IREN (IREN) Q3 2026 earnings summary

Executive summary

• Achieved major milestones in transitioning from Bitcoin mining to AI Cloud, with all operational capacity fully contracted and significant new partnerships, including a $3.4B five-year AI Cloud contract and 5GW strategic partnership with NVIDIA, and the acquisition of Mirantis and Nostrum Group to strengthen software, engineering, and EU platform capabilities.

• Secured 5GW of power globally, expanded into Europe and APAC, and energized key sites such as Sweetwater One and Horizon One for Microsoft.

• Mirantis acquisition adds 650 engineers and enhances delivery and customer support capabilities for enterprise AI infrastructure.

• Revenue for the quarter ended March 31, 2026, was $144.8M, flat year-over-year; nine-month revenue rose 82% to $569.8M, driven by growth in both Bitcoin mining and AI Cloud Services.

• Strategic focus is shifting from Bitcoin mining to AI Cloud Services, with major investments in data centers and GPU infrastructure.

Financial highlights

• Q3 FY26 revenue was $144.8M, down from $184.7M in the prior quarter, reflecting the ongoing transition from Bitcoin mining to AI Cloud.

• Bitcoin mining revenue fell to $111.2M from $167.4M, while AI Cloud services revenue grew to $33.6M from $17.3M sequentially.

• Net loss was $247.8M, impacted by $140.4M in non-cash impairments from mining hardware decommissioning and $23.7M in unrealized losses on capped calls.

• Adjusted EBITDA was $59.5M, down from $75.3M in the prior quarter; margin was 41%.

• Cash and cash equivalents stood at $2.6B as of April 30, 2026.

Outlook and guidance

• Targeting 480MW of AI Cloud capacity, 150,000 GPUs, and $3.7B ARR by end of 2026, with $3.1B already under contract.

• 2027 plan scales to 1,210MW, with 730MW under construction in British Columbia and Texas, and medium-term expansion to 5GW capacity through 2028+ across North America, Europe, and APAC.

• AI Cloud revenue expected to ramp in Q3 CY26 (Q1 FY27) as Microsoft contract and additional GPUs come online.

• Customer demand remains robust, with no idle GPUs and strong pre-contracting of capacity.

• ARR projections are based on internal assumptions and not fully contracted; actual results may differ materially.