IREN (IREN) Q4 2026 earnings summary

Executive summary

• Transitioned from Bitcoin mining to AI Cloud Services, achieving $4 billion contracted ARR for FY26 with $1 billion currently operating and the remainder expected as new capacity comes online.

• Delivered Horizon 1 (50MW) to Microsoft, with three more 50MW deployments targeted for the December quarter.

• Secured major multi-cloud contracts with leading AI developers and hyperscalers, expanding a diversified customer base including Cohere, Prometheus, Perplexity, Figure AI, Fal AI, and Higgsfield AI.

• Completed acquisitions of Mirantis and Nostrum, strengthening software/services and expanding into Europe.

• Raised $19 billion in the past 12 months to fund growth, including $6.5 billion in GPU financing.

Financial highlights

• FY26 total revenue was $707.0 million, up from $501.0 million in FY25; AI Cloud Services revenue grew nearly 8x to $128.8 million.

• Net loss for FY26 was $(702.6) million, driven by $638.8 million in non-cash impairments and transition costs.

• Adjusted EBITDA for FY26 was $245.7 million (35% margin), down from $269.7 million (54% margin) in FY25.

• Q4 FY26 revenue was $137.2 million, including $70.5 million from AI Cloud, with net loss of $684 million.

• Cash and cash equivalents at year-end were $7.6 billion, up from $564.5 million in FY25.

Outlook and guidance

• FY27 CapEx guidance of $25–$30 billion, supporting contracted Microsoft capacity, 2026 ARR deployments, and new liquid-cooled data centers.

• 2026 capacity is nearly sold out; targeting delivery of 300 MW IT load in 2026 and 800 MW in 2027, scaling to 1.2 GW gross capacity.

• Expecting more than $4 billion ARR by December quarter, with revenue effect from late capacity coming through in March quarter.

• Global expansion with a multi-gigawatt development pipeline across North America, Australia, and Spain.

• Existing cash and committed GPU financing/prepayments total $14 billion; targeting an additional $8 billion.