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Side-by-side financial comparison of IREN Ltd (IREN) and NOODLES & Co (NDLS). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $122.1M, roughly 1.5× NOODLES & Co). NOODLES & Co runs the higher net margin — -7.5% vs -84.1%, a 76.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -4.1%). NOODLES & Co produced more free cash flow last quarter ($-2.8M 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.
Noodles & Company is an American fast-casual restaurant that offers international and American noodle dishes in addition to soups and salads. Noodles & Company was founded in 1995 by Aaron Kennedy and is headquartered in Broomfield, Colorado. The company went public in 2013 and recorded a $457 million revenue in 2017. In mid-2022, there were 458 Noodles & Company locations across 31 states.
IREN vs NDLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $122.1M |
| Net Profit | $-155.4M | $-9.2M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | -5.2% |
| Net Margin | -84.1% | -7.5% |
| Revenue YoY | 59.0% | -4.1% |
| Net Profit YoY | -610.0% | 32.8% |
| EPS (diluted) | $-0.52 | $-0.20 |
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 | $122.1M | ||
| Q2 25 | — | $123.8M | ||
| Q4 24 | $116.1M | $122.8M | ||
| Q3 24 | $52.8M | $127.4M | ||
| Q2 24 | — | $121.4M | ||
| Q1 24 | $54.3M | $124.3M | ||
| Q4 23 | $42.6M | $127.9M |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $-9.2M | ||
| Q2 25 | — | $-9.1M | ||
| Q4 24 | $-21.9M | $-6.8M | ||
| Q3 24 | $-51.7M | $-13.6M | ||
| Q2 24 | — | $-6.1M | ||
| Q1 24 | $8.6M | $-6.1M | ||
| Q4 23 | $-5.2M | $700.0K |
| 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% | -5.2% | ||
| Q2 25 | — | -5.2% | ||
| Q4 24 | 14.9% | -3.9% | ||
| Q3 24 | -89.2% | -9.0% | ||
| Q2 24 | — | -3.4% | ||
| Q1 24 | 11.1% | -3.7% | ||
| Q4 23 | -5.2% | 1.6% |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | -7.5% | ||
| Q2 25 | — | -7.3% | ||
| Q4 24 | -18.8% | -5.5% | ||
| Q3 24 | -98.0% | -10.7% | ||
| Q2 24 | — | -5.1% | ||
| Q1 24 | 15.9% | -4.9% | ||
| Q4 23 | -12.3% | 0.5% |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | $-0.20 | ||
| Q2 25 | — | $-0.20 | ||
| Q4 24 | $-0.10 | $-0.15 | ||
| Q3 24 | $-0.27 | $-0.30 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | $0.00 | $-1.64 | ||
| Q4 23 | $-0.00 | $0.02 |
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 | $4.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $-38.9M |
| Total Assets | $7.0B | $280.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | $4.7M | ||
| Q2 25 | — | $1.4M | ||
| Q4 24 | $427.3M | $3.3M | ||
| Q3 24 | $98.6M | $1.8M | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | $259.7M | $3.0M | ||
| Q4 23 | $90.3M | $2.5M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | $-38.9M | ||
| Q2 25 | — | $-13.9M | ||
| Q4 24 | $1.2B | $3.7M | ||
| Q3 24 | $1.1B | $9.6M | ||
| Q2 24 | — | $21.9M | ||
| Q1 24 | $677.2M | $27.2M | ||
| Q4 23 | $381.8M | $32.5M |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | $280.6M | ||
| Q2 25 | — | $319.4M | ||
| Q4 24 | $1.9B | $340.5M | ||
| Q3 24 | $1.3B | $346.3M | ||
| Q2 24 | — | $360.4M | ||
| Q1 24 | $723.6M | $368.1M | ||
| Q4 23 | $417.2M | $368.8M |
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 | $4.3M |
| Free Cash FlowOCF − Capex | $-468.0M | $-2.8M |
| FCF MarginFCF / Revenue | -253.4% | -2.3% |
| Capex IntensityCapex / Revenue | 292.2% | 5.8% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-7.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | $4.3M | ||
| Q2 25 | — | $4.0M | ||
| Q4 24 | $53.6M | $5.8M | ||
| Q3 24 | $-3.9M | $4.7M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | $-27.1M | $164.0K | ||
| Q4 23 | $17.4M | $16.9M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | $-2.8M | ||
| Q2 25 | — | $1.1M | ||
| Q4 24 | $-85.5M | $-1.3M | ||
| Q3 24 | $-109.7M | $-4.5M | ||
| Q2 24 | — | $-1.6M | ||
| Q1 24 | $-108.3M | $-15.2M | ||
| Q4 23 | — | $4.1M |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | -2.3% | ||
| Q2 25 | — | 0.9% | ||
| Q4 24 | -73.6% | -1.1% | ||
| Q3 24 | -208.0% | -3.5% | ||
| Q2 24 | — | -1.4% | ||
| Q1 24 | -199.4% | -12.2% | ||
| Q4 23 | — | 3.2% |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | 5.8% | ||
| Q2 25 | — | 2.4% | ||
| Q4 24 | 119.7% | 5.8% | ||
| Q3 24 | 200.6% | 7.2% | ||
| Q2 24 | — | 7.1% | ||
| Q1 24 | 149.5% | 12.3% | ||
| Q4 23 | — | 10.0% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | — | ||
| Q4 23 | — | 24.21× |
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% |
NDLS
| Food And Beverage | $119.6M | 98% |
| Franchise | $2.5M | 2% |
