"IREN swung from a $51.7 million loss in Q1 FY25 to net income of $384.6 million this quarter. Adjusted EBITDA reached $91.7 million, up 3,568% year over year. This transformation marks the continuation of a multi-year recovery. The company generated $0.25 in annual EPS for FY25 after posting losses of $3.21 per share in FY23. The profitability story is real, but the revenue miss signals execution challenges even as the business scales."
"Revenue came in at $240.3 million, missing the $245.79 million consensus estimate by $5.49 million. The shortfall reflects a business still heavily dependent on Bitcoin mining. Bitcoin Mining Revenue totaled $232.9 million of the quarter's total. AI Cloud Services, the growth engine management is banking on, generated just $7.3 million. This gap matters because it shows how early IREN remains in its transition. The company is targeting a $3.4 billion annualized run-rate for AI Cloud by the end of 2026,"
IREN reported Q1 FY26 earnings after market close on Nov. 6 and the stock closed at $67.83 prior to the report amid optimism around a $9.7 billion Microsoft AI Cloud contract. The company swung from a $51.7 million loss in Q1 FY25 to net income of $384.6 million this quarter, with adjusted EBITDA of $91.7 million, up 3,568% year over year. Revenue totaled $240.3 million, missing consensus by $5.49 million. Bitcoin mining accounted for $232.9 million of revenue, while AI Cloud Services generated $7.3 million. IREN holds $1.8 billion cash, is deploying 140,000 GPUs, and targets a $3.4 billion AI Cloud run-rate by end-2026.
Read at 24/7 Wall St.
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