vs
Side-by-side financial comparison of IREN Ltd (IREN) and Urban Edge Properties (UE). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $132.6M, roughly 1.4× Urban Edge Properties). Urban Edge Properties runs the higher net margin — 17.1% vs -84.1%, a 101.2% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 12.2%).
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.
Urban Edge Properties is a publicly traded real estate investment trust (REIT) that owns, operates, and develops high-quality retail and mixed-use properties, primarily located in densely populated urban and suburban markets across the United States. Its portfolio covers grocery-anchored shopping centers, lifestyle outlets, and community-focused commercial assets.
IREN vs UE — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $132.6M |
| Net Profit | $-155.4M | $22.6M |
| Gross Margin | 64.4% | — |
| Operating Margin | -63.0% | — |
| Net Margin | -84.1% | 17.1% |
| Revenue YoY | 59.0% | 12.2% |
| Net Profit YoY | -610.0% | -6.7% |
| EPS (diluted) | $-0.52 | $0.18 |
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.
| Q1 26 | — | $132.6M | ||
| Q4 25 | $184.7M | $119.6M | ||
| Q3 25 | $240.3M | $120.1M | ||
| Q2 25 | — | $114.1M | ||
| Q1 25 | — | $118.2M | ||
| Q4 24 | $116.1M | $116.4M | ||
| Q3 24 | $52.8M | $112.4M | ||
| Q2 24 | — | $106.5M |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $-155.4M | $12.4M | ||
| Q3 25 | $384.6M | $14.9M | ||
| Q2 25 | — | $58.0M | ||
| Q1 25 | — | $8.2M | ||
| Q4 24 | $-21.9M | $30.1M | ||
| Q3 24 | $-51.7M | $9.1M | ||
| Q2 24 | — | $30.8M |
| Q1 26 | — | — | ||
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | -63.0% | 11.3% | ||
| Q3 25 | -31.8% | 13.4% | ||
| Q2 25 | — | 53.9% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | 14.9% | 27.6% | ||
| Q3 24 | -89.2% | 8.9% | ||
| Q2 24 | — | 30.6% |
| Q1 26 | — | 17.1% | ||
| Q4 25 | -84.1% | 10.4% | ||
| Q3 25 | 160.1% | 12.4% | ||
| Q2 25 | — | 50.8% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | -18.8% | 25.9% | ||
| Q3 24 | -98.0% | 8.1% | ||
| Q2 24 | — | 28.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $-0.52 | $0.09 | ||
| Q3 25 | $1.08 | $0.12 | ||
| Q2 25 | — | $0.46 | ||
| Q1 25 | — | $0.07 | ||
| Q4 24 | $-0.10 | $0.25 | ||
| Q3 24 | $-0.27 | $0.07 | ||
| Q2 24 | — | $0.26 |
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 | $50.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $1.4B |
| Total Assets | $7.0B | $3.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $50.0M | ||
| Q4 25 | $3.3B | $48.9M | ||
| Q3 25 | $1.0B | $77.8M | ||
| Q2 25 | — | $53.0M | ||
| Q1 25 | — | $48.0M | ||
| Q4 24 | $427.3M | $41.4M | ||
| Q3 24 | $98.6M | $67.9M | ||
| Q2 24 | — | $78.6M |
| Q1 26 | — | $1.4B | ||
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $2.9B | $1.4B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $1.1B | $1.3B | ||
| Q2 24 | — | $1.3B |
| Q1 26 | — | $3.4B | ||
| Q4 25 | $7.0B | $3.3B | ||
| Q3 25 | $4.3B | $3.3B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | $1.9B | $3.3B | ||
| Q3 24 | $1.3B | $3.2B | ||
| Q2 24 | — | $3.2B |
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 | $39.1M |
| Free Cash FlowOCF − Capex | $-468.0M | — |
| FCF MarginFCF / Revenue | -253.4% | — |
| Capex IntensityCapex / Revenue | 292.2% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.73× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $39.1M | ||
| Q4 25 | $71.7M | $182.7M | ||
| Q3 25 | $142.4M | $55.7M | ||
| Q2 25 | — | $43.5M | ||
| Q1 25 | — | $32.6M | ||
| Q4 24 | $53.6M | $153.2M | ||
| Q3 24 | $-3.9M | $36.6M | ||
| Q2 24 | — | $41.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-468.0M | $81.8M | ||
| Q3 25 | $-38.0M | $26.1M | ||
| Q2 25 | — | $19.6M | ||
| Q1 25 | — | $11.9M | ||
| Q4 24 | $-85.5M | $42.5M | ||
| Q3 24 | $-109.7M | $12.2M | ||
| Q2 24 | — | $19.9M |
| Q1 26 | — | — | ||
| Q4 25 | -253.4% | 68.4% | ||
| Q3 25 | -15.8% | 21.7% | ||
| Q2 25 | — | 17.2% | ||
| Q1 25 | — | 10.0% | ||
| Q4 24 | -73.6% | 36.6% | ||
| Q3 24 | -208.0% | 10.8% | ||
| Q2 24 | — | 18.6% |
| Q1 26 | — | 1.5% | ||
| Q4 25 | 292.2% | 84.4% | ||
| Q3 25 | 75.0% | 24.6% | ||
| Q2 25 | — | 20.9% | ||
| Q1 25 | — | 17.5% | ||
| Q4 24 | 119.7% | 95.1% | ||
| Q3 24 | 200.6% | 21.7% | ||
| Q2 24 | — | 20.1% |
| Q1 26 | — | 1.73× | ||
| Q4 25 | — | 14.71× | ||
| Q3 25 | 0.37× | 3.73× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 3.97× | ||
| Q4 24 | — | 5.09× | ||
| Q3 24 | — | 4.03× | ||
| Q2 24 | — | 1.34× |
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% |
UE
| Rental revenue | $124.2M | 94% |
| Other | $8.4M | 6% |
