Iris Energy Limited Ordinary Shares Earnings Recaps
Q3 2026
May 8, 2026
IREN Limited’s shares edged up modestly by 0.4% post-earnings, reflecting a largely in-line quarter without material surprises. While execution and customer traction remain steady, the market response indicates cautious sentiment around the pace of near-term capacity builds and incremental ARR growth.
Key takeaways
- Secured power capacity increased to 5 gigawatts with new sites in Europe and APAC; Horizon One GPU commissioning underway at Childress.
- Annual recurring revenue (ARR) under contract reached $3.1 billion, with a 2026 target of $3.7 billion.
- Signed a $3.54 billion five-year AI cloud contract with NVIDIA, marking a strategic partnership tied directly to GPU deployment milestones.
- Maintained a strong cash position of $2.6 billion as of April 30, supporting ongoing GPU, data center, and corporate financing initiatives.
- Expanding operational capability through acquisition of Mirantis, adding 650 engineers and operators to bolster infrastructure delivery.
Q2 2026
Feb 6, 2026
IREN delivered strong Q2 FY 2026 results, highlighted by significant financing achievements and robust customer demand for AI cloud services.
Key takeaways
- Secured $3.6 billion in GPU financing at sub-6% interest, providing funding for 95% of CapEx linked to a $9.7 billion AI contract with Microsoft.
- Expect to deliver 140,000 GPUs by the end of 2026, positioning for $3.4 billion in annualized run rate revenue.
- Expanded operational capacity with over 4.5 gigawatts of secured power and continued development of new data centers.
- Strong customer demand remains unabated, with ongoing negotiations for larger-scale deployments.
- Vertical integration strengthens competitive advantage, enabling end-to-end control over data center operations and project execution.