
| Q2 24 | — | 10.8% | ||
| Q1 24 | -199.4% | -5.5% |
| Q4 25 | 292.2% | 0.1% | ||
| Q3 25 | 75.0% | 0.3% | ||
| Q2 25 | — | 0.6% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | 119.7% | 0.9% | ||
| Q3 24 | 200.6% | 0.3% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | 149.5% | 2.1% |
| Q4 25 | — | 2.29× | ||
| Q3 25 | 0.37× | 1.52× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 2.77× | ||
| Q1 24 | -3.13× | -0.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
