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Side-by-side financial comparison of IREN Ltd (IREN) and New Fortress Energy Inc. (NFE). Click either name above to swap in a different company.
New Fortress Energy Inc. is the larger business by last-quarter revenue ($326.2M vs $184.7M, roughly 1.8× IREN Ltd). IREN Ltd runs the higher net margin — -84.1% vs -259.7%, a 175.5% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -7.0%). New Fortress Energy Inc. produced more free cash flow last quarter ($-134.8M 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.
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
IREN vs NFE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $326.2M |
| Net Profit | $-155.4M | $-847.1M |
| Gross Margin | 64.4% | 35.5% |
| Operating Margin | -63.0% | -193.0% |
| Net Margin | -84.1% | -259.7% |
| Revenue YoY | 59.0% | -7.0% |
| Net Profit YoY | -610.0% | -277.4% |
| EPS (diluted) | $-0.52 | $-3.03 |
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 | $326.2M | ||
| Q3 25 | $240.3M | $240.3M | ||
| Q2 25 | — | $228.1M | ||
| Q1 25 | — | $384.9M | ||
| Q4 24 | $116.1M | $350.7M | ||
| Q3 24 | $52.8M | $446.0M | ||
| Q2 24 | — | $291.2M | ||
| Q1 24 | $54.3M | $609.5M |
| Q4 25 | $-155.4M | $-847.1M | ||
| Q3 25 | $384.6M | $-263.0M | ||
| Q2 25 | — | $-546.5M | ||
| Q1 25 | — | $-175.4M | ||
| Q4 24 | $-21.9M | $-224.4M | ||
| Q3 24 | $-51.7M | $9.3M | ||
| Q2 24 | — | $-88.9M | ||
| Q1 24 | $8.6M | $54.1M |
| Q4 25 | 64.4% | 35.5% | ||
| Q3 25 | 66.4% | 18.1% | ||
| Q2 25 | — | 8.4% | ||
| Q1 25 | — | 21.4% | ||
| Q4 24 | 72.2% | 17.6% | ||
| Q3 24 | 39.6% | 27.1% | ||
| Q2 24 | — | 23.8% | ||
| Q1 24 | — | 62.4% |
| Q4 25 | -63.0% | -193.0% | ||
| Q3 25 | -31.8% | -37.4% | ||
| Q2 25 | — | -170.3% | ||
| Q1 25 | — | -3.3% | ||
| Q4 24 | 14.9% | 65.0% | ||
| Q3 24 | -89.2% | 17.8% | ||
| Q2 24 | — | 12.3% | ||
| Q1 24 | 11.1% | 30.4% |
| Q4 25 | -84.1% | -259.7% | ||
| Q3 25 | 160.1% | -109.4% | ||
| Q2 25 | — | -239.6% | ||
| Q1 25 | — | -45.6% | ||
| Q4 24 | -18.8% | -64.0% | ||
| Q3 24 | -98.0% | 2.1% | ||
| Q2 24 | — | -30.5% | ||
| Q1 24 | 15.9% | 8.9% |
| Q4 25 | $-0.52 | $-3.03 | ||
| Q3 25 | $1.08 | $-0.96 | ||
| Q2 25 | — | $-1.99 | ||
| Q1 25 | — | $-0.65 | ||
| Q4 24 | $-0.10 | $-1.10 | ||
| Q3 24 | $-0.27 | $0.03 | ||
| Q2 24 | — | $-0.42 | ||
| Q1 24 | $0.00 | $0.23 |
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 | $226.5M |
| Total DebtLower is stronger | — | $8.2B |
| Stockholders' EquityBook value | $2.5B | $182.6M |
| Total Assets | $7.0B | $10.6B |
| Debt / EquityLower = less leverage | — | 44.78× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $226.5M | ||
| Q3 25 | $1.0B | $145.2M | ||
| Q2 25 | — | $551.1M | ||
| Q1 25 | — | $447.9M | ||
| Q4 24 | $427.3M | $492.9M | ||
| Q3 24 | $98.6M | $90.8M | ||
| Q2 24 | — | $133.0M | ||
| Q1 24 | $259.7M | $143.5M |
| Q4 25 | — | $8.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $182.6M | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | $677.2M | $1.7B |
| Q4 25 | $7.0B | $10.6B | ||
| Q3 25 | $4.3B | $12.0B | ||
| Q2 25 | — | $12.0B | ||
| Q1 25 | — | $13.1B | ||
| Q4 24 | $1.9B | $12.9B | ||
| Q3 24 | $1.3B | $12.0B | ||
| Q2 24 | — | $11.4B | ||
| Q1 24 | $723.6M | $10.9B |
| Q4 25 | — | 44.78× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.74× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-76.2M |
| Free Cash FlowOCF − Capex | $-468.0M | $-134.8M |
| FCF MarginFCF / Revenue | -253.4% | -41.3% |
| Capex IntensityCapex / Revenue | 292.2% | 18.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $-76.2M | ||
| Q3 25 | $142.4M | $-171.0M | ||
| Q2 25 | — | $-329.0M | ||
| Q1 25 | — | $-7.2M | ||
| Q4 24 | $53.6M | $445.3M | ||
| Q3 24 | $-3.9M | $-20.0M | ||
| Q2 24 | — | $113.9M | ||
| Q1 24 | $-27.1M | $63.0M |
| Q4 25 | $-468.0M | $-134.8M | ||
| Q3 25 | $-38.0M | $-231.6M | ||
| Q2 25 | — | $-726.7M | ||
| Q1 25 | — | $-262.3M | ||
| Q4 24 | $-85.5M | $-210.3M | ||
| Q3 24 | $-109.7M | $-367.0M | ||
| Q2 24 | — | $-493.2M | ||
| Q1 24 | $-108.3M | $-457.9M |
| Q4 25 | -253.4% | -41.3% | ||
| Q3 25 | -15.8% | -96.4% | ||
| Q2 25 | — | -318.6% | ||
| Q1 25 | — | -68.2% | ||
| Q4 24 | -73.6% | -60.0% | ||
| Q3 24 | -208.0% | -82.3% | ||
| Q2 24 | — | -169.3% | ||
| Q1 24 | -199.4% | -75.1% |
| Q4 25 | 292.2% | 18.0% | ||
| Q3 25 | 75.0% | 25.2% | ||
| Q2 25 | — | 174.4% | ||
| Q1 25 | — | 66.3% | ||
| Q4 24 | 119.7% | 187.0% | ||
| Q3 24 | 200.6% | 77.8% | ||
| Q2 24 | — | 208.4% | ||
| Q1 24 | 149.5% | 85.5% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -2.15× | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | 1.16× |
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% |
NFE
Segment breakdown not available.
