IREN Limited

Revenue was $144.8 million for the March quarter, down from $184.7 million in the prior quarter. Bitcoin mining revenue was $111.2 million, down from $167.4 million, while AI cloud services revenue increased to $33.6 million from $17.3 million. Cost of revenues decreased by $25.9 million, and adjusted EBITDA was $59.5 million versus $75.3 million in the prior quarter. Net loss was $247.8 million, including $140.4 million of noncash impairments and $23.7 million of unrealized losses related to cap calls on convertible notes. On the outlook side, management reiterated $3.7 billion of ARR by year-end calendar 2026, said the ramp should be back-end weighted with Microsoft revenue, and noted revenue from the additional 50,000 GPUs procured during the quarter is expected to begin ramping in Q3 2026.

Dan Roberts framed the quarter as validation of IREN’s thesis that scarce power, land and data center capacity are the bottleneck in AI infrastructure, not demand. He emphasized execution across a global build-out, saying secured power reached 5 gigawatts, all operating capacity is contracted, and the company is moving quickly from power acquisition to customer-ready compute. His tone was confident and expansive, with repeated emphasis on “time to compute,” repeatable builds, and the NVIDIA partnership as evidence that IREN’s model is working.

Anthony Lewis focused on funding and the financial bridge from mining to AI cloud. He said IREN had $2.6 billion in cash and cash equivalents at April 30, expects cash plus operating cash flow, GPU financing and other initiatives to support near-term CapEx, and noted approximately 95% of Microsoft GPU-related CapEx is expected to be funded through prepayments and GPU financing at an average interest rate of about 3%. He also tied the quarter’s revenue decline and $247.8 million net loss to the transition away from Bitcoin mining, including $140.4 million of impairments from decommissioned hardware.

Analysts focused on the economics and timing of the new NVIDIA contract, the marketability of Sweetwater/Kiowa power, air-cooled versus liquid-cooled efficiency and margins, the Spain rollout, and how Mirantis changes IREN’s enterprise go-to-market. Management said it had not disclosed the exact GPU count for the 60 megawatts tied to NVIDIA, but described the deal as a managed services deployment and said air-cooled retrofits are slightly more efficient at the operating margin level but mainly advantaged by lower CapEx. On marketability, Dan Roberts said there is “nothing stopping” IREN from contracting 2027 capacity today, but it becomes easier as time to compute shortens and delivery plans become more defined. They also said Spain is already secured power with permitting underway, and Mirantis adds software, customer support and operational capability to help serve enterprise and AI-native customers.