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Side-by-side financial comparison of IREN Ltd (IREN) and Bio-Techne (TECH). Click either name above to swap in a different company.
Bio-Techne is the larger business by last-quarter revenue ($295.9M vs $184.7M, roughly 1.6× IREN Ltd). Bio-Techne runs the higher net margin — 12.8% vs -84.1%, a 97.0% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -6.4%).
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.
Bio-Techne Corporation is an American life sciences company that develops, manufactures and sells life science reagents, instruments and services for the research, diagnostic, and bioprocessing markets.
IREN vs TECH — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $295.9M |
| Net Profit | $-155.4M | $38.0M |
| Gross Margin | 64.4% | 64.6% |
| Operating Margin | -63.0% | 18.4% |
| Net Margin | -84.1% | 12.8% |
| Revenue YoY | 59.0% | -6.4% |
| Net Profit YoY | -610.0% | 68.3% |
| EPS (diluted) | $-0.52 | $0.24 |
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 | $295.9M | ||
| Q3 25 | $240.3M | — | ||
| Q2 25 | — | $317.0M | ||
| Q1 25 | — | $316.2M | ||
| Q4 24 | $116.1M | $297.0M | ||
| Q3 24 | $52.8M | $289.5M | ||
| Q2 24 | — | $306.1M | ||
| Q1 24 | $54.3M | $303.4M |
| Q4 25 | $-155.4M | $38.0M | ||
| Q3 25 | $384.6M | — | ||
| Q2 25 | — | $-17.7M | ||
| Q1 25 | — | $22.6M | ||
| Q4 24 | $-21.9M | $34.9M | ||
| Q3 24 | $-51.7M | $33.6M | ||
| Q2 24 | — | $40.6M | ||
| Q1 24 | $8.6M | $49.1M |
| Q4 25 | 64.4% | 64.6% | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | 62.7% | ||
| Q1 25 | — | 67.9% | ||
| Q4 24 | 72.2% | 65.3% | ||
| Q3 24 | 39.6% | 63.2% | ||
| Q2 24 | — | 66.4% | ||
| Q1 24 | — | 67.4% |
| Q4 25 | -63.0% | 18.4% | ||
| Q3 25 | -31.8% | — | ||
| Q2 25 | — | -7.5% | ||
| Q1 25 | — | 12.2% | ||
| Q4 24 | 14.9% | 16.0% | ||
| Q3 24 | -89.2% | 13.8% | ||
| Q2 24 | — | 15.0% | ||
| Q1 24 | 11.1% | 22.1% |
| Q4 25 | -84.1% | 12.8% | ||
| Q3 25 | 160.1% | — | ||
| Q2 25 | — | -5.6% | ||
| Q1 25 | — | 7.1% | ||
| Q4 24 | -18.8% | 11.7% | ||
| Q3 24 | -98.0% | 11.6% | ||
| Q2 24 | — | 13.3% | ||
| Q1 24 | 15.9% | 16.2% |
| Q4 25 | $-0.52 | $0.24 | ||
| Q3 25 | $1.08 | — | ||
| Q2 25 | — | $-0.11 | ||
| Q1 25 | — | $0.14 | ||
| Q4 24 | $-0.10 | $0.22 | ||
| Q3 24 | $-0.27 | $0.21 | ||
| Q2 24 | — | $0.26 | ||
| Q1 24 | $0.00 | $0.31 |
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 | $172.9M |
| Total DebtLower is stronger | — | $260.0M |
| Stockholders' EquityBook value | $2.5B | $2.0B |
| Total Assets | $7.0B | $2.5B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $172.9M | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | — | $162.2M | ||
| Q1 25 | — | $140.7M | ||
| Q4 24 | $427.3M | $177.5M | ||
| Q3 24 | $98.6M | $187.5M | ||
| Q2 24 | — | $152.9M | ||
| Q1 24 | $259.7M | $145.3M |
| Q4 25 | — | $260.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $346.0M | ||
| Q1 25 | — | $330.0M | ||
| Q4 24 | — | $300.0M | ||
| Q3 24 | — | $300.0M | ||
| Q2 24 | — | $319.0M | ||
| Q1 24 | — | $389.0M |
| Q4 25 | $2.5B | $2.0B | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.1B | $2.1B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | $677.2M | $2.0B |
| Q4 25 | $7.0B | $2.5B | ||
| Q3 25 | $4.3B | — | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | $1.9B | $2.7B | ||
| Q3 24 | $1.3B | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | $723.6M | $2.7B |
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.14× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.19× |
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 | — |
| Free Cash FlowOCF − Capex | $-468.0M | — |
| FCF MarginFCF / Revenue | -253.4% | — |
| Capex IntensityCapex / Revenue | 292.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | — | ||
| Q2 25 | — | $98.2M | ||
| Q1 25 | — | $41.1M | ||
| Q4 24 | $53.6M | $84.3M | ||
| Q3 24 | $-3.9M | $63.9M | ||
| Q2 24 | — | $75.5M | ||
| Q1 24 | $-27.1M | $81.0M |
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | — | ||
| Q2 25 | — | $93.3M | ||
| Q1 25 | — | $31.0M | ||
| Q4 24 | $-85.5M | $77.5M | ||
| Q3 24 | $-109.7M | $54.7M | ||
| Q2 24 | — | $57.5M | ||
| Q1 24 | $-108.3M | $64.5M |
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | — | ||
| Q2 25 | — | 29.4% | ||
| Q1 25 | — | 9.8% | ||
| Q4 24 | -73.6% | 26.1% | ||
| Q3 24 | -208.0% | 18.9% | ||
| Q2 24 | — | 18.8% | ||
| Q1 24 | -199.4% | 21.3% |
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | — | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | 119.7% | 2.3% | ||
| Q3 24 | 200.6% | 3.2% | ||
| Q2 24 | — | 5.9% | ||
| Q1 24 | 149.5% | 5.4% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 1.82× | ||
| Q4 24 | — | 2.42× | ||
| Q3 24 | — | 1.90× | ||
| Q2 24 | — | 1.86× | ||
| Q1 24 | -3.13× | 1.65× |
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% |
TECH
| Diagnostics And Spatial Biology | $81.2M | 27% |
| EMEA Excluding UK | $75.4M | 25% |
| Other | $42.4M | 14% |
| Instruments | $29.6M | 10% |
| APAC Excluding Greater China | $22.7M | 8% |
| Services | $22.3M | 8% |
| GB | $13.7M | 5% |
| Royalty | $8.5M | 3% |
