vs
Side-by-side financial comparison of IREN Ltd (IREN) and LiveRamp Holdings, Inc. (RAMP). Click either name above to swap in a different company.
LiveRamp Holdings, Inc. is the larger business by last-quarter revenue ($212.2M vs $184.7M, roughly 1.1× IREN Ltd). LiveRamp Holdings, Inc. runs the higher net margin — 18.8% vs -84.1%, a 102.9% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 8.6%).
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.
LiveRamp Holdings, Inc., is an American SaaS company that offers a data connectivity platform whose services include data onboarding, the transfer of offline data online for marketing purposes.
IREN vs RAMP — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $212.2M |
| Net Profit | $-155.4M | $39.9M |
| Gross Margin | 64.4% | 71.9% |
| Operating Margin | -63.0% | 18.6% |
| Net Margin | -84.1% | 18.8% |
| Revenue YoY | 59.0% | 8.6% |
| Net Profit YoY | -610.0% | 255.7% |
| 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 | $212.2M | ||
| Q3 25 | $240.3M | $199.8M | ||
| Q2 25 | — | $194.8M | ||
| Q1 25 | — | $188.7M | ||
| Q4 24 | $116.1M | $195.4M | ||
| Q3 24 | $52.8M | $185.5M | ||
| Q2 24 | — | $176.0M | ||
| Q1 24 | $54.3M | $171.9M |
| Q4 25 | $-155.4M | $39.9M | ||
| Q3 25 | $384.6M | $27.4M | ||
| Q2 25 | — | $7.7M | ||
| Q1 25 | — | $-6.3M | ||
| Q4 24 | $-21.9M | $11.2M | ||
| Q3 24 | $-51.7M | $1.7M | ||
| Q2 24 | — | $-7.5M | ||
| Q1 24 | $8.6M | $-5.4M |
| Q4 25 | 64.4% | 71.9% | ||
| Q3 25 | 66.4% | 70.2% | ||
| Q2 25 | — | 70.1% | ||
| Q1 25 | — | 69.3% | ||
| Q4 24 | 72.2% | 71.9% | ||
| Q3 24 | 39.6% | 72.4% | ||
| Q2 24 | — | 70.6% | ||
| Q1 24 | — | 72.2% |
| Q4 25 | -63.0% | 18.6% | ||
| Q3 25 | -31.8% | 10.7% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | -6.1% | ||
| Q4 24 | 14.9% | 7.5% | ||
| Q3 24 | -89.2% | 4.0% | ||
| Q2 24 | — | -3.0% | ||
| Q1 24 | 11.1% | -8.3% |
| Q4 25 | -84.1% | 18.8% | ||
| Q3 25 | 160.1% | 13.7% | ||
| Q2 25 | — | 4.0% | ||
| Q1 25 | — | -3.3% | ||
| Q4 24 | -18.8% | 5.7% | ||
| Q3 24 | -98.0% | 0.9% | ||
| Q2 24 | — | -4.3% | ||
| Q1 24 | 15.9% | -3.1% |
| Q4 25 | $-0.52 | $0.62 | ||
| Q3 25 | $1.08 | $0.42 | ||
| Q2 25 | — | $0.12 | ||
| Q1 25 | — | $-0.10 | ||
| Q4 24 | $-0.10 | $0.17 | ||
| Q3 24 | $-0.27 | $0.03 | ||
| Q2 24 | — | $-0.11 | ||
| Q1 24 | $0.00 | $-0.09 |
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 | $403.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $962.3M |
| Total Assets | $7.0B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $403.4M | ||
| Q3 25 | $1.0B | $376.9M | ||
| Q2 25 | — | $371.1M | ||
| Q1 25 | — | $420.8M | ||
| Q4 24 | $427.3M | $384.3M | ||
| Q3 24 | $98.6M | $348.4M | ||
| Q2 24 | — | $342.7M | ||
| Q1 24 | $259.7M | $368.9M |
| Q4 25 | $2.5B | $962.3M | ||
| Q3 25 | $2.9B | $943.8M | ||
| Q2 25 | — | $947.8M | ||
| Q1 25 | — | $948.9M | ||
| Q4 24 | $1.2B | $957.7M | ||
| Q3 24 | $1.1B | $932.1M | ||
| Q2 24 | — | $951.9M | ||
| Q1 24 | $677.2M | $949.1M |
| Q4 25 | $7.0B | $1.3B | ||
| Q3 25 | $4.3B | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $723.6M | $1.2B |
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 | — |
| Free Cash FlowOCF − Capex | $-468.0M | — |
| FCF MarginFCF / Revenue | -253.4% | — |
| Capex IntensityCapex / Revenue | 292.2% | 0.1% |
| 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 | $57.4M | ||
| Q2 25 | — | $-15.8M | ||
| Q1 25 | — | — | ||
| Q4 24 | $53.6M | $45.1M | ||
| Q3 24 | $-3.9M | $55.6M | ||
| Q2 24 | — | $-9.3M | ||
| Q1 24 | $-27.1M | — |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | $56.8M | ||
| Q2 25 | — | $-16.2M | ||
| Q1 25 | — | — | ||
| Q4 24 | $-85.5M | $44.8M | ||
| Q3 24 | $-109.7M | $55.4M | ||
| Q2 24 | — | $-9.6M | ||
| Q1 24 | $-108.3M | — |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | 28.4% | ||
| Q2 25 | — | -8.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | -73.6% | 22.9% | ||
| Q3 24 | -208.0% | 29.8% | ||
| Q2 24 | — | -5.4% | ||
| Q1 24 | -199.4% | — |
| Q4 25 | 292.2% | 0.1% | ||
| Q3 25 | 75.0% | 0.3% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | 119.7% | 0.1% | ||
| Q3 24 | 200.6% | 0.1% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | 149.5% | 1.0% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | 2.09× | ||
| Q2 25 | — | -2.04× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.02× | ||
| Q3 24 | — | 32.10× | ||
| Q2 24 | — | — | ||
| 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% |
RAMP
Segment breakdown not available.
