IREN Limited Earnings Call Transcripts
Fiscal Year 2026
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Secured $3.6B in GPU financing, covering 95% of CapEx for a $9.7B Microsoft AI contract, with strong AI cloud demand and $3.4B ARR targeted by end of 2026. Q2 revenue fell 23% as the business transitions from Bitcoin mining to AI cloud.
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Q1 FY26 saw record revenue and EBITDA, driven by a major $9.7B AI Cloud contract with Microsoft, which is expected to generate $1.94B in annual recurring revenue and support rapid GPU fleet expansion. Strong demand, robust margins, and disciplined capital allocation position the business for continued growth.
Fiscal Year 2025
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Record FY 2025 results with 10x EBITDA growth, $187M Q4 revenue, and $1.25B annualized run-rate. AI cloud and Bitcoin mining drove strong margins, with major data center expansions and $200M in new GPU financing supporting future growth.
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Delivered record Q3 results with $148M revenue and $24.2M net profit, driven by strong Bitcoin mining and rapid AI cloud growth. Pausing mining expansion at 50 exahash to focus on high-return AI infrastructure, with major projects like Horizon 1 and Sweetwater advancing on schedule.
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Record Q2 results with $18.9M NPAT, $113.5M Bitcoin mining revenue, and strong cash flow. Major initiatives include a 75 MW AI data center, 600 MW Sweetwater 2 expansion, and scaling mining to 52 EH, all supported by robust financing and growing market demand.
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Achieved strong Q1 growth with 21 exahash capacity, $54.3M Bitcoin mining revenue, and $3.2M from AI cloud services. Accelerating to 50 exahash in H1 2025, maintaining a $28K–$29K all-in cash cost per Bitcoin, and preparing for substantial cash flows to support potential investor distributions in 2025.
Fiscal Year 2024
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Installed Bitcoin mining capacity surged to 15 exahash with guidance for 30 exahash by year-end, while AI cloud services launched with strong revenue growth. Record adjusted EBITDA of $54.7 million and robust cash position support continued expansion in both segments.