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Side-by-side financial comparison of IREN Ltd (IREN) and STRATASYS LTD. (SSYS). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $137.0M, roughly 1.3× STRATASYS LTD.). STRATASYS LTD. runs the higher net margin — -40.6% vs -84.1%, a 43.5% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -2.2%). STRATASYS LTD. produced more free cash flow last quarter ($2.5M 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.
Stratasys, Ltd. is an American-Israeli manufacturer of 3D printers, software, and materials for polymer additive manufacturing as well as 3D-printed parts on-demand. The company is incorporated in Israel. Engineers use Stratasys systems to model complex geometries in a wide range of polymer materials, including: ABS, polyphenylsulfone (PPSF), polycarbonate (PC), polyetherimide and Nylon 12.
IREN vs SSYS — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $137.0M |
| Net Profit | $-155.4M | $-55.6M |
| Gross Margin | 64.4% | 41.0% |
| Operating Margin | -63.0% | -16.6% |
| Net Margin | -84.1% | -40.6% |
| Revenue YoY | 59.0% | -2.2% |
| Net Profit YoY | -610.0% | -109.0% |
| 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 | $137.0M | ||
| Q2 25 | — | $138.1M | ||
| Q1 25 | — | $136.0M | ||
| Q4 24 | $116.1M | — | ||
| Q3 24 | $52.8M | $140.0M | ||
| Q2 24 | — | $138.0M | ||
| Q1 24 | $54.3M | $144.1M |
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $-55.6M | ||
| Q2 25 | — | $-16.7M | ||
| Q1 25 | — | $-13.1M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | $-26.6M | ||
| Q2 24 | — | $-25.7M | ||
| Q1 24 | $8.6M | $-26.0M |
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | 41.0% | ||
| Q2 25 | — | 43.1% | ||
| Q1 25 | — | 44.3% | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | 44.8% | ||
| Q2 24 | — | 43.8% | ||
| Q1 24 | — | 44.4% |
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | -16.6% | ||
| Q2 25 | — | -12.0% | ||
| Q1 25 | — | -9.1% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | -89.2% | -18.2% | ||
| Q2 24 | — | -18.9% | ||
| Q1 24 | 11.1% | -17.0% |
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | -40.6% | ||
| Q2 25 | — | -12.1% | ||
| Q1 25 | — | -9.6% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | -19.0% | ||
| Q2 24 | — | -18.6% | ||
| Q1 24 | 15.9% | -18.0% |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-0.10 | — | ||
| Q3 24 | $-0.27 | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $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 | $71.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $852.5M |
| Total Assets | $7.0B | $1.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | $71.5M | ||
| Q2 25 | — | $71.1M | ||
| Q1 25 | — | $70.1M | ||
| Q4 24 | $427.3M | — | ||
| Q3 24 | $98.6M | $64.0M | ||
| Q2 24 | — | $70.9M | ||
| Q1 24 | $259.7M | $91.1M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | $852.5M | ||
| Q2 25 | — | $902.4M | ||
| Q1 25 | — | $784.8M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | $831.8M | ||
| Q2 24 | — | $850.5M | ||
| Q1 24 | $677.2M | $866.1M |
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $723.6M | $1.1B |
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 | $6.9M |
| Free Cash FlowOCF − Capex | $-468.0M | $2.5M |
| FCF MarginFCF / Revenue | -253.4% | 1.8% |
| Capex IntensityCapex / Revenue | 292.2% | 3.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-11.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | $6.9M | ||
| Q2 25 | — | $-1.1M | ||
| Q1 25 | — | $4.5M | ||
| Q4 24 | $53.6M | — | ||
| Q3 24 | $-3.9M | $-4.5M | ||
| Q2 24 | — | $-2.4M | ||
| Q1 24 | $-27.1M | $7.3M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | $2.5M | ||
| Q2 25 | — | $-8.4M | ||
| Q1 25 | — | $789.0K | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | $-6.3M | ||
| Q2 24 | — | $-4.9M | ||
| Q1 24 | $-108.3M | $5.0M |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | 1.8% | ||
| Q2 25 | — | -6.1% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | -4.5% | ||
| Q2 24 | — | -3.6% | ||
| Q1 24 | -199.4% | 3.5% |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | 3.2% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | 1.3% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | 149.5% | 1.6% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
SSYS
Segment breakdown not available.
