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Side-by-side financial comparison of IREN Ltd (IREN) and Orion Group Holdings Inc (ORN). Click either name above to swap in a different company.
Orion Group Holdings Inc is the larger business by last-quarter revenue ($216.3M vs $184.7M, roughly 1.2× IREN Ltd). Orion Group Holdings Inc runs the higher net margin — 2.2% vs -84.1%, a 86.3% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 14.6%).
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.
Orion Corporation, founded in 1917 and headquartered at Espoo, Finland, is a globally operating Finnish company which develops, manufactures and markets human and veterinary pharmaceuticals and active pharmaceutical ingredients for global markets. All of the company's manufacturing sites and the majority of its R&D units are in Finland.
IREN vs ORN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $216.3M |
| Net Profit | $-155.4M | $4.7M |
| Gross Margin | 64.4% | 12.0% |
| Operating Margin | -63.0% | — |
| Net Margin | -84.1% | 2.2% |
| Revenue YoY | 59.0% | 14.6% |
| Net Profit YoY | -610.0% | 435.7% |
| EPS (diluted) | $-0.52 | $0.12 |
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 | — | $216.3M | ||
| Q4 25 | $184.7M | $233.2M | ||
| Q3 25 | $240.3M | $225.1M | ||
| Q2 25 | — | $205.3M | ||
| Q1 25 | — | $188.7M | ||
| Q4 24 | $116.1M | $216.9M | ||
| Q3 24 | $52.8M | $226.7M | ||
| Q2 24 | — | $192.2M |
| Q1 26 | — | $4.7M | ||
| Q4 25 | $-155.4M | $-240.0K | ||
| Q3 25 | $384.6M | $3.3M | ||
| Q2 25 | — | $841.0K | ||
| Q1 25 | — | $-1.4M | ||
| Q4 24 | $-21.9M | $6.8M | ||
| Q3 24 | $-51.7M | $4.3M | ||
| Q2 24 | — | $-6.6M |
| Q1 26 | — | 12.0% | ||
| Q4 25 | 64.4% | 11.6% | ||
| Q3 25 | 66.4% | 13.2% | ||
| Q2 25 | — | 12.6% | ||
| Q1 25 | — | 12.2% | ||
| Q4 24 | 72.2% | 14.0% | ||
| Q3 24 | 39.6% | 11.9% | ||
| Q2 24 | — | 9.5% |
| Q1 26 | — | — | ||
| Q4 25 | -63.0% | 2.2% | ||
| Q3 25 | -31.8% | 2.4% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | 14.9% | 4.4% | ||
| Q3 24 | -89.2% | 3.4% | ||
| Q2 24 | — | -1.4% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | -84.1% | -0.1% | ||
| Q3 25 | 160.1% | 1.5% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | -0.7% | ||
| Q4 24 | -18.8% | 3.1% | ||
| Q3 24 | -98.0% | 1.9% | ||
| Q2 24 | — | -3.4% |
| Q1 26 | — | $0.12 | ||
| Q4 25 | $-0.52 | $-0.00 | ||
| Q3 25 | $1.08 | $0.08 | ||
| Q2 25 | — | $0.02 | ||
| Q1 25 | — | $-0.04 | ||
| Q4 24 | $-0.10 | $0.22 | ||
| Q3 24 | $-0.27 | $0.12 | ||
| Q2 24 | — | $-0.20 |
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 | $6.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $166.7M |
| Total Assets | $7.0B | $478.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $6.3M | ||
| Q4 25 | $3.3B | $1.6M | ||
| Q3 25 | $1.0B | $4.9M | ||
| Q2 25 | — | $1.7M | ||
| Q1 25 | — | $13.0M | ||
| Q4 24 | $427.3M | $28.3M | ||
| Q3 24 | $98.6M | $28.3M | ||
| Q2 24 | — | $4.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $33.4M | ||
| Q1 25 | — | $23.3M | ||
| Q4 24 | — | $23.2M | ||
| Q3 24 | — | $28.0M | ||
| Q2 24 | — | $60.3M |
| Q1 26 | — | $166.7M | ||
| Q4 25 | $2.5B | $159.0M | ||
| Q3 25 | $2.9B | $157.9M | ||
| Q2 25 | — | $153.2M | ||
| Q1 25 | — | $150.8M | ||
| Q4 24 | $1.2B | $150.7M | ||
| Q3 24 | $1.1B | $142.4M | ||
| Q2 24 | — | $111.1M |
| Q1 26 | — | $478.7M | ||
| Q4 25 | $7.0B | $414.7M | ||
| Q3 25 | $4.3B | $422.4M | ||
| Q2 25 | — | $432.7M | ||
| Q1 25 | — | $416.3M | ||
| Q4 24 | $1.9B | $417.3M | ||
| Q3 24 | $1.3B | $430.3M | ||
| Q2 24 | — | $414.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.22× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.15× | ||
| Q3 24 | — | 0.20× | ||
| Q2 24 | — | 0.54× |
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 | $13.8M | ||
| Q3 25 | $142.4M | $23.3M | ||
| Q2 25 | — | $-5.6M | ||
| Q1 25 | — | $-3.4M | ||
| Q4 24 | $53.6M | $13.4M | ||
| Q3 24 | $-3.9M | $37.5M | ||
| Q2 24 | — | $-15.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-468.0M | $454.0K | ||
| Q3 25 | $-38.0M | $13.9M | ||
| Q2 25 | — | $-12.7M | ||
| Q1 25 | — | $-12.5M | ||
| Q4 24 | $-85.5M | $9.9M | ||
| Q3 24 | $-109.7M | $33.3M | ||
| Q2 24 | — | $-20.0M |
| Q1 26 | — | — | ||
| Q4 25 | -253.4% | 0.2% | ||
| Q3 25 | -15.8% | 6.2% | ||
| Q2 25 | — | -6.2% | ||
| Q1 25 | — | -6.6% | ||
| Q4 24 | -73.6% | 4.6% | ||
| Q3 24 | -208.0% | 14.7% | ||
| Q2 24 | — | -10.4% |
| Q1 26 | — | — | ||
| Q4 25 | 292.2% | 5.7% | ||
| Q3 25 | 75.0% | 4.2% | ||
| Q2 25 | — | 3.5% | ||
| Q1 25 | — | 4.8% | ||
| Q4 24 | 119.7% | 1.6% | ||
| Q3 24 | 200.6% | 1.8% | ||
| Q2 24 | — | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | 7.05× | ||
| Q2 25 | — | -6.61× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 8.79× | ||
| 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% |
ORN
Segment breakdown not available.
