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Side-by-side financial comparison of IREN Ltd (IREN) and Tecnoglass Inc. (TGLS). Click either name above to swap in a different company.
Tecnoglass Inc. is the larger business by last-quarter revenue ($245.3M vs $184.7M, roughly 1.3× IREN Ltd). Tecnoglass Inc. runs the higher net margin — 10.6% vs -84.1%, a 94.8% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 2.4%). Tecnoglass Inc. produced more free cash flow last quarter ($11.4M 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.
Tecnoglass Inc. is a leading manufacturer of high-performance architectural glass, aluminum windows, doors, and associated building components. It primarily caters to residential and commercial construction sectors across North America and Latin America, offering custom, energy-efficient solutions for new construction and renovation projects.
IREN vs TGLS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $245.3M |
| Net Profit | $-155.4M | $26.1M |
| Gross Margin | 64.4% | 40.0% |
| Operating Margin | -63.0% | 18.3% |
| Net Margin | -84.1% | 10.6% |
| Revenue YoY | 59.0% | 2.4% |
| Net Profit YoY | -610.0% | -44.5% |
| EPS (diluted) | $-0.52 | $0.57 |
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 | $245.3M | ||
| Q3 25 | $240.3M | $260.5M | ||
| Q2 25 | — | $255.5M | ||
| Q1 25 | — | $222.3M | ||
| Q4 24 | $116.1M | $239.6M | ||
| Q3 24 | $52.8M | $238.3M | ||
| Q2 24 | — | $219.7M | ||
| Q1 24 | $54.3M | $192.6M |
| Q4 25 | $-155.4M | $26.1M | ||
| Q3 25 | $384.6M | $47.2M | ||
| Q2 25 | — | $44.1M | ||
| Q1 25 | — | $42.2M | ||
| Q4 24 | $-21.9M | $47.0M | ||
| Q3 24 | $-51.7M | $49.5M | ||
| Q2 24 | — | $35.0M | ||
| Q1 24 | $8.6M | $29.7M |
| Q4 25 | 64.4% | 40.0% | ||
| Q3 25 | 66.4% | 42.7% | ||
| Q2 25 | — | 44.7% | ||
| Q1 25 | — | 43.9% | ||
| Q4 24 | 72.2% | 44.5% | ||
| Q3 24 | 39.6% | 45.8% | ||
| Q2 24 | — | 40.8% | ||
| Q1 24 | — | 38.8% |
| Q4 25 | -63.0% | 18.3% | ||
| Q3 25 | -31.8% | 25.1% | ||
| Q2 25 | — | 24.0% | ||
| Q1 25 | — | 26.7% | ||
| Q4 24 | 14.9% | 28.0% | ||
| Q3 24 | -89.2% | 28.4% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | 11.1% | 21.3% |
| Q4 25 | -84.1% | 10.6% | ||
| Q3 25 | 160.1% | 18.1% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | — | 19.0% | ||
| Q4 24 | -18.8% | 19.6% | ||
| Q3 24 | -98.0% | 20.8% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | 15.9% | 15.4% |
| Q4 25 | $-0.52 | $0.57 | ||
| Q3 25 | $1.08 | $1.01 | ||
| Q2 25 | — | $0.94 | ||
| Q1 25 | — | $0.90 | ||
| Q4 24 | $-0.10 | $1.00 | ||
| Q3 24 | $-0.27 | $1.05 | ||
| Q2 24 | — | $0.75 | ||
| Q1 24 | $0.00 | $0.63 |
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 | $104.1M |
| Total DebtLower is stronger | — | $174.4M |
| Stockholders' EquityBook value | $2.5B | $713.1M |
| Total Assets | $7.0B | $1.3B |
| Debt / EquityLower = less leverage | — | 0.24× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $104.1M | ||
| Q3 25 | $1.0B | $127.1M | ||
| Q2 25 | — | $140.9M | ||
| Q1 25 | — | $160.2M | ||
| Q4 24 | $427.3M | $137.5M | ||
| Q3 24 | $98.6M | $124.8M | ||
| Q2 24 | — | $129.5M | ||
| Q1 24 | $259.7M | $138.8M |
| Q4 25 | — | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | — | $111.1M | ||
| Q3 24 | — | $126.8M | ||
| Q2 24 | — | $144.7M | ||
| Q1 24 | — | $160.9M |
| Q4 25 | $2.5B | $713.1M | ||
| Q3 25 | $2.9B | $764.0M | ||
| Q2 25 | — | $736.0M | ||
| Q1 25 | — | $685.1M | ||
| Q4 24 | $1.2B | $631.2M | ||
| Q3 24 | $1.1B | $613.3M | ||
| Q2 24 | — | $574.8M | ||
| Q1 24 | $677.2M | $573.6M |
| Q4 25 | $7.0B | $1.3B | ||
| Q3 25 | $4.3B | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $1.9B | $1.0B | ||
| Q3 24 | $1.3B | $996.3M | ||
| Q2 24 | — | $942.5M | ||
| Q1 24 | $723.6M | $981.6M |
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.25× | ||
| Q1 24 | — | 0.28× |
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 | $31.0M |
| Free Cash FlowOCF − Capex | $-468.0M | $11.4M |
| FCF MarginFCF / Revenue | -253.4% | 4.7% |
| Capex IntensityCapex / Revenue | 292.2% | 8.0% |
| Cash ConversionOCF / Net Profit | — | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $34.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $31.0M | ||
| Q3 25 | $142.4M | $40.0M | ||
| Q2 25 | — | $17.9M | ||
| Q1 25 | — | $46.9M | ||
| Q4 24 | $53.6M | $61.1M | ||
| Q3 24 | $-3.9M | $41.5M | ||
| Q2 24 | — | $34.5M | ||
| Q1 24 | $-27.1M | $33.4M |
| Q4 25 | $-468.0M | $11.4M | ||
| Q3 25 | $-38.0M | $21.2M | ||
| Q2 25 | — | $-14.7M | ||
| Q1 25 | — | $16.5M | ||
| Q4 24 | $-85.5M | $35.4M | ||
| Q3 24 | $-109.7M | $17.8M | ||
| Q2 24 | — | $14.2M | ||
| Q1 24 | $-108.3M | $23.6M |
| Q4 25 | -253.4% | 4.7% | ||
| Q3 25 | -15.8% | 8.2% | ||
| Q2 25 | — | -5.7% | ||
| Q1 25 | — | 7.4% | ||
| Q4 24 | -73.6% | 14.8% | ||
| Q3 24 | -208.0% | 7.5% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | -199.4% | 12.2% |
| Q4 25 | 292.2% | 8.0% | ||
| Q3 25 | 75.0% | 7.2% | ||
| Q2 25 | — | 12.7% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | 119.7% | 10.7% | ||
| Q3 24 | 200.6% | 9.9% | ||
| Q2 24 | — | 9.2% | ||
| Q1 24 | 149.5% | 5.1% |
| Q4 25 | — | 1.19× | ||
| Q3 25 | 0.37× | 0.85× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | -3.13× | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
