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Dec 31, 2025
IREN Ltd Q2 2026 Earnings Report
Reported lower revenue and a net loss as results were impacted by significant non-cash and non-recurring items during the transition toward AI Cloud services.
Key Takeaways
IREN reported Q2 FY26 revenue of $184.7 million and a net loss of $155.4 million, reflecting lower Bitcoin mining revenue and significant non-cash items, partially offset by growing AI Cloud Services revenue.
Total revenue declined quarter over quarter as Bitcoin mining revenue decreased.
AI Cloud Services revenue increased as capacity continued to shift toward AI workloads.
Net loss was driven by unrealized losses on financial instruments and one-time debt conversion costs.
Adjusted EBITDA remained positive despite significant non-cash charges.
Revenue by Segment
Forward Guidance
Management highlighted continued progress in expanding AI Cloud capacity and securing long-term financing to support growth.
Positive Outlook
- Strong demand environment for AI Cloud services.
- Significant GPU financing secured at attractive interest rates.
- Large and growing secured power portfolio supporting future expansion.
- Ongoing transition toward higher-value AI workloads.
- Robust liquidity position following substantial financing activities.
Challenges Ahead
- Earnings volatility from non-cash fair value movements.
- Declining Bitcoin mining revenue as capacity is reallocated.
- High capital intensity of data center and GPU expansion.
- Exposure to execution risk on large-scale infrastructure projects.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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