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Side-by-side financial comparison of IREN Ltd (IREN) and PAMT CORP (PAMT). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $141.3M, roughly 1.3× PAMT CORP). PAMT CORP runs the higher net margin — -20.7% vs -84.1%, a 63.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -15.1%). PAMT CORP produced more free cash flow last quarter ($-25.0M 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.
IREN vs PAMT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $141.3M |
| Net Profit | $-155.4M | $-29.3M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | -27.0% |
| Net Margin | -84.1% | -20.7% |
| Revenue YoY | 59.0% | -15.1% |
| Net Profit YoY | -610.0% | 7.4% |
| EPS (diluted) | $-0.52 | $-1.38 |
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 | $141.3M | ||
| Q3 25 | $240.3M | $150.3M | ||
| Q2 25 | — | $151.1M | ||
| Q1 25 | — | $155.3M | ||
| Q4 24 | $116.1M | $166.5M | ||
| Q3 24 | $52.8M | $182.6M | ||
| Q2 24 | — | $182.9M | ||
| Q1 24 | $54.3M | $182.6M |
| Q4 25 | $-155.4M | $-29.3M | ||
| Q3 25 | $384.6M | $-5.6M | ||
| Q2 25 | — | $-9.6M | ||
| Q1 25 | — | $-8.1M | ||
| Q4 24 | $-21.9M | $-31.6M | ||
| Q3 24 | $-51.7M | $2.4M | ||
| Q2 24 | — | $-2.9M | ||
| Q1 24 | $8.6M | $281.0K |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -63.0% | -27.0% | ||
| Q3 25 | -31.8% | -3.8% | ||
| Q2 25 | — | -7.3% | ||
| Q1 25 | — | -5.9% | ||
| Q4 24 | 14.9% | -22.6% | ||
| Q3 24 | -89.2% | 1.3% | ||
| Q2 24 | — | -0.4% | ||
| Q1 24 | 11.1% | -0.4% |
| Q4 25 | -84.1% | -20.7% | ||
| Q3 25 | 160.1% | -3.7% | ||
| Q2 25 | — | -6.4% | ||
| Q1 25 | — | -5.2% | ||
| Q4 24 | -18.8% | -19.0% | ||
| Q3 24 | -98.0% | 1.3% | ||
| Q2 24 | — | -1.6% | ||
| Q1 24 | 15.9% | 0.2% |
| Q4 25 | $-0.52 | $-1.38 | ||
| Q3 25 | $1.08 | $-0.27 | ||
| Q2 25 | — | $-0.46 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | $-0.10 | $-1.44 | ||
| Q3 24 | $-0.27 | $0.11 | ||
| Q2 24 | — | $-0.13 | ||
| Q1 24 | $0.00 | $0.01 |
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 | $83.7M |
| Total DebtLower is stronger | — | $333.9M |
| Stockholders' EquityBook value | $2.5B | $210.5M |
| Total Assets | $7.0B | $697.9M |
| Debt / EquityLower = less leverage | — | 1.59× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $83.7M | ||
| Q3 25 | $1.0B | $115.6M | ||
| Q2 25 | — | $117.3M | ||
| Q1 25 | — | $102.7M | ||
| Q4 24 | $427.3M | $110.7M | ||
| Q3 24 | $98.6M | $92.3M | ||
| Q2 24 | — | $114.0M | ||
| Q1 24 | $259.7M | $125.8M |
| Q4 25 | — | $333.9M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $325.6M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $210.5M | ||
| Q3 25 | $2.9B | $239.5M | ||
| Q2 25 | — | $244.9M | ||
| Q1 25 | — | $269.6M | ||
| Q4 24 | $1.2B | $277.5M | ||
| Q3 24 | $1.1B | $308.9M | ||
| Q2 24 | — | $306.7M | ||
| Q1 24 | $677.2M | $314.6M |
| Q4 25 | $7.0B | $697.9M | ||
| Q3 25 | $4.3B | $715.2M | ||
| Q2 25 | — | $707.9M | ||
| Q1 25 | — | $712.6M | ||
| Q4 24 | $1.9B | $741.7M | ||
| Q3 24 | $1.3B | $756.7M | ||
| Q2 24 | — | $733.5M | ||
| Q1 24 | $723.6M | $746.4M |
| Q4 25 | — | 1.59× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.17× | ||
| 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 | $-5.8M |
| Free Cash FlowOCF − Capex | $-468.0M | $-25.0M |
| FCF MarginFCF / Revenue | -253.4% | -17.7% |
| Capex IntensityCapex / Revenue | 292.2% | 13.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-23.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $-5.8M | ||
| Q3 25 | $142.4M | $5.9M | ||
| Q2 25 | — | $12.2M | ||
| Q1 25 | — | $5.0M | ||
| Q4 24 | $53.6M | $15.2M | ||
| Q3 24 | $-3.9M | $15.5M | ||
| Q2 24 | — | $18.7M | ||
| Q1 24 | $-27.1M | $9.6M |
| Q4 25 | $-468.0M | $-25.0M | ||
| Q3 25 | $-38.0M | $2.5M | ||
| Q2 25 | — | $5.9M | ||
| Q1 25 | — | $-6.8M | ||
| Q4 24 | $-85.5M | $-39.9M | ||
| Q3 24 | $-109.7M | $-33.6M | ||
| Q2 24 | — | $4.1M | ||
| Q1 24 | $-108.3M | $-12.2M |
| Q4 25 | -253.4% | -17.7% | ||
| Q3 25 | -15.8% | 1.7% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | -73.6% | -24.0% | ||
| Q3 24 | -208.0% | -18.4% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | -199.4% | -6.7% |
| Q4 25 | 292.2% | 13.6% | ||
| Q3 25 | 75.0% | 2.3% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | 119.7% | 33.1% | ||
| Q3 24 | 200.6% | 26.9% | ||
| Q2 24 | — | 8.0% | ||
| Q1 24 | 149.5% | 12.0% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 6.44× | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | 34.11× |
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% |
PAMT
| Freight Transportation Service | $123.1M | 87% |
| Fuel Surcharge | $18.2M | 13% |
