IREN
IREN Limited36.59
+1.11+3.13%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q2 '26
ERCOT noise dismissed; cloud favored
Q&A largely reaffirmed scripted progress on capacity and $3.4B ARR target, while quashing ERCOT batching noise: Sweetwater's full 2GW lands in batch 0, energization hits Q2 with zero business impact. Management sharpened AI cloud preference over colo—200MW slots yield $300M in colo but billions via cloud—thanks to GPU financing slashing effective costs to 3%. Hyperscalers demand bare-metal access; software plays small. Older GPUs draw inference bids, extending tails. ERCOT chatter changes nothing. Investors watch Sweetwater ramps, deal conversions.
Key Stats
Market Cap
10.56BP/E (TTM)
21.03Basic EPS (TTM)
1.74Dividend Yield
0%Recent Filings
8-K
Expands ATM to $6B
IREN Limited expanded its at-the-market ordinary share offering to $6B on March 4, 2026, after exhausting the prior $1B program by selling 66,707,732 shares. Three new sales agents—Citizens JMP, Goldman Sachs, and Jefferies—joined the existing team. Capacity reset. Sales capped by board authorization and registration limits.
8-K
IREN secures $3.5B GPU orders
IREN's subsidiaries inked $3.5B Dell deals on March 4, 2026, for over 50,000 NVIDIA B300 GPUs, expanding total fleet to 150,000 across Canada and Texas sites by H2 2026 end. Payments post-shipment boost cash efficiency; $9.3B prior funding backs the capex. Run-rate revenue could top $3.7B, but it's uncontracted. Execution hinges on deliveries.
8-K
Q2 revenue down, AI push on
IREN reported Q2 FY26 results on February 5, 2026, with revenue dropping to $184.7m from $240.3m in Q1 amid its Bitcoin mining to AI Cloud shift, yet Adjusted EBITDA held at $75.3m. Secured $3.6bn GPU financing for Microsoft contract and launched 1.6GW Oklahoma data center, boosting power to >4.5GW. Targets $3.4bn ARR by year-end. Non-cash hits drove $155.4m net loss.
10-Q
Q2 FY2026 results
IREN crushed Q2 FY2026 ended December 31, 2025, with revenue leaping 59% y/y to $184.7M—Bitcoin mining up 47% y/y to $167.4M, AI Cloud Services surging 550% y/y to $17.3M—while operating cash flow hit $214M YTD. Yet Q2 operating loss widened to $116.4M from $17.3M profit, thanks to $99.2M depreciation (up 175% y/y), $100.8M SG&A (up 249% y/y from stock comp), $31.8M impairments on miners shifted to AI, and $111.8M debt conversion costs; net loss hit $155.4M versus $21.9M last year, with net far exceeding operating due to $107.4M unrealized derivative losses and inducement. Cash swelled to $3.3B on $3.6B financing inflows, funding $1.1B capex; convertible debt totals $3.7B across maturities to 2033. Signed $9.7B Microsoft GPU deal. Bitcoin volatility looms large.
8-K
Closes $2.3B notes, refis old debt
IREN closed $2.3B in low-coupon convertible notes—$1.15B 0.25% due 2032 and $1.15B 1.00% due 2033—on December 8, 2025, alongside a $1.63B equity raise of 39.7M shares at $41.12. Proceeds refinanced $544M of higher-rate 2029/2030 notes at a premium, netting $2.27B total while capping dilution up to $82.24/share via $201M capped calls. Debt matures out to 2033.
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