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IREN
(NASDAQ:IREN)
IREN (IREN) vs. SPDR S&P 500 ETF (SPY)
IREN Business Overview & Revenue Model
IREN Earnings Call Summary
IREN Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 693.58M | 501.02M | 187.19M | 75.51M | 59.04M | 7.90M |
| Gross Profit | 453.27M | 342.03M | 100.13M | 36.09M | 51.59M | 5.68M |
| EBITDA | 952.49M | 201.69M | 31.21M | -9.83M | 8.14M | 729.00K |
| Net Income | 523.26M | 86.94M | -28.92M | -171.83M | -419.77M | -60.39M |
Balance Sheet | ||||||
| Total Assets | 4.27B | 2.94B | 1.15B | 332.07M | 392.28M | 100.95M |
| Cash, Cash Equivalents and Short-Term Investments | 1.03B | 564.53M | 411.13M | 68.89M | 75.62M | 29.27M |
| Total Debt | 965.63M | 964.23M | 1.66M | 1.45M | 74.46M | 62.93M |
| Total Liabilities | 1.39B | 1.12B | 55.68M | 26.71M | 91.52M | 138.08M |
| Stockholders Equity | 2.88B | 1.82B | 1.10B | 305.36M | 300.75M | -37.13M |
Cash Flow | ||||||
| Free Cash Flow | -859.19M | -1.13B | -427.19M | -110.02M | -272.69M | -4.13M |
| Operating Cash Flow | 433.35M | 245.89M | 52.72M | 6.04M | 21.56M | 1.31M |
| Investing Cash Flow | -1.34B | -1.38B | -498.47M | -71.47M | -318.12M | -60.69M |
| Financing Cash Flow | 1.83B | 1.29B | 782.13M | 28.24M | 372.04M | 88.04M |
IREN Technical Analysis
IREN Risk Analysis
IREN Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $3.86B | 13.69 | 18.52% | ― | 102.21% | ― | |
68 Neutral | $6.00B | 47.89 | 5.24% | ― | 103.62% | 49.48% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
63 Neutral | $750.93M | 5.98 | 22.44% | ― | 9.52% | 496.04% | |
62 Neutral | $13.51B | 24.38 | 30.19% | ― | 236.14% | ― | |
55 Neutral | $7.57B | ― | -9.69% | ― | 35.41% | -38.08% | |
41 Neutral | $3.93B | -5.66 | -2.75% | ― | ― | ― |
IREN Corporate Events
The recent earnings call of Iris Energy Ltd. (IREN) was marked by an optimistic sentiment, driven by the company’s strong financial performance and strategic growth initiatives. A significant highlight was the AI cloud contract with Microsoft, which is expected to substantially boost revenue. Despite some increases in operating expenses and costs associated with design enhancements, the overall outlook remains positive, particularly due to the expansion in AI cloud services.
Iris Energy Ltd. (IREN) is a leading AI Cloud Service Provider known for delivering large-scale GPU clusters for AI training and inference, with operations based in renewable-rich regions across the U.S. and Canada. In its latest earnings report, IREN announced a significant $9.7 billion contract with Microsoft, which will contribute to a targeted $3.4 billion in AI Cloud annualized run-rate revenue by the end of 2026. The company also reported record financial results for Q1 FY26, with total revenue reaching $240.3 million, a 355% increase from the previous year, and net income soaring to $384.6 million from a net loss in the prior year. Key financial metrics include an adjusted EBITDA of $91.7 million, marking a substantial increase from the previous year. IREN’s strategic expansion includes transitioning data centers to GPUs and accelerating the construction of liquid-cooled data centers, enhancing its capacity for high-performance AI deployments. Looking forward, IREN’s management remains optimistic about scaling its AI Cloud platform, leveraging its extensive power portfolio to drive long-term growth and value creation.
On November 2, 2025, IREN Limited’s subsidiary, IE US Hardware 3 Inc., entered into a significant agreement with Microsoft to provide dedicated GPU infrastructure at the Horizon data center facilities in Texas, valued at approximately $9.7 billion through 2031. This partnership marks a major step for IREN, reinforcing its position as a leading AI Cloud Service Provider and opening new customer segments among global hyperscalers. Concurrently, IREN secured a $5.8 billion agreement with Dell for the supply of GPUs and ancillary products, which will support the Microsoft contract’s execution. These strategic agreements are expected to enhance IREN’s market positioning and operational capabilities.
The most recent analyst rating on (IREN) stock is a Sell with a $45.00 price target. To see the full list of analyst forecasts on IREN stock, see the IREN Stock Forecast page.
On October 14, 2025, IREN Limited announced the closing of its $1.0 billion offering of 0.00% convertible senior notes due 2031, which was oversubscribed due to strong investor demand. The net proceeds of approximately $979.0 million will be used for general corporate purposes and working capital, with $56.7 million allocated to fund capped call transactions aimed at reducing potential dilution of ordinary shares upon conversion of the notes.
The most recent analyst rating on (IREN) stock is a Buy with a $75.00 price target. To see the full list of analyst forecasts on IREN stock, see the IREN Stock Forecast page.
On October 9, 2025, IREN Limited announced the pricing of its $875 million offering of 0.00% Convertible Senior Notes due 2031, aimed at qualified institutional buyers under Rule 144A of the Securities Act. The offering, expected to close on October 14, 2025, includes an option for initial purchasers to buy an additional $125 million in notes. Net proceeds are estimated at $856.5 million, with plans to use $49.6 million for capped call transactions and the rest for corporate purposes. This move is expected to impact IREN’s market positioning by potentially reducing share dilution and providing financial flexibility.
The most recent analyst rating on (IREN) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on IREN stock, see the IREN Stock Forecast page.
On October 7, 2025, IREN Limited announced the launch of an offering of $875 million in senior convertible notes due 2031, aimed at qualified institutional buyers under Rule 144A of the Securities Act of 1933. The company plans to use the proceeds to fund capped call transactions and for general corporate purposes. Additionally, IREN has issued over 66 million shares through an at-the-market offering, raising approximately $1 billion, and reported a cash balance of $1 billion as of September 30, 2025.
The most recent analyst rating on (IREN) stock is a Buy with a $50.00 price target. To see the full list of analyst forecasts on IREN stock, see the IREN Stock Forecast page.
On September 8, 2025, IREN Limited announced the appointment of Anthony Lewis as Chief Financial Officer, succeeding Belinda Nucifora. Lewis, who joined IREN as Chief Capital Officer in July 2025, brings extensive experience from his previous roles at Macquarie Group, enhancing IREN’s financial operations and capital markets strategy. This leadership change is expected to support the company’s growth trajectory in its AI cloud business and capital structure evolution.
The most recent analyst rating on (IREN) stock is a Hold with a $32.00 price target. To see the full list of analyst forecasts on Iris Energy stock, see the IREN Stock Forecast page.
Iris Energy Ltd. (IREN) recently held its FY 2025 earnings call, which was marked by a generally positive sentiment. The company reported significant growth in EBITDA and data center capacity, alongside a robust expansion in its AI cloud business. Despite challenges such as increased operating expenses and potential risks related to power costs, the overall sentiment was optimistic, with the highlights of the call significantly outweighing the lowlights.
Iris Energy Ltd. is a leading owner and operator of next-generation data centers powered by 100% renewable energy, focusing on Bitcoin mining and high-performance computing (HPC) and AI services. The company has been mining Bitcoin since 2019 and is expanding its operations to include AI Cloud Services, leveraging its data centers in the United States and Canada.