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IREN (IREN) investor relations material
IREN Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary6 Nov, 2025
Executive summary
Achieved record Q1 FY26 revenue of $240.3 million, up 355% year-over-year, with net income of $384.6 million and adjusted EBITDA of $91.7 million, driven by both Bitcoin mining and AI Cloud Services.
Signed a $9.7 billion, five-year AI Cloud contract with Microsoft, expected to generate $1.94 billion in annual recurring revenue and includes a 20% upfront prepayment.
Strategic focus on scaling AI Cloud services, with plans to expand GPU fleet from 23,000 to 140,000 by end of 2026, supporting a projected $3.4 billion annualized run rate revenue.
Major multi-year contracts signed with Together AI, Fluidstack, and Fireworks AI, supporting growth to over $500 million AI Cloud ARR by end of Q1 2026.
Significant capital raised through $1 billion convertible notes, $1 billion at-the-market equity offering, and $400 million in GPU financing.
Financial highlights
Q1 FY26 revenue reached $240.3 million, up 28% quarter-over-quarter and 355% year-over-year.
Net income was $384.6 million, reversing a net loss of $51.7 million in the prior year quarter.
Adjusted EBITDA was $91.7 million, with EBITDA of $662.7 million, reflecting unrealized gains on financial instruments.
Bitcoin mining revenue grew to $232.9 million, with a 17% increase in average operating hashrate and 12% more Bitcoin mined.
AI Cloud Services revenue rose to $7.3 million, with ongoing transition from ASICs to GPUs in British Columbia.
Outlook and guidance
Targeting $3.4 billion in annualized run rate revenue by end of 2026, leveraging only 16% of secured 3 GW power.
GPU fleet expansion to 140,000 by end of 2026, with significant ramp in AI cloud and data center capacity.
Sweetwater 1 (1.4 GW) substation energization scheduled for April 2026, Sweetwater 2 (600 MW) for late 2027.
Ongoing strong demand for both air-cooled and liquid-cooled NVIDIA GPUs, with disciplined, measured growth approach.
Sufficient liquidity for the next 12 months, with ongoing investments in data center expansion and hardware.
Strategy to secure non-contracted AI Cloud ARR?
Impact of unrealized gains on future earnings?
Status of Microsoft's 20% customer prepayment?
How does vertical integration impact risk-adjusted returns?
How will remaining GPU CapEx be funded?
Sweetwater's 2GW capacity: future monetization plans?
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Q2 202613 Feb, 2026
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Frequently asked questions
Iris Energy Limited is an Australian company specializing in sustainable Bitcoin mining. The company, incorporated in 2018, owns and operates Bitcoin mining data centers that are powered by 100% renewable energy sources. The company is headquartered in Sydney, New South Wales, Australia, and its shares are listed on the NASDAQ.
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