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Side-by-side financial comparison of IREN Ltd (IREN) and TACTILE SYSTEMS TECHNOLOGY INC (TCMD). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $103.6M, roughly 1.8× TACTILE SYSTEMS TECHNOLOGY INC). TACTILE SYSTEMS TECHNOLOGY INC runs the higher net margin — 10.3% vs -84.1%, a 94.4% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 21.0%). TACTILE SYSTEMS TECHNOLOGY INC produced more free cash flow last quarter ($16.8M 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.
Dominion Voting Systems Corporation was a North American company that produced and sold electronic voting hardware and software, including voting machines and tabulators, in Canada and the United States.
IREN vs TCMD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $103.6M |
| Net Profit | $-155.4M | $10.6M |
| Gross Margin | 64.4% | 78.2% |
| Operating Margin | -63.0% | 18.1% |
| Net Margin | -84.1% | 10.3% |
| Revenue YoY | 59.0% | 21.0% |
| Net Profit YoY | -610.0% | 9.4% |
| EPS (diluted) | $-0.52 | $0.45 |
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 | $103.6M | ||
| Q3 25 | $240.3M | $85.8M | ||
| Q2 25 | — | $78.9M | ||
| Q1 25 | — | $61.3M | ||
| Q4 24 | $116.1M | $85.6M | ||
| Q3 24 | $52.8M | $73.1M | ||
| Q2 24 | — | $73.2M | ||
| Q1 24 | $54.3M | $61.1M |
| Q4 25 | $-155.4M | $10.6M | ||
| Q3 25 | $384.6M | $8.2M | ||
| Q2 25 | — | $3.2M | ||
| Q1 25 | — | $-3.0M | ||
| Q4 24 | $-21.9M | $9.7M | ||
| Q3 24 | $-51.7M | $5.2M | ||
| Q2 24 | — | $4.3M | ||
| Q1 24 | $8.6M | $-2.2M |
| Q4 25 | 64.4% | 78.2% | ||
| Q3 25 | 66.4% | 75.8% | ||
| Q2 25 | — | 74.5% | ||
| Q1 25 | — | 74.0% | ||
| Q4 24 | 72.2% | 75.2% | ||
| Q3 24 | 39.6% | 75.0% | ||
| Q2 24 | — | 73.9% | ||
| Q1 24 | — | 71.1% |
| Q4 25 | -63.0% | 18.1% | ||
| Q3 25 | -31.8% | 12.8% | ||
| Q2 25 | — | 5.2% | ||
| Q1 25 | — | -7.4% | ||
| Q4 24 | 14.9% | 14.6% | ||
| Q3 24 | -89.2% | 9.3% | ||
| Q2 24 | — | 8.0% | ||
| Q1 24 | 11.1% | -4.9% |
| Q4 25 | -84.1% | 10.3% | ||
| Q3 25 | 160.1% | 9.6% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | -4.9% | ||
| Q4 24 | -18.8% | 11.4% | ||
| Q3 24 | -98.0% | 7.1% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | 15.9% | -3.6% |
| Q4 25 | $-0.52 | $0.45 | ||
| Q3 25 | $1.08 | $0.36 | ||
| Q2 25 | — | $0.14 | ||
| Q1 25 | — | $-0.13 | ||
| Q4 24 | $-0.10 | $0.40 | ||
| Q3 24 | $-0.27 | $0.21 | ||
| Q2 24 | — | $0.18 | ||
| 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 | $83.4M |
| Total DebtLower is stronger | — | $0 |
| Stockholders' EquityBook value | $2.5B | $218.9M |
| Total Assets | $7.0B | $273.9M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $83.4M | ||
| Q3 25 | $1.0B | $66.0M | ||
| Q2 25 | — | $81.5M | ||
| Q1 25 | — | $83.6M | ||
| Q4 24 | $427.3M | $94.4M | ||
| Q3 24 | $98.6M | $82.1M | ||
| Q2 24 | — | $73.6M | ||
| Q1 24 | $259.7M | $60.7M |
| Q4 25 | — | $0 | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $27.0M | ||
| Q2 24 | — | $27.8M | ||
| Q1 24 | — | $28.5M |
| Q4 25 | $2.5B | $218.9M | ||
| Q3 25 | $2.9B | $204.9M | ||
| Q2 25 | — | $194.9M | ||
| Q1 25 | — | $205.6M | ||
| Q4 24 | $1.2B | $216.6M | ||
| Q3 24 | $1.1B | $207.9M | ||
| Q2 24 | — | $200.7M | ||
| Q1 24 | $677.2M | $193.5M |
| Q4 25 | $7.0B | $273.9M | ||
| Q3 25 | $4.3B | $259.2M | ||
| Q2 25 | — | $273.0M | ||
| Q1 25 | — | $280.2M | ||
| Q4 24 | $1.9B | $297.9M | ||
| Q3 24 | $1.3B | $287.7M | ||
| Q2 24 | — | $278.8M | ||
| Q1 24 | $723.6M | $272.0M |
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.13× | ||
| Q2 24 | — | 0.14× | ||
| Q1 24 | — | 0.15× |
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 | $17.3M |
| Free Cash FlowOCF − Capex | $-468.0M | $16.8M |
| FCF MarginFCF / Revenue | -253.4% | 16.2% |
| Capex IntensityCapex / Revenue | 292.2% | 0.5% |
| Cash ConversionOCF / Net Profit | — | 1.63× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $40.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $17.3M | ||
| Q3 25 | $142.4M | $10.3M | ||
| Q2 25 | — | $14.8M | ||
| Q1 25 | — | $417.0K | ||
| Q4 24 | $53.6M | $16.3M | ||
| Q3 24 | $-3.9M | $10.3M | ||
| Q2 24 | — | $13.1M | ||
| Q1 24 | $-27.1M | $924.0K |
| Q4 25 | $-468.0M | $16.8M | ||
| Q3 25 | $-38.0M | $9.2M | ||
| Q2 25 | — | $14.4M | ||
| Q1 25 | — | $38.0K | ||
| Q4 24 | $-85.5M | $15.9M | ||
| Q3 24 | $-109.7M | $9.3M | ||
| Q2 24 | — | $12.6M | ||
| Q1 24 | $-108.3M | $442.0K |
| Q4 25 | -253.4% | 16.2% | ||
| Q3 25 | -15.8% | 10.8% | ||
| Q2 25 | — | 18.2% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | -73.6% | 18.5% | ||
| Q3 24 | -208.0% | 12.7% | ||
| Q2 24 | — | 17.3% | ||
| Q1 24 | -199.4% | 0.7% |
| Q4 25 | 292.2% | 0.5% | ||
| Q3 25 | 75.0% | 1.3% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | 119.7% | 0.5% | ||
| Q3 24 | 200.6% | 1.3% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | 149.5% | 0.8% |
| Q4 25 | — | 1.63× | ||
| Q3 25 | 0.37× | 1.26× | ||
| Q2 25 | — | 4.59× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.68× | ||
| Q3 24 | — | 1.99× | ||
| Q2 24 | — | 3.06× | ||
| 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% |
TCMD
| Private Insurers | $57.6M | 56% |
| Medicare | $24.6M | 24% |
| Durable Medical Equipment Distributors | $14.1M | 14% |
| Veterans Administration | $7.3M | 7% |
