vs
Side-by-side financial comparison of IREN Ltd (IREN) and Vericel Corp (VCEL). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $92.9M, roughly 2.0× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs -84.1%, a 109.2% gap on every dollar of revenue. On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 23.3%). Vericel Corp produced more free cash flow last quarter ($12.8M 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
IREN vs VCEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $92.9M |
| Net Profit | $-155.4M | $23.2M |
| Gross Margin | 64.4% | 78.7% |
| Operating Margin | -63.0% | 24.1% |
| Net Margin | -84.1% | 25.0% |
| Revenue YoY | 59.0% | 23.3% |
| Net Profit YoY | -610.0% | 17.3% |
| EPS (diluted) | $-0.52 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $240.3M | $67.5M | ||
| Q2 25 | — | $63.2M | ||
| Q1 25 | — | $52.6M | ||
| Q4 24 | $116.1M | $75.4M | ||
| Q3 24 | $52.8M | $57.9M | ||
| Q2 24 | — | $52.7M | ||
| Q1 24 | $54.3M | $51.3M |
| Q4 25 | $-155.4M | $23.2M | ||
| Q3 25 | $384.6M | $5.1M | ||
| Q2 25 | — | $-553.0K | ||
| Q1 25 | — | $-11.2M | ||
| Q4 24 | $-21.9M | $19.8M | ||
| Q3 24 | $-51.7M | $-901.0K | ||
| Q2 24 | — | $-4.7M | ||
| Q1 24 | $8.6M | $-3.9M |
| Q4 25 | 64.4% | 78.7% | ||
| Q3 25 | 66.4% | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | 72.2% | 77.6% | ||
| Q3 24 | 39.6% | 71.9% | ||
| Q2 24 | — | 69.5% | ||
| Q1 24 | — | 68.9% |
| Q4 25 | -63.0% | 24.1% | ||
| Q3 25 | -31.8% | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | 14.9% | 24.5% | ||
| Q3 24 | -89.2% | -4.3% | ||
| Q2 24 | — | -11.5% | ||
| Q1 24 | 11.1% | -10.7% |
| Q4 25 | -84.1% | 25.0% | ||
| Q3 25 | 160.1% | 7.5% | ||
| Q2 25 | — | -0.9% | ||
| Q1 25 | — | -21.4% | ||
| Q4 24 | -18.8% | 26.3% | ||
| Q3 24 | -98.0% | -1.6% | ||
| Q2 24 | — | -8.9% | ||
| Q1 24 | 15.9% | -7.5% |
| Q4 25 | $-0.52 | $0.46 | ||
| Q3 25 | $1.08 | $0.10 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | $-0.10 | $0.40 | ||
| Q3 24 | $-0.27 | $-0.02 | ||
| Q2 24 | — | $-0.10 | ||
| Q1 24 | $0.00 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $354.6M |
| Total Assets | $7.0B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $3.3B | $137.5M | ||
| Q3 25 | $1.0B | $135.4M | ||
| Q2 25 | — | $116.9M | ||
| Q1 25 | — | $112.9M | ||
| Q4 24 | $427.3M | $116.2M | ||
| Q3 24 | $98.6M | $101.7M | ||
| Q2 24 | — | $102.5M | ||
| Q1 24 | $259.7M | $110.6M |
| Q4 25 | $2.5B | $354.6M | ||
| Q3 25 | $2.9B | $321.9M | ||
| Q2 25 | — | $306.8M | ||
| Q1 25 | — | $295.5M | ||
| Q4 24 | $1.2B | $292.0M | ||
| Q3 24 | $1.1B | $257.5M | ||
| Q2 24 | — | $243.0M | ||
| Q1 24 | $677.2M | $233.9M |
| Q4 25 | $7.0B | $488.0M | ||
| Q3 25 | $4.3B | $453.3M | ||
| Q2 25 | — | $435.6M | ||
| Q1 25 | — | $424.6M | ||
| Q4 24 | $1.9B | $432.7M | ||
| Q3 24 | $1.3B | $390.4M | ||
| Q2 24 | — | $376.8M | ||
| Q1 24 | $723.6M | $356.7M |
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 | $15.0M |
| Free Cash FlowOCF − Capex | $-468.0M | $12.8M |
| FCF MarginFCF / Revenue | -253.4% | 13.8% |
| Capex IntensityCapex / Revenue | 292.2% | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $71.7M | $15.0M | ||
| Q3 25 | $142.4M | $22.1M | ||
| Q2 25 | — | $8.2M | ||
| Q1 25 | — | $6.6M | ||
| Q4 24 | $53.6M | $22.2M | ||
| Q3 24 | $-3.9M | $10.2M | ||
| Q2 24 | — | $18.5M | ||
| Q1 24 | $-27.1M | $7.2M |
| Q4 25 | $-468.0M | $12.8M | ||
| Q3 25 | $-38.0M | $19.5M | ||
| Q2 25 | — | $81.0K | ||
| Q1 25 | — | $-7.6M | ||
| Q4 24 | $-85.5M | $8.5M | ||
| Q3 24 | $-109.7M | $-9.2M | ||
| Q2 24 | — | $1.8M | ||
| Q1 24 | $-108.3M | $-6.8M |
| Q4 25 | -253.4% | 13.8% | ||
| Q3 25 | -15.8% | 28.8% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | -14.5% | ||
| Q4 24 | -73.6% | 11.2% | ||
| Q3 24 | -208.0% | -15.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | -199.4% | -13.3% |
| Q4 25 | 292.2% | 2.4% | ||
| Q3 25 | 75.0% | 3.9% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 27.0% | ||
| Q4 24 | 119.7% | 18.3% | ||
| Q3 24 | 200.6% | 33.5% | ||
| Q2 24 | — | 31.8% | ||
| Q1 24 | 149.5% | 27.3% |
| Q4 25 | — | 0.65× | ||
| Q3 25 | 0.37× | 4.35× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.12× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
