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Side-by-side financial comparison of IREN Ltd (IREN) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $153.1M, roughly 1.2× CPI Card Group Inc.). CPI Card Group Inc. runs the higher net margin — 4.8% vs -84.1%, a 88.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 22.3%). CPI Card Group Inc. produced more free cash flow last quarter ($35.2M 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.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
IREN vs PMTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $153.1M |
| Net Profit | $-155.4M | $7.3M |
| Gross Margin | 64.4% | 31.5% |
| Operating Margin | -63.0% | 12.0% |
| Net Margin | -84.1% | 4.8% |
| Revenue YoY | 59.0% | 22.3% |
| Net Profit YoY | -610.0% | 8.5% |
| EPS (diluted) | $-0.52 | $0.62 |
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 | $153.1M | ||
| Q3 25 | $240.3M | $138.0M | ||
| Q2 25 | — | $129.8M | ||
| Q1 25 | — | $122.8M | ||
| Q4 24 | $116.1M | $125.1M | ||
| Q3 24 | $52.8M | $124.8M | ||
| Q2 24 | — | $118.8M | ||
| Q1 24 | $54.3M | $111.9M |
| Q4 25 | $-155.4M | $7.3M | ||
| Q3 25 | $384.6M | $2.3M | ||
| Q2 25 | — | $518.0K | ||
| Q1 25 | — | $4.8M | ||
| Q4 24 | $-21.9M | $6.8M | ||
| Q3 24 | $-51.7M | $1.3M | ||
| Q2 24 | — | $6.0M | ||
| Q1 24 | $8.6M | $5.5M |
| Q4 25 | 64.4% | 31.5% | ||
| Q3 25 | 66.4% | 29.7% | ||
| Q2 25 | — | 30.9% | ||
| Q1 25 | — | 33.2% | ||
| Q4 24 | 72.2% | 34.1% | ||
| Q3 24 | 39.6% | 35.8% | ||
| Q2 24 | — | 35.7% | ||
| Q1 24 | — | 37.1% |
| Q4 25 | -63.0% | 12.0% | ||
| Q3 25 | -31.8% | 9.4% | ||
| Q2 25 | — | 7.3% | ||
| Q1 25 | — | 11.5% | ||
| Q4 24 | 14.9% | 12.7% | ||
| Q3 24 | -89.2% | 14.3% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | 11.1% | 12.6% |
| Q4 25 | -84.1% | 4.8% | ||
| Q3 25 | 160.1% | 1.7% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | -18.8% | 5.4% | ||
| Q3 24 | -98.0% | 1.0% | ||
| Q2 24 | — | 5.1% | ||
| Q1 24 | 15.9% | 4.9% |
| Q4 25 | $-0.52 | $0.62 | ||
| Q3 25 | $1.08 | $0.19 | ||
| Q2 25 | — | $0.04 | ||
| Q1 25 | — | $0.40 | ||
| Q4 24 | $-0.10 | $0.56 | ||
| Q3 24 | $-0.27 | $0.11 | ||
| Q2 24 | — | $0.51 | ||
| Q1 24 | $0.00 | $0.46 |
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 | $21.7M |
| Total DebtLower is stronger | — | $286.7M |
| Stockholders' EquityBook value | $2.5B | $-17.3M |
| Total Assets | $7.0B | $403.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $21.7M | ||
| Q3 25 | $1.0B | $16.0M | ||
| Q2 25 | — | $17.1M | ||
| Q1 25 | — | $31.5M | ||
| Q4 24 | $427.3M | $33.5M | ||
| Q3 24 | $98.6M | $14.7M | ||
| Q2 24 | — | $7.5M | ||
| Q1 24 | $259.7M | $17.1M |
| Q4 25 | — | $286.7M | ||
| Q3 25 | — | $308.4M | ||
| Q2 25 | — | $310.9M | ||
| Q1 25 | — | $280.7M | ||
| Q4 24 | — | $280.4M | ||
| Q3 24 | — | $280.2M | ||
| Q2 24 | — | $269.7M | ||
| Q1 24 | — | $265.3M |
| Q4 25 | $2.5B | $-17.3M | ||
| Q3 25 | $2.9B | $-25.7M | ||
| Q2 25 | — | $-29.0M | ||
| Q1 25 | — | $-29.7M | ||
| Q4 24 | $1.2B | $-35.6M | ||
| Q3 24 | $1.1B | $-42.8M | ||
| Q2 24 | — | $-44.6M | ||
| Q1 24 | $677.2M | $-48.5M |
| Q4 25 | $7.0B | $403.2M | ||
| Q3 25 | $4.3B | $407.1M | ||
| Q2 25 | — | $399.8M | ||
| Q1 25 | — | $351.9M | ||
| Q4 24 | $1.9B | $349.7M | ||
| Q3 24 | $1.3B | $342.3M | ||
| Q2 24 | — | $321.4M | ||
| Q1 24 | $723.6M | $319.8M |
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 | $39.6M |
| Free Cash FlowOCF − Capex | $-468.0M | $35.2M |
| FCF MarginFCF / Revenue | -253.4% | 23.0% |
| Capex IntensityCapex / Revenue | 292.2% | 2.9% |
| Cash ConversionOCF / Net Profit | — | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $39.6M | ||
| Q3 25 | $142.4M | $10.0M | ||
| Q2 25 | — | $4.3M | ||
| Q1 25 | — | $5.6M | ||
| Q4 24 | $53.6M | $26.7M | ||
| Q3 24 | $-3.9M | $12.5M | ||
| Q2 24 | — | $-4.8M | ||
| Q1 24 | $-27.1M | $8.9M |
| Q4 25 | $-468.0M | $35.2M | ||
| Q3 25 | $-38.0M | $5.3M | ||
| Q2 25 | — | $533.0K | ||
| Q1 25 | — | $292.0K | ||
| Q4 24 | $-85.5M | $21.6M | ||
| Q3 24 | $-109.7M | $11.1M | ||
| Q2 24 | — | $-6.0M | ||
| Q1 24 | $-108.3M | $7.4M |
| Q4 25 | -253.4% | 23.0% | ||
| Q3 25 | -15.8% | 3.8% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | -73.6% | 17.3% | ||
| Q3 24 | -208.0% | 8.9% | ||
| Q2 24 | — | -5.0% | ||
| Q1 24 | -199.4% | 6.6% |
| Q4 25 | 292.2% | 2.9% | ||
| Q3 25 | 75.0% | 3.4% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | 119.7% | 4.0% | ||
| Q3 24 | 200.6% | 1.2% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | 149.5% | 1.3% |
| Q4 25 | — | 5.39× | ||
| Q3 25 | 0.37× | 4.32× | ||
| Q2 25 | — | 8.39× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 3.94× | ||
| Q3 24 | — | 9.70× | ||
| Q2 24 | — | -0.79× | ||
| Q1 24 | -3.13× | 1.63× |
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% |
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
