IREN Announces First Quarter FY26 Financial Results

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IREN Announces First Quarter FY26 Financial Results

IREN Limited, a leading AI Cloud Service Provider, has announced its financial results for the first quarter of FY26. The period ended on September 30, 2025, witnessing a notable increase in both revenue and net income compared to the same quarter in the previous year.

IREN’s First Quarter FY26 Financial Highlights

For the quarter, IREN reported the following:

Total revenue reached a record $240.3 million, a remarkable 355% increase from $52.8 million in Q1 FY25.
Net income surged to an impressive $384.6 million, rebounding from a net loss of $(51.7) million in Q1 FY25.
Adjusted EBITDA rose to $91.7 million, marking a staggering 3,568% increase from $2.5 million in Q1 FY25.
Record EBITDA of $662.7 million was achieved, compared to $(18.8) million in the prior year period.

Strategic Contracts and Growth Prospects

IREN has secured a significant $9.7 billion contract with Microsoft, aiming to enhance its AI Cloud capabilities. Key aspects include:

Phased deployments at the Childress site scheduled through 2026.
An average contract term of five years with expected contributions of $1.9 billion to their annual run-rate revenue (ARR).
Additional multi-year contracts with companies like Together AI, Fluidstack, and Fireworks AI, targeting over $500 million in AI Cloud ARR by the end of Q1 FY26.

Infrastructure and Data Center Developments

IREN continues to make progress on expanding its infrastructure with several key updates:

In British Columbia, a 160 MW data center is transitioning from ASICs to GPUs, aiming for completion by the end of 2026.
The Childress facility, with a capacity of 750 MW, is accelerating its construction of cloud-ready, liquid-cooled data centers.
Plans are underway for the Sweetwater Hub, where substation energization is expected by April 2026 for 1,400 MW and late 2027 for an additional 600 MW.

Financial Structure and Forward-Looking Statements

As of October 31, 2025, IREN holds cash and cash equivalents totaling $1.8 billion. It has issued $1 billion in zero-coupon convertible notes as part of its funding strategy. The company anticipates that its near-term capital expenditures will be supported through existing cash, operating cash flows, and Microsoft prepayments.

Daniel Roberts, Co-Founder and Co-CEO of IREN, commented on the company’s performance and future growth potential, emphasizing the successful execution of their growth strategy in AI Cloud services.

IREN plans to hold a conference call to discuss its Q1 FY26 results in detail, with the call scheduled for 5:00 PM Eastern Time on November 6, 2025.

About IREN

IREN is at the forefront of the AI Cloud services sector, providing extensive GPU clusters that support AI training and inference across the U.S. and Canada. The company remains committed to expanding its service capabilities and enhancing its infrastructure to meet growing demand in the AI market.