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Side-by-side financial comparison of IREN Ltd (IREN) and Loar Holdings Inc. (LOAR). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $131.8M, roughly 1.4× Loar Holdings Inc.). Loar Holdings Inc. runs the higher net margin — 9.5% vs -84.1%, a 93.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 19.3%).
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.
IREN vs LOAR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $131.8M |
| Net Profit | $-155.4M | $12.5M |
| Gross Margin | 64.4% | 52.1% |
| Operating Margin | -63.0% | 18.0% |
| Net Margin | -84.1% | 9.5% |
| Revenue YoY | 59.0% | 19.3% |
| Net Profit YoY | -610.0% | 239.5% |
| EPS (diluted) | $-0.52 | $0.13 |
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 | $131.8M | ||
| Q3 25 | $240.3M | $126.8M | ||
| Q2 25 | — | $123.1M | ||
| Q1 25 | — | $114.7M | ||
| Q4 24 | $116.1M | $110.4M | ||
| Q3 24 | $52.8M | $103.5M | ||
| Q2 24 | — | $97.0M | ||
| Q1 24 | $54.3M | $91.8M |
| Q4 25 | $-155.4M | $12.5M | ||
| Q3 25 | $384.6M | $27.6M | ||
| Q2 25 | — | $16.7M | ||
| Q1 25 | — | $15.3M | ||
| Q4 24 | $-21.9M | $3.7M | ||
| Q3 24 | $-51.7M | $8.7M | ||
| Q2 24 | — | $7.6M | ||
| Q1 24 | $8.6M | $2.2M |
| Q4 25 | 64.4% | 52.1% | ||
| Q3 25 | 66.4% | 52.7% | ||
| Q2 25 | — | 53.8% | ||
| Q1 25 | — | 52.1% | ||
| Q4 24 | 72.2% | 48.9% | ||
| Q3 24 | 39.6% | 51.1% | ||
| Q2 24 | — | 49.0% | ||
| Q1 24 | — | 48.4% |
| Q4 25 | -63.0% | 18.0% | ||
| Q3 25 | -31.8% | 22.9% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 22.8% | ||
| Q4 24 | 14.9% | 19.2% | ||
| Q3 24 | -89.2% | 22.1% | ||
| Q2 24 | — | 22.9% | ||
| Q1 24 | 11.1% | 23.3% |
| Q4 25 | -84.1% | 9.5% | ||
| Q3 25 | 160.1% | 21.8% | ||
| Q2 25 | — | 13.6% | ||
| Q1 25 | — | 13.4% | ||
| Q4 24 | -18.8% | 3.3% | ||
| Q3 24 | -98.0% | 8.4% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | 15.9% | 2.4% |
| Q4 25 | $-0.52 | $0.13 | ||
| Q3 25 | $1.08 | $0.29 | ||
| Q2 25 | — | $0.17 | ||
| Q1 25 | — | $0.16 | ||
| Q4 24 | $-0.10 | $-11023.48 | ||
| Q3 24 | $-0.27 | $0.09 | ||
| Q2 24 | — | $0.09 | ||
| Q1 24 | $0.00 | $11023.54 |
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 | $84.8M |
| Total DebtLower is stronger | — | $715.7M |
| Stockholders' EquityBook value | $2.5B | $1.2B |
| Total Assets | $7.0B | $2.0B |
| Debt / EquityLower = less leverage | — | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $84.8M | ||
| Q3 25 | $1.0B | $99.0M | ||
| Q2 25 | — | $103.3M | ||
| Q1 25 | — | $80.5M | ||
| Q4 24 | $427.3M | $54.1M | ||
| Q3 24 | $98.6M | $55.2M | ||
| Q2 24 | — | $73.2M | ||
| Q1 24 | $259.7M | $28.2M |
| Q4 25 | — | $715.7M | ||
| Q3 25 | — | $279.4M | ||
| Q2 25 | — | $277.7M | ||
| Q1 25 | — | $277.5M | ||
| Q4 24 | — | $277.3M | ||
| Q3 24 | — | $602.1M | ||
| Q2 24 | — | $250.7M | ||
| Q1 24 | — | $534.2M |
| Q4 25 | $2.5B | $1.2B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.1B | $769.8M | ||
| Q2 24 | — | $758.4M | ||
| Q1 24 | $677.2M | $420.6M |
| Q4 25 | $7.0B | $2.0B | ||
| Q3 25 | $4.3B | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $1.9B | $1.5B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $723.6M | $1.1B |
| Q4 25 | — | 0.61× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.25× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.78× | ||
| Q2 24 | — | 0.33× | ||
| Q1 24 | — | 1.27× |
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 | $30.4M |
| Free Cash FlowOCF − Capex | $-468.0M | — |
| FCF MarginFCF / Revenue | -253.4% | — |
| Capex IntensityCapex / Revenue | 292.2% | — |
| Cash ConversionOCF / Net Profit | — | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $30.4M | ||
| Q3 25 | $142.4M | $29.7M | ||
| Q2 25 | — | $23.8M | ||
| Q1 25 | — | $28.4M | ||
| Q4 24 | $53.6M | $20.7M | ||
| Q3 24 | $-3.9M | $16.3M | ||
| Q2 24 | — | $7.1M | ||
| Q1 24 | $-27.1M | $10.8M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-108.3M | — |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -199.4% | — |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 149.5% | — |
| Q4 25 | — | 2.43× | ||
| Q3 25 | 0.37× | 1.08× | ||
| Q2 25 | — | 1.42× | ||
| Q1 25 | — | 1.85× | ||
| Q4 24 | — | 5.62× | ||
| Q3 24 | — | 1.89× | ||
| Q2 24 | — | 0.93× | ||
| Q1 24 | -3.13× | 4.81× |
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% |
LOAR
| Other | $76.8M | 58% |
| Commercial Aerospace | $21.2M | 16% |
| Business Jet And General Aviation | $17.6M | 13% |
| Defense | $16.2M | 12% |
