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Side-by-side financial comparison of IREN Ltd (IREN) and Organogenesis Holdings Inc. (ORGO). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $37.2M, roughly 5.0× Organogenesis Holdings Inc.). On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -57.1%).
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.
Organogenesis Holdings Inc. is a leading regenerative medicine firm specializing in developing and manufacturing advanced therapeutic products for wound care, surgical repair, sports medicine, and dermatology. It serves healthcare providers and patients primarily in the U.S. and select international markets, offering clinically validated solutions for unmet medical needs.
IREN vs ORGO — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $37.2M |
| Net Profit | $-155.4M | — |
| Gross Margin | 64.4% | 30.8% |
| Operating Margin | -63.0% | -185.1% |
| Net Margin | -84.1% | — |
| Revenue YoY | 59.0% | -57.1% |
| Net Profit YoY | -610.0% | — |
| EPS (diluted) | $-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.
| Q1 26 | — | $37.2M | ||
| Q4 25 | $184.7M | $225.6M | ||
| Q3 25 | $240.3M | $150.9M | ||
| Q2 25 | — | $101.0M | ||
| Q1 25 | — | $86.7M | ||
| Q4 24 | $116.1M | $126.7M | ||
| Q3 24 | $52.8M | $115.2M | ||
| Q2 24 | — | $130.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-155.4M | $43.7M | ||
| Q3 25 | $384.6M | $21.6M | ||
| Q2 25 | — | $-9.4M | ||
| Q1 25 | — | $-18.8M | ||
| Q4 24 | $-21.9M | $7.7M | ||
| Q3 24 | $-51.7M | $12.3M | ||
| Q2 24 | — | $-17.0M |
| Q1 26 | — | 30.8% | ||
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 72.6% | ||
| Q4 24 | 72.2% | 75.5% | ||
| Q3 24 | 39.6% | 76.7% | ||
| Q2 24 | — | 77.6% |
| Q1 26 | — | -185.1% | ||
| Q4 25 | -63.0% | 28.1% | ||
| Q3 25 | -31.8% | 13.7% | ||
| Q2 25 | — | -12.5% | ||
| Q1 25 | — | -30.9% | ||
| Q4 24 | 14.9% | 8.1% | ||
| Q3 24 | -89.2% | 5.4% | ||
| Q2 24 | — | -10.7% |
| Q1 26 | — | — | ||
| Q4 25 | -84.1% | 19.4% | ||
| Q3 25 | 160.1% | 14.3% | ||
| Q2 25 | — | -9.3% | ||
| Q1 25 | — | -21.7% | ||
| Q4 24 | -18.8% | 6.1% | ||
| Q3 24 | -98.0% | 10.7% | ||
| Q2 24 | — | -13.1% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.52 | $0.31 | ||
| Q3 25 | $1.08 | $0.11 | ||
| Q2 25 | — | $-0.10 | ||
| Q1 25 | — | $-0.17 | ||
| Q4 24 | $-0.10 | $0.05 | ||
| Q3 24 | $-0.27 | $0.09 | ||
| Q2 24 | — | $-0.13 |
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 | $91.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | — |
| Total Assets | $7.0B | $520.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $91.4M | ||
| Q4 25 | $3.3B | $93.7M | ||
| Q3 25 | $1.0B | $63.7M | ||
| Q2 25 | — | $73.1M | ||
| Q1 25 | — | $110.0M | ||
| Q4 24 | $427.3M | $135.6M | ||
| Q3 24 | $98.6M | $94.3M | ||
| Q2 24 | — | $89.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $62.3M | ||
| Q2 24 | — | $63.8M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $300.1M | ||
| Q3 25 | $2.9B | $255.1M | ||
| Q2 25 | — | $233.2M | ||
| Q1 25 | — | $242.9M | ||
| Q4 24 | $1.2B | $262.9M | ||
| Q3 24 | $1.1B | $278.5M | ||
| Q2 24 | — | $263.5M |
| Q1 26 | — | $520.0M | ||
| Q4 25 | $7.0B | $598.7M | ||
| Q3 25 | $4.3B | $509.8M | ||
| Q2 25 | — | $461.1M | ||
| Q1 25 | — | $467.4M | ||
| Q4 24 | $1.9B | $497.9M | ||
| Q3 24 | $1.3B | $446.3M | ||
| Q2 24 | — | $443.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.22× | ||
| Q2 24 | — | 0.24× |
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 | — |
| Free Cash FlowOCF − Capex | $-468.0M | — |
| FCF MarginFCF / Revenue | -253.4% | — |
| Capex IntensityCapex / Revenue | 292.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $71.7M | $39.4M | ||
| Q3 25 | $142.4M | $3.1M | ||
| Q2 25 | — | $-32.9M | ||
| Q1 25 | — | $-19.9M | ||
| Q4 24 | $53.6M | $10.9M | ||
| Q3 24 | $-3.9M | $8.7M | ||
| Q2 24 | — | $4.7M |
| Q1 26 | — | — | ||
| Q4 25 | $-468.0M | $34.8M | ||
| Q3 25 | $-38.0M | $844.0K | ||
| Q2 25 | — | $-36.5M | ||
| Q1 25 | — | $-23.6M | ||
| Q4 24 | $-85.5M | $7.6M | ||
| Q3 24 | $-109.7M | $6.1M | ||
| Q2 24 | — | $2.9M |
| Q1 26 | — | — | ||
| Q4 25 | -253.4% | 15.4% | ||
| Q3 25 | -15.8% | 0.6% | ||
| Q2 25 | — | -36.1% | ||
| Q1 25 | — | -27.2% | ||
| Q4 24 | -73.6% | 6.0% | ||
| Q3 24 | -208.0% | 5.3% | ||
| Q2 24 | — | 2.2% |
| Q1 26 | — | — | ||
| Q4 25 | 292.2% | 2.1% | ||
| Q3 25 | 75.0% | 1.5% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | 119.7% | 2.7% | ||
| Q3 24 | 200.6% | 2.2% | ||
| Q2 24 | — | 1.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.90× | ||
| Q3 25 | 0.37× | 0.14× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.43× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | — |
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% |
ORGO
Segment breakdown not available.
