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Side-by-side financial comparison of IREN Ltd (IREN) and QUALYS, INC. (QLYS). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $175.3M, roughly 1.1× QUALYS, INC.). QUALYS, INC. runs the higher net margin — 30.3% vs -84.1%, a 114.5% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 10.1%). QUALYS, INC. produced more free cash flow last quarter ($74.9M 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.
Qualys, Inc. is an American technology firm based in Foster City, California, specializing in cloud security, compliance and related services.
IREN vs QLYS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $175.3M |
| Net Profit | $-155.4M | $53.1M |
| Gross Margin | 64.4% | 83.4% |
| Operating Margin | -63.0% | 33.6% |
| Net Margin | -84.1% | 30.3% |
| Revenue YoY | 59.0% | 10.1% |
| Net Profit YoY | -610.0% | 20.9% |
| EPS (diluted) | $-0.52 | $1.47 |
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 | $175.3M | ||
| Q3 25 | $240.3M | $169.9M | ||
| Q2 25 | — | $164.1M | ||
| Q1 25 | — | $159.9M | ||
| Q4 24 | $116.1M | $159.2M | ||
| Q3 24 | $52.8M | $153.9M | ||
| Q2 24 | — | $148.7M | ||
| Q1 24 | $54.3M | $145.8M |
| Q4 25 | $-155.4M | $53.1M | ||
| Q3 25 | $384.6M | $50.3M | ||
| Q2 25 | — | $47.3M | ||
| Q1 25 | — | $47.5M | ||
| Q4 24 | $-21.9M | $44.0M | ||
| Q3 24 | $-51.7M | $46.2M | ||
| Q2 24 | — | $43.8M | ||
| Q1 24 | $8.6M | $39.7M |
| Q4 25 | 64.4% | 83.4% | ||
| Q3 25 | 66.4% | 83.6% | ||
| Q2 25 | — | 82.4% | ||
| Q1 25 | — | 81.9% | ||
| Q4 24 | 72.2% | 81.8% | ||
| Q3 24 | 39.6% | 81.3% | ||
| Q2 24 | — | 82.2% | ||
| Q1 24 | — | 81.3% |
| Q4 25 | -63.0% | 33.6% | ||
| Q3 25 | -31.8% | 35.3% | ||
| Q2 25 | — | 31.3% | ||
| Q1 25 | — | 32.4% | ||
| Q4 24 | 14.9% | 31.0% | ||
| Q3 24 | -89.2% | 29.2% | ||
| Q2 24 | — | 32.3% | ||
| Q1 24 | 11.1% | 30.7% |
| Q4 25 | -84.1% | 30.3% | ||
| Q3 25 | 160.1% | 29.6% | ||
| Q2 25 | — | 28.8% | ||
| Q1 25 | — | 29.7% | ||
| Q4 24 | -18.8% | 27.6% | ||
| Q3 24 | -98.0% | 30.0% | ||
| Q2 24 | — | 29.4% | ||
| Q1 24 | 15.9% | 27.2% |
| Q4 25 | $-0.52 | $1.47 | ||
| Q3 25 | $1.08 | $1.39 | ||
| Q2 25 | — | $1.29 | ||
| Q1 25 | — | $1.29 | ||
| Q4 24 | $-0.10 | $1.19 | ||
| Q3 24 | $-0.27 | $1.24 | ||
| Q2 24 | — | $1.17 | ||
| Q1 24 | $0.00 | $1.05 |
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 | $250.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $561.2M |
| Total Assets | $7.0B | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $250.3M | ||
| Q3 25 | $1.0B | $225.3M | ||
| Q2 25 | — | $194.0M | ||
| Q1 25 | — | $290.7M | ||
| Q4 24 | $427.3M | $232.2M | ||
| Q3 24 | $98.6M | $235.4M | ||
| Q2 24 | — | $281.2M | ||
| Q1 24 | $259.7M | $273.8M |
| Q4 25 | $2.5B | $561.2M | ||
| Q3 25 | $2.9B | $529.4M | ||
| Q2 25 | — | $508.2M | ||
| Q1 25 | — | $498.0M | ||
| Q4 24 | $1.2B | $477.1M | ||
| Q3 24 | $1.1B | $449.6M | ||
| Q2 24 | — | $427.8M | ||
| Q1 24 | $677.2M | $404.2M |
| Q4 25 | $7.0B | $1.1B | ||
| Q3 25 | $4.3B | $1.0B | ||
| Q2 25 | — | $999.5M | ||
| Q1 25 | — | $996.5M | ||
| Q4 24 | $1.9B | $973.5M | ||
| Q3 24 | $1.3B | $908.3M | ||
| Q2 24 | — | $876.6M | ||
| Q1 24 | $723.6M | $861.8M |
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 | $75.7M |
| Free Cash FlowOCF − Capex | $-468.0M | $74.9M |
| FCF MarginFCF / Revenue | -253.4% | 42.8% |
| Capex IntensityCapex / Revenue | 292.2% | 0.4% |
| Cash ConversionOCF / Net Profit | — | 1.42× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $304.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $75.7M | ||
| Q3 25 | $142.4M | $90.4M | ||
| Q2 25 | — | $33.8M | ||
| Q1 25 | — | $109.6M | ||
| Q4 24 | $53.6M | $47.7M | ||
| Q3 24 | $-3.9M | $61.0M | ||
| Q2 24 | — | $49.8M | ||
| Q1 24 | $-27.1M | $85.5M |
| Q4 25 | $-468.0M | $74.9M | ||
| Q3 25 | $-38.0M | $89.5M | ||
| Q2 25 | — | $32.4M | ||
| Q1 25 | — | $107.5M | ||
| Q4 24 | $-85.5M | $41.9M | ||
| Q3 24 | $-109.7M | $57.6M | ||
| Q2 24 | — | $48.8M | ||
| Q1 24 | $-108.3M | $83.5M |
| Q4 25 | -253.4% | 42.8% | ||
| Q3 25 | -15.8% | 52.7% | ||
| Q2 25 | — | 19.8% | ||
| Q1 25 | — | 67.3% | ||
| Q4 24 | -73.6% | 26.3% | ||
| Q3 24 | -208.0% | 37.4% | ||
| Q2 24 | — | 32.8% | ||
| Q1 24 | -199.4% | 57.2% |
| Q4 25 | 292.2% | 0.4% | ||
| Q3 25 | 75.0% | 0.5% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | 119.7% | 3.7% | ||
| Q3 24 | 200.6% | 2.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | 149.5% | 1.4% |
| Q4 25 | — | 1.42× | ||
| Q3 25 | 0.37× | 1.80× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 2.31× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | -3.13× | 2.15× |
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% |
QLYS
| Sales Channel Through Intermediary | $88.6M | 51% |
| Sales Channel Directly To Consumer | $86.7M | 49% |
