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Side-by-side financial comparison of IREN Ltd (IREN) and ONE Group Hospitality, Inc. (STKS). Click either name above to swap in a different company.
ONE Group Hospitality, Inc. is the larger business by last-quarter revenue ($207.0M vs $184.7M, roughly 1.1× IREN Ltd). ONE Group Hospitality, Inc. runs the higher net margin — -3.1% vs -84.1%, a 81.1% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -6.7%). ONE Group Hospitality, Inc. produced more free cash flow last quarter ($-329.0K 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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
IREN vs STKS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $207.0M |
| Net Profit | $-155.4M | $-6.4M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | 2.2% |
| Net Margin | -84.1% | -3.1% |
| Revenue YoY | 59.0% | -6.7% |
| Net Profit YoY | -610.0% | -531.8% |
| EPS (diluted) | $-0.52 | $-0.50 |
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 | $207.0M | ||
| Q3 25 | $240.3M | $180.2M | ||
| Q2 25 | — | $207.4M | ||
| Q1 25 | — | $211.1M | ||
| Q4 24 | $116.1M | $221.9M | ||
| Q3 24 | $52.8M | $194.0M | ||
| Q2 24 | — | $172.5M | ||
| Q1 24 | $54.3M | $85.0M |
| Q4 25 | $-155.4M | $-6.4M | ||
| Q3 25 | $384.6M | $-76.7M | ||
| Q2 25 | — | $-10.1M | ||
| Q1 25 | — | $975.0K | ||
| Q4 24 | $-21.9M | $1.5M | ||
| Q3 24 | $-51.7M | $-9.3M | ||
| Q2 24 | — | $-7.3M | ||
| Q1 24 | $8.6M | $-2.1M |
| 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% | 2.2% | ||
| Q3 25 | -31.8% | -4.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | 14.9% | 5.5% | ||
| Q3 24 | -89.2% | -1.9% | ||
| Q2 24 | — | 0.6% | ||
| Q1 24 | 11.1% | -0.7% |
| Q4 25 | -84.1% | -3.1% | ||
| Q3 25 | 160.1% | -42.6% | ||
| Q2 25 | — | -4.9% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | -18.8% | 0.7% | ||
| Q3 24 | -98.0% | -4.8% | ||
| Q2 24 | — | -4.3% | ||
| Q1 24 | 15.9% | -2.4% |
| Q4 25 | $-0.52 | $-0.50 | ||
| Q3 25 | $1.08 | $-2.75 | ||
| Q2 25 | — | $-0.59 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | $-0.10 | $-0.18 | ||
| Q3 24 | $-0.27 | $-0.53 | ||
| Q2 24 | — | $-0.38 | ||
| Q1 24 | $0.00 | $-0.07 |
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 | $4.2M |
| Total DebtLower is stronger | — | $354.2M |
| Stockholders' EquityBook value | $2.5B | $-75.8M |
| Total Assets | $7.0B | $884.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $4.2M | ||
| Q3 25 | $1.0B | $5.5M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $21.4M | ||
| Q4 24 | $427.3M | $27.6M | ||
| Q3 24 | $98.6M | $28.2M | ||
| Q2 24 | — | $32.2M | ||
| Q1 24 | $259.7M | $15.4M |
| Q4 25 | — | $354.2M | ||
| Q3 25 | — | $355.0M | ||
| Q2 25 | — | $347.4M | ||
| Q1 25 | — | $348.3M | ||
| Q4 24 | — | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M | ||
| Q1 24 | — | $73.5M |
| Q4 25 | $2.5B | $-75.8M | ||
| Q3 25 | $2.9B | $-61.5M | ||
| Q2 25 | — | $23.0M | ||
| Q1 25 | — | $40.5M | ||
| Q4 24 | $1.2B | $45.9M | ||
| Q3 24 | $1.1B | $51.4M | ||
| Q2 24 | — | $68.1M | ||
| Q1 24 | $677.2M | $68.3M |
| Q4 25 | $7.0B | $884.2M | ||
| Q3 25 | $4.3B | $879.5M | ||
| Q2 25 | — | $935.7M | ||
| Q1 25 | — | $956.0M | ||
| Q4 24 | $1.9B | $960.1M | ||
| Q3 24 | $1.3B | $953.5M | ||
| Q2 24 | — | $945.9M | ||
| Q1 24 | $723.6M | $309.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 15.07× | ||
| Q1 25 | — | 8.61× | ||
| Q4 24 | — | 7.59× | ||
| Q3 24 | — | 6.79× | ||
| Q2 24 | — | 5.14× | ||
| Q1 24 | — | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | $-468.0M | $-329.0K |
| FCF MarginFCF / Revenue | -253.4% | -0.2% |
| Capex IntensityCapex / Revenue | 292.2% | 6.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $13.1M | ||
| Q3 25 | $142.4M | $5.9M | ||
| Q2 25 | — | $2.8M | ||
| Q1 25 | — | $8.5M | ||
| Q4 24 | $53.6M | $18.5M | ||
| Q3 24 | $-3.9M | $19.1M | ||
| Q2 24 | — | $-3.8M | ||
| Q1 24 | $-27.1M | $10.4M |
| Q4 25 | $-468.0M | $-329.0K | ||
| Q3 25 | $-38.0M | $-6.1M | ||
| Q2 25 | — | $-15.0M | ||
| Q1 25 | — | $-5.8M | ||
| Q4 24 | $-85.5M | $733.0K | ||
| Q3 24 | $-109.7M | $287.0K | ||
| Q2 24 | — | $-23.0M | ||
| Q1 24 | $-108.3M | $-5.4M |
| Q4 25 | -253.4% | -0.2% | ||
| Q3 25 | -15.8% | -3.4% | ||
| Q2 25 | — | -7.2% | ||
| Q1 25 | — | -2.7% | ||
| Q4 24 | -73.6% | 0.3% | ||
| Q3 24 | -208.0% | 0.1% | ||
| Q2 24 | — | -13.3% | ||
| Q1 24 | -199.4% | -6.4% |
| Q4 25 | 292.2% | 6.5% | ||
| Q3 25 | 75.0% | 6.7% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | 119.7% | 8.0% | ||
| Q3 24 | 200.6% | 9.7% | ||
| Q2 24 | — | 11.1% | ||
| Q1 24 | 149.5% | 18.6% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 8.76× | ||
| Q4 24 | — | 12.54× | ||
| 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% |
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
