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Side-by-side financial comparison of IREN Ltd (IREN) and Purple Innovation, Inc. (PRPL). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $140.7M, roughly 1.3× Purple Innovation, Inc.). Purple Innovation, Inc. runs the higher net margin — -2.3% vs -84.1%, a 81.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 9.1%). Purple Innovation, Inc. produced more free cash flow last quarter ($-7.8M 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.
Purple Carrot is a Needham, Massachusetts-based, and 100% plant-based meal kit company. Founded by Andy Levitt, it offers both prepared meals as well as meal kits to subscribers weekly. As stated in a 2022 article in Cosmopolitan, “each Purple Carrot meal kit results in 72% less carbon being released into the atmosphere as compared to the standard American meal.”
IREN vs PRPL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $140.7M |
| Net Profit | $-155.4M | $-3.2M |
| Gross Margin | 64.4% | 41.9% |
| Operating Margin | -63.0% | -1.6% |
| Net Margin | -84.1% | -2.3% |
| Revenue YoY | 59.0% | 9.1% |
| Net Profit YoY | -610.0% | 62.1% |
| EPS (diluted) | $-0.52 | $0.03 |
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 | $140.7M | ||
| Q3 25 | $240.3M | $118.8M | ||
| Q2 25 | — | $105.1M | ||
| Q1 25 | — | $104.2M | ||
| Q4 24 | $116.1M | $129.0M | ||
| Q3 24 | $52.8M | $118.6M | ||
| Q2 24 | — | $120.3M | ||
| Q1 24 | $54.3M | $120.0M |
| Q4 25 | $-155.4M | $-3.2M | ||
| Q3 25 | $384.6M | $-11.7M | ||
| Q2 25 | — | $-17.3M | ||
| Q1 25 | — | $-19.1M | ||
| Q4 24 | $-21.9M | $-8.5M | ||
| Q3 24 | $-51.7M | $-39.2M | ||
| Q2 24 | — | $27.0K | ||
| Q1 24 | $8.6M | $-50.2M |
| Q4 25 | 64.4% | 41.9% | ||
| Q3 25 | 66.4% | 42.8% | ||
| Q2 25 | — | 35.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | 72.2% | 42.9% | ||
| Q3 24 | 39.6% | 29.7% | ||
| Q2 24 | — | 40.7% | ||
| Q1 24 | — | 34.8% |
| Q4 25 | -63.0% | -1.6% | ||
| Q3 25 | -31.8% | -10.2% | ||
| Q2 25 | — | -13.5% | ||
| Q1 25 | — | -13.9% | ||
| Q4 24 | 14.9% | -6.0% | ||
| Q3 24 | -89.2% | -39.5% | ||
| Q2 24 | — | -12.1% | ||
| Q1 24 | 11.1% | -19.3% |
| Q4 25 | -84.1% | -2.3% | ||
| Q3 25 | 160.1% | -9.9% | ||
| Q2 25 | — | -16.5% | ||
| Q1 25 | — | -18.4% | ||
| Q4 24 | -18.8% | -6.6% | ||
| Q3 24 | -98.0% | -33.1% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | 15.9% | -41.8% |
| Q4 25 | $-0.52 | $0.03 | ||
| Q3 25 | $1.08 | $0.11 | ||
| Q2 25 | — | $0.16 | ||
| Q1 25 | — | $0.18 | ||
| Q4 24 | $-0.10 | $0.08 | ||
| Q3 24 | $-0.27 | $0.36 | ||
| Q2 24 | — | $0.00 | ||
| Q1 24 | $0.00 | $0.47 |
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 | $24.3M |
| Total DebtLower is stronger | — | $126.7M |
| Stockholders' EquityBook value | $2.5B | $-29.7M |
| Total Assets | $7.0B | $296.3M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $24.3M | ||
| Q3 25 | $1.0B | $32.4M | ||
| Q2 25 | — | $34.2M | ||
| Q1 25 | — | $21.6M | ||
| Q4 24 | $427.3M | $29.0M | ||
| Q3 24 | $98.6M | $23.4M | ||
| Q2 24 | — | $23.4M | ||
| Q1 24 | $259.7M | $34.5M |
| Q4 25 | — | $126.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $70.7M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $-29.7M | ||
| Q3 25 | $2.9B | $-26.9M | ||
| Q2 25 | — | $-15.6M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | $1.2B | $20.2M | ||
| Q3 24 | $1.1B | $28.0M | ||
| Q2 24 | — | $66.4M | ||
| Q1 24 | $677.2M | $65.5M |
| Q4 25 | $7.0B | $296.3M | ||
| Q3 25 | $4.3B | $302.1M | ||
| Q2 25 | — | $303.8M | ||
| Q1 25 | — | $293.8M | ||
| Q4 24 | $1.9B | $307.8M | ||
| Q3 24 | $1.3B | $309.3M | ||
| Q2 24 | — | $362.1M | ||
| Q1 24 | $723.6M | $382.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.50× | ||
| Q3 24 | — | 1.82× | ||
| Q2 24 | — | — | ||
| Q1 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 | $-5.8M |
| Free Cash FlowOCF − Capex | $-468.0M | $-7.8M |
| FCF MarginFCF / Revenue | -253.4% | -5.5% |
| Capex IntensityCapex / Revenue | 292.2% | 1.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $-5.8M | ||
| Q3 25 | $142.4M | $-968.0K | ||
| Q2 25 | — | $-4.0M | ||
| Q1 25 | — | $-23.1M | ||
| Q4 24 | $53.6M | $6.8M | ||
| Q3 24 | $-3.9M | $1.1M | ||
| Q2 24 | — | $-8.9M | ||
| Q1 24 | $-27.1M | $-16.8M |
| Q4 25 | $-468.0M | $-7.8M | ||
| Q3 25 | $-38.0M | $-1.8M | ||
| Q2 25 | — | $-7.0M | ||
| Q1 25 | — | $-25.3M | ||
| Q4 24 | $-85.5M | $5.7M | ||
| Q3 24 | $-109.7M | $101.0K | ||
| Q2 24 | — | $-11.0M | ||
| Q1 24 | $-108.3M | $-19.9M |
| Q4 25 | -253.4% | -5.5% | ||
| Q3 25 | -15.8% | -1.5% | ||
| Q2 25 | — | -6.6% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | -73.6% | 4.4% | ||
| Q3 24 | -208.0% | 0.1% | ||
| Q2 24 | — | -9.2% | ||
| Q1 24 | -199.4% | -16.5% |
| Q4 25 | 292.2% | 1.4% | ||
| Q3 25 | 75.0% | 0.7% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | 119.7% | 0.8% | ||
| Q3 24 | 200.6% | 0.9% | ||
| Q2 24 | — | 1.7% | ||
| Q1 24 | 149.5% | 2.5% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -330.22× | ||
| 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% |
PRPL
| Cost Of Revenues | $81.7M | 58% |
| Other | $59.0M | 42% |
