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Side-by-side financial comparison of IREN Ltd (IREN) and Pacira BioSciences, Inc. (PCRX). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $177.4M, roughly 1.0× Pacira BioSciences, Inc.). Pacira BioSciences, Inc. runs the higher net margin — 1.6% vs -84.1%, a 85.8% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 5.0%).
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.
Pacira BioSciences, Inc. is a specialty pharmaceutical company focused on developing and commercializing non-opioid pain management solutions. Its core product line targets post-surgical pain relief for patients, serving hospitals, ambulatory surgery centers and other healthcare providers primarily in the U.S., with ongoing expansion efforts in select international markets.
IREN vs PCRX — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $177.4M |
| Net Profit | $-155.4M | $2.9M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | 3.9% |
| Net Margin | -84.1% | 1.6% |
| Revenue YoY | 59.0% | 5.0% |
| Net Profit YoY | -610.0% | — |
| EPS (diluted) | $-0.52 | $0.07 |
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 | — | $177.4M | ||
| Q4 25 | $184.7M | $196.9M | ||
| Q3 25 | $240.3M | $179.5M | ||
| Q2 25 | — | $181.1M | ||
| Q1 25 | — | $168.9M | ||
| Q4 24 | $116.1M | $187.3M | ||
| Q3 24 | $52.8M | $168.6M | ||
| Q2 24 | — | $178.0M |
| Q1 26 | — | $2.9M | ||
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $5.4M | ||
| Q2 25 | — | $-4.8M | ||
| Q1 25 | — | $4.8M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | $-143.5M | ||
| Q2 24 | — | $18.9M |
| Q1 26 | — | — | ||
| Q4 25 | 64.4% | 79.5% | ||
| Q3 25 | 66.4% | 80.9% | ||
| Q2 25 | — | 77.4% | ||
| Q1 25 | — | 79.7% | ||
| Q4 24 | 72.2% | 78.7% | ||
| Q3 24 | 39.6% | 76.9% | ||
| Q2 24 | — | 75.1% |
| Q1 26 | — | 3.9% | ||
| Q4 25 | -63.0% | 1.2% | ||
| Q3 25 | -31.8% | 3.5% | ||
| Q2 25 | — | 4.7% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | 14.9% | 13.2% | ||
| Q3 24 | -89.2% | -82.8% | ||
| Q2 24 | — | 15.9% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | 3.0% | ||
| Q2 25 | — | -2.7% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | -85.1% | ||
| Q2 24 | — | 10.6% |
| Q1 26 | — | $0.07 | ||
| Q4 25 | $-0.52 | $0.05 | ||
| Q3 25 | $1.08 | $0.12 | ||
| Q2 25 | — | $-0.11 | ||
| Q1 25 | — | $0.10 | ||
| Q4 24 | $-0.10 | $0.38 | ||
| Q3 24 | $-0.27 | $-3.11 | ||
| Q2 24 | — | $0.39 |
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 | $144.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $653.9M |
| Total Assets | $7.0B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $144.3M | ||
| Q4 25 | $3.3B | $238.4M | ||
| Q3 25 | $1.0B | $246.3M | ||
| Q2 25 | — | $445.9M | ||
| Q1 25 | — | $493.6M | ||
| Q4 24 | $427.3M | $484.6M | ||
| Q3 24 | $98.6M | $453.8M | ||
| Q2 24 | — | $404.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $372.2M | ||
| Q3 25 | — | $376.7M | ||
| Q2 25 | — | $580.5M | ||
| Q1 25 | — | $583.4M | ||
| Q4 24 | — | $585.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $653.9M | ||
| Q4 25 | $2.5B | $693.1M | ||
| Q3 25 | $2.9B | $727.2M | ||
| Q2 25 | — | $757.8M | ||
| Q1 25 | — | $798.5M | ||
| Q4 24 | $1.2B | $778.3M | ||
| Q3 24 | $1.1B | $749.6M | ||
| Q2 24 | — | $879.3M |
| Q1 26 | — | $1.2B | ||
| Q4 25 | $7.0B | $1.3B | ||
| Q3 25 | $4.3B | $1.3B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | — | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.52× | ||
| Q2 25 | — | 0.77× | ||
| Q1 25 | — | 0.73× | ||
| Q4 24 | — | 0.75× | ||
| Q3 24 | — | — | ||
| Q2 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 | $43.7M | ||
| Q3 25 | $142.4M | $60.8M | ||
| Q2 25 | — | $12.0M | ||
| Q1 25 | — | $35.5M | ||
| Q4 24 | $53.6M | $33.1M | ||
| Q3 24 | $-3.9M | $53.9M | ||
| Q2 24 | — | $53.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-468.0M | $43.5M | ||
| Q3 25 | $-38.0M | $57.0M | ||
| Q2 25 | — | $9.3M | ||
| Q1 25 | — | $26.9M | ||
| Q4 24 | $-85.5M | $31.0M | ||
| Q3 24 | $-109.7M | $49.8M | ||
| Q2 24 | — | $51.6M |
| Q1 26 | — | — | ||
| Q4 25 | -253.4% | 22.1% | ||
| Q3 25 | -15.8% | 31.7% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 15.9% | ||
| Q4 24 | -73.6% | 16.6% | ||
| Q3 24 | -208.0% | 29.6% | ||
| Q2 24 | — | 29.0% |
| Q1 26 | — | — | ||
| Q4 25 | 292.2% | 0.1% | ||
| Q3 25 | 75.0% | 2.2% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | 119.7% | 1.1% | ||
| Q3 24 | 200.6% | 2.4% | ||
| Q2 24 | — | 0.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | 11.20× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 7.37× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.82× |
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% |
PCRX
| EXPAREL | $143.3M | 81% |
| ZILRETTA | $26.8M | 15% |
| iovera° | $6.2M | 3% |
| Bupivacaine liposome injectable suspension | $1.2M | 1% |
