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Side-by-side financial comparison of IREN Ltd (IREN) and RADIANT LOGISTICS, INC (RLGT). Click either name above to swap in a different company.
RADIANT LOGISTICS, INC is the larger business by last-quarter revenue ($232.1M vs $184.7M, roughly 1.3× IREN Ltd). RADIANT LOGISTICS, INC runs the higher net margin — 2.3% vs -84.1%, a 86.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -12.3%). RADIANT LOGISTICS, INC produced more free cash flow last quarter ($11.6M 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.
Radiant Logistics, Inc. is a leading third-party logistics provider offering end-to-end supply chain solutions, domestic and international freight forwarding, warehousing, and last-mile delivery services. It primarily serves North American markets, with key client segments including retail, manufacturing, e-commerce, and industrial sectors, helping businesses optimize logistics workflows and cut operational costs.
IREN vs RLGT — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $232.1M |
| Net Profit | $-155.4M | $5.3M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | 3.2% |
| Net Margin | -84.1% | 2.3% |
| Revenue YoY | 59.0% | -12.3% |
| Net Profit YoY | -610.0% | -18.0% |
| EPS (diluted) | $-0.52 | $0.11 |
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 | $232.1M | ||
| Q3 25 | $240.3M | $226.7M | ||
| Q2 25 | — | $220.6M | ||
| Q1 25 | — | $214.0M | ||
| Q4 24 | $116.1M | $264.5M | ||
| Q3 24 | $52.8M | $203.6M | ||
| Q2 24 | — | $206.0M | ||
| Q1 24 | $54.3M | $184.6M |
| Q4 25 | $-155.4M | $5.3M | ||
| Q3 25 | $384.6M | $1.3M | ||
| Q2 25 | — | $4.9M | ||
| Q1 25 | — | $2.5M | ||
| Q4 24 | $-21.9M | $6.5M | ||
| Q3 24 | $-51.7M | $3.4M | ||
| Q2 24 | — | $4.8M | ||
| Q1 24 | $8.6M | $-703.0K |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -63.0% | 3.2% | ||
| Q3 25 | -31.8% | 0.9% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | 14.9% | 3.3% | ||
| Q3 24 | -89.2% | 1.9% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | 11.1% | -0.5% |
| Q4 25 | -84.1% | 2.3% | ||
| Q3 25 | 160.1% | 0.6% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | -18.8% | 2.4% | ||
| Q3 24 | -98.0% | 1.7% | ||
| Q2 24 | — | 2.3% | ||
| Q1 24 | 15.9% | -0.4% |
| Q4 25 | $-0.52 | $0.11 | ||
| Q3 25 | $1.08 | $0.03 | ||
| Q2 25 | — | $0.10 | ||
| Q1 25 | — | $0.05 | ||
| Q4 24 | $-0.10 | $0.13 | ||
| Q3 24 | $-0.27 | $0.07 | ||
| Q2 24 | — | $0.11 | ||
| Q1 24 | $0.00 | $-0.02 |
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 | $31.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $229.8M |
| Total Assets | $7.0B | $439.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $31.9M | ||
| Q3 25 | $1.0B | $28.1M | ||
| Q2 25 | — | $22.9M | ||
| Q1 25 | — | $19.0M | ||
| Q4 24 | $427.3M | $19.9M | ||
| Q3 24 | $98.6M | $10.4M | ||
| Q2 24 | — | $24.9M | ||
| Q1 24 | $259.7M | $31.2M |
| Q4 25 | $2.5B | $229.8M | ||
| Q3 25 | $2.9B | $225.7M | ||
| Q2 25 | — | $226.0M | ||
| Q1 25 | — | $218.2M | ||
| Q4 24 | $1.2B | $214.4M | ||
| Q3 24 | $1.1B | $212.4M | ||
| Q2 24 | — | $209.4M | ||
| Q1 24 | $677.2M | $206.0M |
| Q4 25 | $7.0B | $439.4M | ||
| Q3 25 | $4.3B | $445.3M | ||
| Q2 25 | — | $426.8M | ||
| Q1 25 | — | $414.5M | ||
| Q4 24 | $1.9B | $386.8M | ||
| Q3 24 | $1.3B | $375.3M | ||
| Q2 24 | — | $371.2M | ||
| Q1 24 | $723.6M | $364.0M |
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 | $12.4M |
| Free Cash FlowOCF − Capex | $-468.0M | $11.6M |
| FCF MarginFCF / Revenue | -253.4% | 5.0% |
| Capex IntensityCapex / Revenue | 292.2% | 0.3% |
| Cash ConversionOCF / Net Profit | — | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $8.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $12.4M | ||
| Q3 25 | $142.4M | $2.5M | ||
| Q2 25 | — | $3.1M | ||
| Q1 25 | — | $-5.7M | ||
| Q4 24 | $53.6M | $15.7M | ||
| Q3 24 | $-3.9M | $205.0K | ||
| Q2 24 | — | $1.3M | ||
| Q1 24 | $-27.1M | $3.9M |
| Q4 25 | $-468.0M | $11.6M | ||
| Q3 25 | $-38.0M | $977.0K | ||
| Q2 25 | — | $2.2M | ||
| Q1 25 | — | $-6.4M | ||
| Q4 24 | $-85.5M | $14.1M | ||
| Q3 24 | $-109.7M | $-1.9M | ||
| Q2 24 | — | $-185.0K | ||
| Q1 24 | $-108.3M | $1.8M |
| Q4 25 | -253.4% | 5.0% | ||
| Q3 25 | -15.8% | 0.4% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | -3.0% | ||
| Q4 24 | -73.6% | 5.3% | ||
| Q3 24 | -208.0% | -0.9% | ||
| Q2 24 | — | -0.1% | ||
| Q1 24 | -199.4% | 1.0% |
| Q4 25 | 292.2% | 0.3% | ||
| Q3 25 | 75.0% | 0.7% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | 119.7% | 0.6% | ||
| Q3 24 | 200.6% | 1.0% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | 149.5% | 1.2% |
| Q4 25 | — | 2.33× | ||
| Q3 25 | 0.37× | 1.90× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | -2.26× | ||
| Q4 24 | — | 2.43× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | 0.26× | ||
| 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% |
RLGT
| Transferred Over Time | $201.2M | 87% |
| Other | $25.0M | 11% |
| Value Added Services | $4.2M | 2% |
| Transferred At Point In Time | $1.8M | 1% |
