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Side-by-side financial comparison of IREN Ltd (IREN) and PROCORE TECHNOLOGIES, INC. (PCOR). Click either name above to swap in a different company.
PROCORE TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($349.1M vs $184.7M, roughly 1.9× IREN Ltd). PROCORE TECHNOLOGIES, INC. runs the higher net margin — -10.8% vs -84.1%, a 73.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 15.6%). PROCORE TECHNOLOGIES, INC. produced more free cash flow last quarter ($109.2M 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.
Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform. The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.
IREN vs PCOR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $349.1M |
| Net Profit | $-155.4M | $-37.6M |
| Gross Margin | 64.4% | 80.1% |
| Operating Margin | -63.0% | -12.3% |
| Net Margin | -84.1% | -10.8% |
| Revenue YoY | 59.0% | 15.6% |
| Net Profit YoY | -610.0% | 39.6% |
| EPS (diluted) | $-0.52 | $-0.25 |
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 | $349.1M | ||
| Q3 25 | $240.3M | $338.9M | ||
| Q2 25 | — | $323.9M | ||
| Q1 25 | — | $310.6M | ||
| Q4 24 | $116.1M | $302.0M | ||
| Q3 24 | $52.8M | $295.9M | ||
| Q2 24 | — | $284.3M | ||
| Q1 24 | $54.3M | $269.4M |
| Q4 25 | $-155.4M | $-37.6M | ||
| Q3 25 | $384.6M | $-9.1M | ||
| Q2 25 | — | $-21.1M | ||
| Q1 25 | — | $-33.0M | ||
| Q4 24 | $-21.9M | $-62.3M | ||
| Q3 24 | $-51.7M | $-26.4M | ||
| Q2 24 | — | $-6.3M | ||
| Q1 24 | $8.6M | $-11.0M |
| Q4 25 | 64.4% | 80.1% | ||
| Q3 25 | 66.4% | 79.7% | ||
| Q2 25 | — | 79.1% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | 72.2% | 81.2% | ||
| Q3 24 | 39.6% | 81.4% | ||
| Q2 24 | — | 83.1% | ||
| Q1 24 | — | 83.0% |
| Q4 25 | -63.0% | -12.3% | ||
| Q3 25 | -31.8% | -4.4% | ||
| Q2 25 | — | -9.3% | ||
| Q1 25 | — | -11.7% | ||
| Q4 24 | 14.9% | -21.9% | ||
| Q3 24 | -89.2% | -12.3% | ||
| Q2 24 | — | -5.2% | ||
| Q1 24 | 11.1% | -7.0% |
| Q4 25 | -84.1% | -10.8% | ||
| Q3 25 | 160.1% | -2.7% | ||
| Q2 25 | — | -6.5% | ||
| Q1 25 | — | -10.6% | ||
| Q4 24 | -18.8% | -20.6% | ||
| Q3 24 | -98.0% | -8.9% | ||
| Q2 24 | — | -2.2% | ||
| Q1 24 | 15.9% | -4.1% |
| Q4 25 | $-0.52 | $-0.25 | ||
| Q3 25 | $1.08 | $-0.06 | ||
| Q2 25 | — | $-0.14 | ||
| Q1 25 | — | $-0.22 | ||
| Q4 24 | $-0.10 | $-0.42 | ||
| Q3 24 | $-0.27 | $-0.18 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | $0.00 | $-0.08 |
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 | $768.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $1.3B |
| Total Assets | $7.0B | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $768.5M | ||
| Q3 25 | $1.0B | $684.0M | ||
| Q2 25 | — | $620.9M | ||
| Q1 25 | — | $566.7M | ||
| Q4 24 | $427.3M | $775.4M | ||
| Q3 24 | $98.6M | $756.9M | ||
| Q2 24 | — | $735.4M | ||
| Q1 24 | $259.7M | $744.6M |
| Q4 25 | $2.5B | $1.3B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | $677.2M | $1.2B |
| Q4 25 | $7.0B | $2.2B | ||
| Q3 25 | $4.3B | $2.1B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $1.9B | $2.1B | ||
| Q3 24 | $1.3B | $2.0B | ||
| Q2 24 | — | $2.0B | ||
| Q1 24 | $723.6M | $1.9B |
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 | $114.9M |
| Free Cash FlowOCF − Capex | $-468.0M | $109.2M |
| FCF MarginFCF / Revenue | -253.4% | 31.3% |
| Capex IntensityCapex / Revenue | 292.2% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $282.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $114.9M | ||
| Q3 25 | $142.4M | $88.5M | ||
| Q2 25 | — | $30.8M | ||
| Q1 25 | — | $66.0M | ||
| Q4 24 | $53.6M | $29.1M | ||
| Q3 24 | $-3.9M | $39.3M | ||
| Q2 24 | — | $58.7M | ||
| Q1 24 | $-27.1M | $69.1M |
| Q4 25 | $-468.0M | $109.2M | ||
| Q3 25 | $-38.0M | $83.1M | ||
| Q2 25 | — | $27.9M | ||
| Q1 25 | — | $62.0M | ||
| Q4 24 | $-85.5M | $17.4M | ||
| Q3 24 | $-109.7M | $35.7M | ||
| Q2 24 | — | $56.8M | ||
| Q1 24 | $-108.3M | $67.1M |
| Q4 25 | -253.4% | 31.3% | ||
| Q3 25 | -15.8% | 24.5% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | — | 20.0% | ||
| Q4 24 | -73.6% | 5.8% | ||
| Q3 24 | -208.0% | 12.1% | ||
| Q2 24 | — | 20.0% | ||
| Q1 24 | -199.4% | 24.9% |
| Q4 25 | 292.2% | 1.6% | ||
| Q3 25 | 75.0% | 1.6% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | 119.7% | 3.9% | ||
| Q3 24 | 200.6% | 1.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | 149.5% | 0.8% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | — |
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% |
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
