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Side-by-side financial comparison of IREN Ltd (IREN) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $148.3M, roughly 1.2× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -84.1%, a 89.6% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 38.6%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
IREN vs SHLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $148.3M |
| Net Profit | $-155.4M | $8.1M |
| Gross Margin | 64.4% | 31.6% |
| Operating Margin | -63.0% | 11.7% |
| Net Margin | -84.1% | 5.5% |
| Revenue YoY | 59.0% | 38.6% |
| Net Profit YoY | -610.0% | 3.9% |
| EPS (diluted) | $-0.52 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $240.3M | $135.8M | ||
| Q2 25 | — | $110.8M | ||
| Q1 25 | — | $80.4M | ||
| Q4 24 | $116.1M | $107.0M | ||
| Q3 24 | $52.8M | $102.2M | ||
| Q2 24 | — | $99.2M | ||
| Q1 24 | $54.3M | $90.8M |
| Q4 25 | $-155.4M | $8.1M | ||
| Q3 25 | $384.6M | $11.9M | ||
| Q2 25 | — | $13.9M | ||
| Q1 25 | — | $-282.0K | ||
| Q4 24 | $-21.9M | $7.8M | ||
| Q3 24 | $-51.7M | $-267.0K | ||
| Q2 24 | — | $11.8M | ||
| Q1 24 | $8.6M | $4.8M |
| Q4 25 | 64.4% | 31.6% | ||
| Q3 25 | 66.4% | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | 72.2% | 37.6% | ||
| Q3 24 | 39.6% | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | -63.0% | 11.7% | ||
| Q3 25 | -31.8% | 13.7% | ||
| Q2 25 | — | 14.4% | ||
| Q1 25 | — | 5.4% | ||
| Q4 24 | 14.9% | 15.4% | ||
| Q3 24 | -89.2% | 4.4% | ||
| Q2 24 | — | 18.7% | ||
| Q1 24 | 11.1% | 12.8% |
| Q4 25 | -84.1% | 5.5% | ||
| Q3 25 | 160.1% | 8.7% | ||
| Q2 25 | — | 12.5% | ||
| Q1 25 | — | -0.4% | ||
| Q4 24 | -18.8% | 7.3% | ||
| Q3 24 | -98.0% | -0.3% | ||
| Q2 24 | — | 11.9% | ||
| Q1 24 | 15.9% | 5.3% |
| Q4 25 | $-0.52 | $0.05 | ||
| Q3 25 | $1.08 | $0.07 | ||
| Q2 25 | — | $0.08 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | $-0.10 | $0.04 | ||
| Q3 24 | $-0.27 | $0.00 | ||
| Q2 24 | — | $0.07 | ||
| Q1 24 | $0.00 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $600.0M |
| Total Assets | $7.0B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $7.3M | ||
| Q3 25 | $1.0B | $8.6M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | $427.3M | $23.5M | ||
| Q3 24 | $98.6M | $11.1M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | $259.7M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $2.5B | $600.0M | ||
| Q3 25 | $2.9B | $589.6M | ||
| Q2 25 | — | $575.4M | ||
| Q1 25 | — | $558.9M | ||
| Q4 24 | $1.2B | $556.8M | ||
| Q3 24 | $1.1B | $545.2M | ||
| Q2 24 | — | $544.6M | ||
| Q1 24 | $677.2M | $554.0M |
| Q4 25 | $7.0B | $904.1M | ||
| Q3 25 | $4.3B | $851.8M | ||
| Q2 25 | — | $795.0M | ||
| Q1 25 | — | $788.4M | ||
| Q4 24 | $1.9B | $793.1M | ||
| Q3 24 | $1.3B | $801.3M | ||
| Q2 24 | — | $788.4M | ||
| Q1 24 | $723.6M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $-468.0M | $-11.3M |
| FCF MarginFCF / Revenue | -253.4% | -7.6% |
| Capex IntensityCapex / Revenue | 292.2% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $-4.1M | ||
| Q3 25 | $142.4M | $19.4M | ||
| Q2 25 | — | $-13.8M | ||
| Q1 25 | — | $15.6M | ||
| Q4 24 | $53.6M | $14.0M | ||
| Q3 24 | $-3.9M | $15.7M | ||
| Q2 24 | — | $37.8M | ||
| Q1 24 | $-27.1M | $12.9M |
| Q4 25 | $-468.0M | $-11.3M | ||
| Q3 25 | $-38.0M | $9.0M | ||
| Q2 25 | — | $-26.0M | ||
| Q1 25 | — | $12.3M | ||
| Q4 24 | $-85.5M | $12.5M | ||
| Q3 24 | $-109.7M | $13.3M | ||
| Q2 24 | — | $35.8M | ||
| Q1 24 | $-108.3M | $10.4M |
| Q4 25 | -253.4% | -7.6% | ||
| Q3 25 | -15.8% | 6.6% | ||
| Q2 25 | — | -23.5% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | -73.6% | 11.6% | ||
| Q3 24 | -208.0% | 13.0% | ||
| Q2 24 | — | 36.1% | ||
| Q1 24 | -199.4% | 11.4% |
| Q4 25 | 292.2% | 4.8% | ||
| Q3 25 | 75.0% | 7.7% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | 119.7% | 1.4% | ||
| Q3 24 | 200.6% | 2.3% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | 149.5% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | 0.37× | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | -3.13× | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
