IRENIREN Ltd

Finance Services

Revenue: $707M; 41% YoY
Operating margin: -148.0%; 4381% YoY
EBITDA: −$629M; 417% YoY
Market cap: $8.6B
Employees: 685; $1M revenue each
Net debt / EBITDA: —; $1.7B net debt
AI in 10-K: 32.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 4 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
29% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$1M · 73rd pct
Bottom quartile of its SIC industry
Quiet on AINo
32.4 per 10K words · 100th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$76M	$187M	$501M	$707M	41%
Operating income	−$157M	−$27M	$17M	−$1.0B	6141%
Net income	−$172M	−$29M	$87M	−$703M	908%
Operating cash flow	$6M	$52M	$246M	$2.1B	754%
Capex	$116M	$142M	$573M	$3.0B	423%
Stock-based comp	$14M	$24M	$43M	$205M	381%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 19, 2023	Everest Hill Group Inc.	SC 13D/A	1.5%	Active
Dec 13, 2022	Everest Hill Group Inc.	SC 13D	10.6%	Active

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	1365	330
FY2025	—	—	435	225
FY2024	—	—	337	154
FY2023	—	—	139	128