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Side-by-side financial comparison of IREN Ltd (IREN) and Townsquare Media, Inc. (TSQ). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $106.5M, roughly 1.7× Townsquare Media, Inc.). Townsquare Media, Inc. runs the higher net margin — -4.9% vs -84.1%, a 79.3% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs -9.6%). Townsquare Media, Inc. produced more free cash flow last quarter ($9.2M 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.
Townsquare Media, Inc. is an American radio network and media company based in Purchase, New York. The company started in radio and expanded into digital media toward the end of the 2000s, starting with the acquisition of the MOG Music Network. As of June 2024, Townsquare was the third-largest AM–FM operator in the country, owning 349 radio stations in 74 markets.
IREN vs TSQ — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $106.5M |
| Net Profit | $-155.4M | $-5.2M |
| Gross Margin | 64.4% | 24.1% |
| Operating Margin | -63.0% | 9.5% |
| Net Margin | -84.1% | -4.9% |
| Revenue YoY | 59.0% | -9.6% |
| Net Profit YoY | -610.0% | -121.2% |
| 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 | $106.5M | ||
| Q3 25 | $240.3M | $106.8M | ||
| Q2 25 | — | $115.4M | ||
| Q1 25 | — | $98.7M | ||
| Q4 24 | $116.1M | $117.8M | ||
| Q3 24 | $52.8M | $115.3M | ||
| Q2 24 | — | $118.2M | ||
| Q1 24 | $54.3M | $99.6M |
| Q4 25 | $-155.4M | $-5.2M | ||
| Q3 25 | $384.6M | $-5.9M | ||
| Q2 25 | — | $1.6M | ||
| Q1 25 | — | $-2.0M | ||
| Q4 24 | $-21.9M | $24.6M | ||
| Q3 24 | $-51.7M | $10.8M | ||
| Q2 24 | — | $-49.2M | ||
| Q1 24 | $8.6M | $1.1M |
| Q4 25 | 64.4% | 24.1% | ||
| Q3 25 | 66.4% | 26.2% | ||
| Q2 25 | — | 28.3% | ||
| Q1 25 | — | 23.2% | ||
| Q4 24 | 72.2% | 31.6% | ||
| Q3 24 | 39.6% | 27.3% | ||
| Q2 24 | — | 27.7% | ||
| Q1 24 | — | 22.8% |
| Q4 25 | -63.0% | 9.5% | ||
| Q3 25 | -31.8% | 5.6% | ||
| Q2 25 | — | 18.2% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | 14.9% | 18.1% | ||
| Q3 24 | -89.2% | 13.1% | ||
| Q2 24 | — | -18.1% | ||
| Q1 24 | 11.1% | 6.7% |
| Q4 25 | -84.1% | -4.9% | ||
| Q3 25 | 160.1% | -5.5% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | -2.0% | ||
| Q4 24 | -18.8% | 20.8% | ||
| Q3 24 | -98.0% | 9.4% | ||
| Q2 24 | — | -41.7% | ||
| Q1 24 | 15.9% | 1.1% |
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | $-0.36 | ||
| Q2 25 | — | $0.09 | ||
| Q1 25 | — | $-0.12 | ||
| Q4 24 | $-0.10 | $1.76 | ||
| Q3 24 | $-0.27 | $0.63 | ||
| Q2 24 | — | $-3.26 | ||
| Q1 24 | $0.00 | $0.06 |
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 | $4.8M |
| Total DebtLower is stronger | — | $433.0M |
| Stockholders' EquityBook value | $2.5B | $-41.0M |
| Total Assets | $7.0B | $528.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $4.8M | ||
| Q3 25 | $1.0B | $3.2M | ||
| Q2 25 | — | $3.2M | ||
| Q1 25 | — | $5.5M | ||
| Q4 24 | $427.3M | $33.0M | ||
| Q3 24 | $98.6M | $21.8M | ||
| Q2 24 | — | $28.5M | ||
| Q1 24 | $259.7M | $56.6M |
| Q4 25 | — | $433.0M | ||
| Q3 25 | — | $437.6M | ||
| Q2 25 | — | $439.7M | ||
| Q1 25 | — | $448.4M | ||
| Q4 24 | — | $465.8M | ||
| Q3 24 | — | $476.7M | ||
| Q2 24 | — | $487.1M | ||
| Q1 24 | — | $500.1M |
| Q4 25 | $2.5B | $-41.0M | ||
| Q3 25 | $2.9B | $-34.0M | ||
| Q2 25 | — | $-27.1M | ||
| Q1 25 | — | $-26.8M | ||
| Q4 24 | $1.2B | $-28.4M | ||
| Q3 24 | $1.1B | $-52.5M | ||
| Q2 24 | — | $-64.1M | ||
| Q1 24 | $677.2M | $1.8M |
| Q4 25 | $7.0B | $528.6M | ||
| Q3 25 | $4.3B | $539.2M | ||
| Q2 25 | — | $545.7M | ||
| Q1 25 | — | $544.5M | ||
| Q4 24 | $1.9B | $580.4M | ||
| Q3 24 | $1.3B | $565.4M | ||
| Q2 24 | — | $579.6M | ||
| Q1 24 | $723.6M | $636.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 271.80× |
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 | $12.6M |
| Free Cash FlowOCF − Capex | $-468.0M | $9.2M |
| FCF MarginFCF / Revenue | -253.4% | 8.6% |
| Capex IntensityCapex / Revenue | 292.2% | 3.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $15.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $12.6M | ||
| Q3 25 | $142.4M | $7.9M | ||
| Q2 25 | — | $10.2M | ||
| Q1 25 | — | $-66.0K | ||
| Q4 24 | $53.6M | $28.2M | ||
| Q3 24 | $-3.9M | $9.9M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | $-27.1M | $1.7M |
| Q4 25 | $-468.0M | $9.2M | ||
| Q3 25 | $-38.0M | $4.3M | ||
| Q2 25 | — | $6.4M | ||
| Q1 25 | — | $-4.5M | ||
| Q4 24 | $-85.5M | $24.5M | ||
| Q3 24 | $-109.7M | $4.8M | ||
| Q2 24 | — | $4.8M | ||
| Q1 24 | $-108.3M | $-2.8M |
| Q4 25 | -253.4% | 8.6% | ||
| Q3 25 | -15.8% | 4.1% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | -73.6% | 20.8% | ||
| Q3 24 | -208.0% | 4.1% | ||
| Q2 24 | — | 4.0% | ||
| Q1 24 | -199.4% | -2.8% |
| Q4 25 | 292.2% | 3.2% | ||
| Q3 25 | 75.0% | 3.3% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 4.5% | ||
| Q4 24 | 119.7% | 3.1% | ||
| Q3 24 | 200.6% | 4.4% | ||
| Q2 24 | — | 3.6% | ||
| Q1 24 | 149.5% | 4.4% |
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | 6.51× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.15× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | 1.47× |
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% |
TSQ
| Broadcast Advertising Segment | $46.4M | 44% |
| Digital Advertising Segment | $41.7M | 39% |
| Subscription Digital Marketing Solutions Segment | $18.4M | 17% |
