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Side-by-side financial comparison of IREN Ltd (IREN) and VARONIS SYSTEMS INC (VRNS). Click either name above to swap in a different company.
IREN Ltd is the larger business by last-quarter revenue ($184.7M vs $173.1M, roughly 1.1× VARONIS SYSTEMS INC). On growth, IREN Ltd posted the faster year-over-year revenue change (59.0% vs 26.9%). VARONIS SYSTEMS INC produced more free cash flow last quarter ($49.0M 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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
IREN vs VRNS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $184.7M | $173.1M |
| Net Profit | $-155.4M | — |
| Gross Margin | 64.4% | 76.0% |
| Operating Margin | -63.0% | -1.7% |
| Net Margin | -84.1% | — |
| Revenue YoY | 59.0% | 26.9% |
| Net Profit YoY | -610.0% | — |
| 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.
| Q1 26 | — | $173.1M | ||
| Q4 25 | $184.7M | $173.4M | ||
| Q3 25 | $240.3M | $161.6M | ||
| Q2 25 | — | $152.2M | ||
| Q1 25 | — | $136.4M | ||
| Q4 24 | $116.1M | $158.5M | ||
| Q3 24 | $52.8M | $148.1M | ||
| Q2 24 | — | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-155.4M | $-27.8M | ||
| Q3 25 | $384.6M | $-29.9M | ||
| Q2 25 | — | $-35.8M | ||
| Q1 25 | — | $-35.8M | ||
| Q4 24 | $-21.9M | $-13.0M | ||
| Q3 24 | $-51.7M | $-18.3M | ||
| Q2 24 | — | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 64.4% | 78.9% | ||
| Q3 25 | 66.4% | 78.2% | ||
| Q2 25 | — | 79.5% | ||
| Q1 25 | — | 78.7% | ||
| Q4 24 | 72.2% | 83.6% | ||
| Q3 24 | 39.6% | 83.8% | ||
| Q2 24 | — | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | -63.0% | -17.5% | ||
| Q3 25 | -31.8% | -22.2% | ||
| Q2 25 | — | -24.0% | ||
| Q1 25 | — | -32.1% | ||
| Q4 24 | 14.9% | -11.1% | ||
| Q3 24 | -89.2% | -16.0% | ||
| Q2 24 | — | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | -84.1% | -16.0% | ||
| Q3 25 | 160.1% | -18.5% | ||
| Q2 25 | — | -23.5% | ||
| Q1 25 | — | -26.2% | ||
| Q4 24 | -18.8% | -8.2% | ||
| Q3 24 | -98.0% | -12.4% | ||
| Q2 24 | — | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $-0.52 | $-0.23 | ||
| Q3 25 | $1.08 | $-0.26 | ||
| Q2 25 | — | $-0.32 | ||
| Q1 25 | — | $-0.32 | ||
| Q4 24 | $-0.10 | $-0.12 | ||
| Q3 24 | $-0.27 | $-0.16 | ||
| Q2 24 | — | $-0.21 |
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 | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.5B | $453.5M |
| Total Assets | $7.0B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $3.3B | $883.7M | ||
| Q3 25 | $1.0B | $671.3M | ||
| Q2 25 | — | $770.9M | ||
| Q1 25 | — | $567.6M | ||
| Q4 24 | $427.3M | $529.0M | ||
| Q3 24 | $98.6M | $844.8M | ||
| Q2 24 | — | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $2.5B | $598.7M | ||
| Q3 25 | $2.9B | $604.8M | ||
| Q2 25 | — | $341.5M | ||
| Q1 25 | — | $367.7M | ||
| Q4 24 | $1.2B | $455.7M | ||
| Q3 24 | $1.1B | $428.6M | ||
| Q2 24 | — | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $7.0B | $1.8B | ||
| Q3 25 | $4.3B | $1.7B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.9B | $1.7B | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | — | $1.1B |
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 | $55.0M |
| Free Cash FlowOCF − Capex | $-468.0M | $49.0M |
| FCF MarginFCF / Revenue | -253.4% | 28.3% |
| Capex IntensityCapex / Revenue | 292.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-701.2M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $71.7M | $24.7M | ||
| Q3 25 | $142.4M | $33.4M | ||
| Q2 25 | — | $21.3M | ||
| Q1 25 | — | $68.0M | ||
| Q4 24 | $53.6M | $24.3M | ||
| Q3 24 | $-3.9M | $22.5M | ||
| Q2 24 | — | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $-468.0M | $20.7M | ||
| Q3 25 | $-38.0M | $30.4M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $65.7M | ||
| Q4 24 | $-85.5M | $19.9M | ||
| Q3 24 | $-109.7M | $21.3M | ||
| Q2 24 | — | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | -253.4% | 12.0% | ||
| Q3 25 | -15.8% | 18.8% | ||
| Q2 25 | — | 11.8% | ||
| Q1 25 | — | 48.1% | ||
| Q4 24 | -73.6% | 12.6% | ||
| Q3 24 | -208.0% | 14.4% | ||
| Q2 24 | — | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 292.2% | 2.3% | ||
| Q3 25 | 75.0% | 1.8% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | 119.7% | 2.7% | ||
| Q3 24 | 200.6% | 0.8% | ||
| Q2 24 | — | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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% |
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
