IREN (IREN) Q4 2026 earnings summary

Executive summary

• $4 billion of ARR contracted for FY26 capacity, with $1 billion currently operating and the remainder expected by year-end; 2026 capacity is nearly sold out and customer base expanded with new multi-cloud contracts and renewals from major AI developers, hyperscalers, and enterprises.

• Transitioned from Bitcoin mining to AI Cloud Services, with significant investments in data center expansion, GPU infrastructure, and acquisitions of Mirantis and Nostrum to strengthen software and expand into Europe.

• Raised $19 billion in the past 12 months to fund growth, including $6.5 billion in GPU financing in the last 3 months.

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

• Substantial growth in headcount and organizational capability, including five new C-suite appointments, to support rapid expansion.

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 from $16.4 million year-over-year.

• Net loss for FY26 was $(702.6) million, impacted 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: $137.2 million (down from $144.8 million in Q3 FY26); net loss $(684.0) million, impacted by $450.4 million in asset impairments.

• 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, covering contracted deployments, new builds, and early-stage investments for 2028 and beyond.

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

• 2026 capacity is nearly sold out; late-stage discussions for 2027 and 2028 capacity are ongoing.

• Contracted pricing is increasing, with recent 3-year contracts exceeding $20 million revenue per MW and active discussions at $25 million per MW.

• Global expansion targets over 5 GW data center pipeline, with 0.3 GW IT delivery in 2026 and 0.8 GW in 2027.