vs
Side-by-side financial comparison of IREN Ltd (IREN) and PicoCELA Inc. (PCLA). Click either name above to swap in a different company.
PicoCELA Inc. is the larger business by last-quarter revenue ($252.6M vs $184.7M, roughly 1.4× IREN Ltd). IREN Ltd runs the higher net margin — -84.1% vs -125.2%, a 41.1% gap on every dollar of revenue. PicoCELA Inc. produced more free cash flow last quarter ($-256.6M 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.
PicoCELA Inc. is a global technology company specializing in low-power, high-reliability wireless connectivity solutions, including Wi-Fi HaLow modules and edge network infrastructure. It caters to industrial IoT, smart city, retail, and smart home segments, with a primary operational footprint across Asia, North America, and European markets.
IREN vs PCLA — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $252.6M |
| Net Profit | $-155.4M | $-316.2M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | -114.8% |
| Net Margin | -84.1% | -125.2% |
| Revenue YoY | 59.0% | — |
| 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.
| Q4 25 | $184.7M | — | ||
| Q3 25 | $240.3M | — | ||
| Q1 25 | — | $252.6M | ||
| Q4 24 | $116.1M | — | ||
| Q3 24 | $52.8M | — | ||
| Q1 24 | $54.3M | — | ||
| Q4 23 | $42.6M | — |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | — | ||
| Q1 25 | — | $-316.2M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | — | ||
| Q1 24 | $8.6M | — | ||
| Q4 23 | $-5.2M | — |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | — | ||
| Q1 25 | — | -114.8% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | -89.2% | — | ||
| Q1 24 | 11.1% | — | ||
| Q4 23 | -5.2% | — |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | — | ||
| Q1 25 | — | -125.2% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | — | ||
| Q1 24 | 15.9% | — | ||
| Q4 23 | -12.3% | — |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-0.10 | — | ||
| Q3 24 | $-0.27 | — | ||
| Q1 24 | $0.00 | — | ||
| Q4 23 | $-0.00 | — |
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 | $456.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $354.8M |
| Total Assets | $7.0B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | — | ||
| Q1 25 | — | $456.8M | ||
| Q4 24 | $427.3M | — | ||
| Q3 24 | $98.6M | — | ||
| Q1 24 | $259.7M | — | ||
| Q4 23 | $90.3M | — |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | — | ||
| Q1 25 | — | $354.8M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | — | ||
| Q1 24 | $677.2M | — | ||
| Q4 23 | $381.8M | — |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | — | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.3B | — | ||
| Q1 24 | $723.6M | — | ||
| Q4 23 | $417.2M | — |
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 | $-245.6M |
| Free Cash FlowOCF − Capex | $-468.0M | $-256.6M |
| FCF MarginFCF / Revenue | -253.4% | -101.6% |
| Capex IntensityCapex / Revenue | 292.2% | 4.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | — | ||
| Q1 25 | — | $-245.6M | ||
| Q4 24 | $53.6M | — | ||
| Q3 24 | $-3.9M | — | ||
| Q1 24 | $-27.1M | — | ||
| Q4 23 | $17.4M | — |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | — | ||
| Q1 25 | — | $-256.6M | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | — | ||
| Q1 24 | $-108.3M | — | ||
| Q4 23 | — | — |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | — | ||
| Q1 25 | — | -101.6% | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | — | ||
| Q1 24 | -199.4% | — | ||
| Q4 23 | — | — |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | — | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | — | ||
| Q1 24 | 149.5% | — | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | -3.13× | — | ||
| Q4 23 | — | — |
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% |
PCLA
| Revenue from product | $179.1M | 71% |
| Revenue from SaaS, Maintenance and others | $42.4M | 17% |
| Revenue from product – related party | $31.0M | 12% |
