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Side-by-side financial comparison of IREN Ltd (IREN) and QUHUO Ltd (QH). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $157.9M, roughly 1.2× QUHUO Ltd).
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.
QUHUO Ltd. operates an on-demand lifestyle service platform focused on the Chinese mainland market. Its core offerings include gig workforce solutions, community group-buy services, and local life service matching for merchants and individual users, covering household services, catering operation support, and community retail segments to effectively connect service providers with end consumers.
IREN vs QH — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $157.9M |
| Net Profit | $-155.4M | — |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | — |
| Net Margin | -84.1% | — |
| Revenue YoY | 59.0% | — |
| Net Profit YoY | -610.0% | — |
| EPS (diluted) | $-0.52 | — |
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 | — | ||
| Q3 25 | $240.3M | — | ||
| Q2 25 | — | $157.9M | ||
| Q4 24 | $116.1M | — | ||
| Q3 24 | $52.8M | — | ||
| Q2 24 | — | $222.9M | ||
| Q1 24 | $54.3M | — | ||
| Q4 23 | $42.6M | — |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | — | ||
| Q2 24 | — | $-6.4M | ||
| Q1 24 | $8.6M | — | ||
| Q4 23 | $-5.2M | — |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | -89.2% | — | ||
| Q2 24 | — | -2.7% | ||
| Q1 24 | 11.1% | — | ||
| Q4 23 | -5.2% | — |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | — | ||
| Q2 24 | — | -2.9% | ||
| Q1 24 | 15.9% | — | ||
| Q4 23 | -12.3% | — |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $-0.10 | — | ||
| Q3 24 | $-0.27 | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $0.00 | — | ||
| Q4 23 | $-0.00 | — |
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 | $4.3M |
| Total DebtLower is stronger | — | $858.0K |
| Stockholders' EquityBook value | $2.5B | $57.4M |
| Total Assets | $7.0B | $118.4M |
| Debt / EquityLower = less leverage | — | 0.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | — | $4.3M | ||
| Q4 24 | $427.3M | — | ||
| Q3 24 | $98.6M | — | ||
| Q2 24 | — | $14.3M | ||
| Q1 24 | $259.7M | — | ||
| Q4 23 | $90.3M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $858.0K | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $1.2M | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | — | $57.4M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | — | $64.6M | ||
| Q1 24 | $677.2M | — | ||
| Q4 23 | $381.8M | — |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | — | $118.4M | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | — | $135.0M | ||
| Q1 24 | $723.6M | — | ||
| Q4 23 | $417.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.01× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.02× | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | — |
| 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.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | — | ||
| Q2 25 | — | $-5.8M | ||
| Q4 24 | $53.6M | — | ||
| Q3 24 | $-3.9M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-27.1M | — | ||
| Q4 23 | $17.4M | — |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | — | ||
| Q2 25 | — | — | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-108.3M | — | ||
| Q4 23 | — | — |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -199.4% | — | ||
| Q4 23 | — | — |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | — | ||
| Q2 25 | — | — | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 149.5% | — | ||
| Q4 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | — | ||
| Q4 23 | — | — |
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% |
QH
Segment breakdown not available.
