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Side-by-side financial comparison of IREN Ltd (IREN) and Proto Labs Inc (PRLB). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $139.3M, roughly 1.3× Proto Labs Inc). Proto Labs Inc runs the higher net margin — 5.8% vs -84.1%, a 90.0% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 10.4%).
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.
Protolabs is a company that provides rapid manufacturing of 3D printed, CNC-machined, sheet metal, and injection-molded custom parts for prototyping and production. Markets like medical devices, aerospace, electronics, appliances, automotive and consumer products use these parts. Protolabs' headquarters are located in Maple Plain, Minnesota, with Minnesota-based manufacturing facilities in Plymouth, Brooklyn Park, and Rosemount, along with additional facilities in Nashua, New Hampshire and Ca...
IREN vs PRLB — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $139.3M |
| Net Profit | $-155.4M | $8.1M |
| Gross Margin | 64.4% | 45.6% |
| Operating Margin | -63.0% | 7.1% |
| Net Margin | -84.1% | 5.8% |
| Revenue YoY | 59.0% | 10.4% |
| Net Profit YoY | -610.0% | 125.4% |
| EPS (diluted) | $-0.52 | $0.29 |
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 | — | $139.3M | ||
| Q4 25 | $184.7M | $136.5M | ||
| Q3 25 | $240.3M | $135.4M | ||
| Q2 25 | — | $135.1M | ||
| Q1 25 | — | $126.2M | ||
| Q4 24 | $116.1M | $121.8M | ||
| Q3 24 | $52.8M | $125.6M | ||
| Q2 24 | — | $125.6M |
| Q1 26 | — | $8.1M | ||
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $7.2M | ||
| Q2 25 | — | $4.4M | ||
| Q1 25 | — | $3.6M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | $7.2M | ||
| Q2 24 | — | $4.5M |
| Q1 26 | — | 45.6% | ||
| Q4 25 | 64.4% | 44.2% | ||
| Q3 25 | 66.4% | 45.3% | ||
| Q2 25 | — | 44.3% | ||
| Q1 25 | — | 44.1% | ||
| Q4 24 | 72.2% | 42.7% | ||
| Q3 24 | 39.6% | 45.6% | ||
| Q2 24 | — | 45.0% |
| Q1 26 | — | 7.1% | ||
| Q4 25 | -63.0% | 5.0% | ||
| Q3 25 | -31.8% | 6.5% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | 3.6% | ||
| Q4 24 | 14.9% | -1.2% | ||
| Q3 24 | -89.2% | 6.8% | ||
| Q2 24 | — | 4.8% |
| Q1 26 | — | 5.8% | ||
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | 5.3% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | 5.7% | ||
| Q2 24 | — | 3.6% |
| Q1 26 | — | $0.29 | ||
| Q4 25 | $-0.52 | $0.25 | ||
| Q3 25 | $1.08 | $0.30 | ||
| Q2 25 | — | $0.18 | ||
| Q1 25 | — | $0.15 | ||
| Q4 24 | $-0.10 | $-0.01 | ||
| Q3 24 | $-0.27 | $0.29 | ||
| Q2 24 | — | $0.18 |
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 | $124.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $683.1M |
| Total Assets | $7.0B | $778.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $124.0M | ||
| Q4 25 | $3.3B | $128.1M | ||
| Q3 25 | $1.0B | $119.2M | ||
| Q2 25 | — | $103.2M | ||
| Q1 25 | — | $96.8M | ||
| Q4 24 | $427.3M | $103.1M | ||
| Q3 24 | $98.6M | $100.5M | ||
| Q2 24 | — | $112.9M |
| Q1 26 | — | $683.1M | ||
| Q4 25 | $2.5B | $673.9M | ||
| Q3 25 | $2.9B | $664.7M | ||
| Q2 25 | — | $664.7M | ||
| Q1 25 | — | $656.8M | ||
| Q4 24 | $1.2B | $670.2M | ||
| Q3 24 | $1.1B | $680.0M | ||
| Q2 24 | — | $685.2M |
| Q1 26 | — | $778.6M | ||
| Q4 25 | $7.0B | $763.4M | ||
| Q3 25 | $4.3B | $756.9M | ||
| Q2 25 | — | $743.3M | ||
| Q1 25 | — | $737.5M | ||
| Q4 24 | $1.9B | $743.5M | ||
| Q3 24 | $1.3B | $753.8M | ||
| Q2 24 | — | $758.2M |
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 | $17.5M |
| Free Cash FlowOCF − Capex | $-468.0M | — |
| FCF MarginFCF / Revenue | -253.4% | — |
| Capex IntensityCapex / Revenue | 292.2% | — |
| Cash ConversionOCF / Net Profit | — | 2.16× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $17.5M | ||
| Q4 25 | $71.7M | $16.5M | ||
| Q3 25 | $142.4M | $29.1M | ||
| Q2 25 | — | $10.6M | ||
| Q1 25 | — | $18.4M | ||
| Q4 24 | $53.6M | $17.3M | ||
| Q3 24 | $-3.9M | $24.8M | ||
| Q2 24 | — | $14.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-468.0M | $8.4M | ||
| Q3 25 | $-38.0M | $25.0M | ||
| Q2 25 | — | $9.1M | ||
| Q1 25 | — | $17.1M | ||
| Q4 24 | $-85.5M | $16.5M | ||
| Q3 24 | $-109.7M | $23.2M | ||
| Q2 24 | — | $10.2M |
| Q1 26 | — | — | ||
| Q4 25 | -253.4% | 6.2% | ||
| Q3 25 | -15.8% | 18.5% | ||
| Q2 25 | — | 6.7% | ||
| Q1 25 | — | 13.6% | ||
| Q4 24 | -73.6% | 13.5% | ||
| Q3 24 | -208.0% | 18.5% | ||
| Q2 24 | — | 8.2% |
| Q1 26 | — | — | ||
| Q4 25 | 292.2% | 5.9% | ||
| Q3 25 | 75.0% | 3.0% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | 119.7% | 0.7% | ||
| Q3 24 | 200.6% | 1.2% | ||
| Q2 24 | — | 3.3% |
| Q1 26 | — | 2.16× | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | 4.03× | ||
| Q2 25 | — | 2.39× | ||
| Q1 25 | — | 5.11× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.44× | ||
| Q2 24 | — | 3.18× |
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% |
PRLB
| CNC Machining | $63.2M | 45% |
| Injection Molding | $51.1M | 37% |
| 3D Printing | $20.5M | 15% |
| Sheet Metal | $4.4M | 3% |
| Other Revenue | $207.0K | 0% |
