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Iren vs Dave: IREN and DAVE compared
Iren is the larger company: $228M of revenue in its latest quarter (Q1 FY27) against $198M for Dave (Q3 2026). Dave is growing faster (+31% against -5% a year earlier). Dave is more profitable, with an operating margin of 37.7% against -81.6%.
Where the money goes: IREN and DAVE
Iren (IREN) · Q1 FY27
Iren, Q1 FY27: revenue $228M (-5% year over year), operating margin -81.6%, net loss $263M, operating cash flow $529M. The chart follows the revenue to costs, profit and cash.
Dave (DAVE) · Q3 2026
Dave, Q3 2026: revenue $198M (+31% year over year), operating margin 37.7%, net earnings $63.8M, operating cash flow $81.4M. The chart follows the revenue to costs, profit and cash.
| Iren (IREN) | Dave (DAVE) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q3 2026 |
| Revenue | $228M | $198M |
| Revenue growth, Y/Y | -5% | +31% |
| Operating margin | -81.6% | 37.7% |
| Net earnings | −$263M | $63.8M |
| Net margin | -115.4% | 32.3% |
| Operating cash flow | $529M | $81.4M |
Where the revenue comes from
Iren
- AI Cloud Services: $135M (59%)
- AI Cloud Lease: $65.0M (29%)
- Other revenues: $28.0M (12%)
Dave
- Service Based Revenue: $186M (94%)
- Interchange Revenue Net: $6.4M (3%)
- Transaction Based Revenue Other Net: $4.3M (2%)
Questions
Which is bigger, Iren or Dave?
Iren is the larger company: $228M of revenue in its latest quarter (Q1 FY27) against $198M for Dave (Q3 2026).
Is Iren or Dave growing faster?
Dave is growing faster (+31% against -5% a year earlier).
Which is more profitable, Iren or Dave?
Dave is more profitable, with an operating margin of 37.7% against -81.6%.
More: Iren earnings · how Iren makes money · Dave earnings · how Dave makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.