Australian AI cloud company Iren Limited (IREN) is heading into its third-quarter fiscal 2026 earnings result release on Thursday with its shares down roughly 31% over the last six months despite a 34% year-to-date gain. Analysts on Wall Street are split on Iren, yet IREN stock offers significantly larger upside compared to that of its rivals.
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Trade CRWV with leverageWhat Wall Street Expects from Iren Earnings
During the three-month period that ended on March 31, analysts expect revenue growth but see profitability remaining a challenge.
Specifically, Wall Street anticipates seeing Iren’s revenue coming in at $219.69 million, up about 48% from $148.1 million a year ago. However, they expect a loss of 22 cents per share compared to a profit of 11 cents per share in the prior-year quarter.
In Q2 2026, Iren expanded its revenue by 59% year-over-year to $184.7 million, below the analyst consensus of $226.9 million. Its loss per share of 52 cents was worse than a loss of 11 cents per share projected by Wall Street.
What Are Analysts Saying?
Iren recently expanded its fleet of graphics processing units (GPUs) to 150 through an Nvidia (NVDA) purchase agreement. This came after the company secured $3.6 billion to finance its $9.7 billion deal with Microsoft (MSFT).
However, not all analysts are confident in the company. Recently, Freedom Capital slapped a Hold rating on IREN, noting that it could take more time for the company to deliver on its promised transition from a crypto miner to an AI cloud company.
By contrast, Bernstein analyst Gautam Chhugani believes that Iren has “demonstrated remarkable success in building its AI cloud business.” Chhugani pointed to Iren’s GPU fleet.
Iren shares climbed on Monday morning after the company announced on Friday the energization of its 1.4-gigawatt Sweetwater 1 data center site in Texas.
Is IREN a Good Stock to Buy Now?
Compared to CoreWeave (CRWV) and Nebius (NBIS), Iren offers a leading 46% upside potential based on an average price target of $73.30. However, this comes with a Moderate Buy consensus rating from analysts.
