Financial Data and Key Metrics Changes - Revenue for Q1 FY26 reached $240 million, representing a 28% increase quarter over quarter and a 355% increase year over year [18] - Adjusted EBITDA was $92 million, reflecting continued margin strength despite higher payroll tax expenses [18][19] - Operating expenses increased primarily due to higher depreciation and SG&A expenses, with $63 million attributed to unrealized gains on financial instruments [18][19] Business Line Data and Key Metrics Changes - The company announced a significant $9.7 billion AI cloud contract with Microsoft, expected to generate approximately $1.94 billion in annual recurring revenue [6][7] - The expansion plan includes scaling the GPU fleet from 23,000 to 140,000 GPUs by the end of 2026, which is projected to support an annualized run rate revenue of approximately $3.4 billion [8][10] Market Data and Key Metrics Changes - The demand for AI cloud services is increasing, with strong interest from various customer segments, including hyperscalers and AI enterprises [51][52] - The company is experiencing robust pricing dynamics in the cloud market, with expectations of rising pricing per GPU hour [44][50] Company Strategy and Development Direction - The company is focused on vertical integration, controlling the entire stack from power generation to GPU deployment, which is seen as a key competitive advantage [9][10] - Future expansions will leverage existing data centers to maintain capital efficiency while meeting growing customer demand [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on the Microsoft contract and highlighted the strategic value of the partnership [19][20] - The company is optimistic about future growth opportunities, with plans to monetize substantial power and land capacity available [101] Other Important Information - The company has secured $1 billion in zero-coupon convertible notes and an additional $200 million in GPU financing to support its expansion [23] - The construction of data centers is designed to meet hyperscale requirements, ensuring long-term operational efficiency and reliability [13][14] Q&A Session Summary Question: Can you expand on the strategic value of the Microsoft deal? - Management highlighted the validation of their proprietary data center design and the ability to service a major technology company as significant strategic value [28][29] Question: What is the expected return profile of the Microsoft deal? - The unlevered IRR is expected to be in the low double digits, with a levered IRR potentially reaching 25-30% depending on financing structures [31][32] Question: How many GPUs will be deployed as part of the Microsoft deal? - Each phase of the Horizon project will accommodate 19,000 GPUs, with four phases planned [39] Question: What are the pricing dynamics in the cloud market? - There is a strong demand for GPU services, leading to increased pricing per GPU hour, with a focus on risk-adjusted returns [44][50] Question: What is the level of interest in the Sweetwater site? - There is strong interest across all sites, including Sweetwater, with discussions ongoing about various service offerings [55] Question: How does the company view risk in cloud deals versus colocation deals? - Management believes cloud deals present a better risk proposition compared to colocation, especially with the backing of a strong counterparty like Microsoft [82][84]

Financial Data and Key Metrics Changes - Revenue for Q1 FY26 reached $240 million, representing a 28% increase quarter over quarter and a 355% increase year over year [16] - Adjusted EBITDA was $92 million, reflecting continued margin strength despite higher payroll tax expenses of $33 million accrued in the quarter [16][17] - Operating expenses increased primarily due to higher depreciation and SG&A expenses, largely driven by a higher share price [16] Business Line Data and Key Metrics Changes - The company announced a significant $9.7 billion AI cloud contract with Microsoft, expected to generate approximately $1.94 billion in annual recurring revenue [5][17] - The expansion plan includes scaling the GPU fleet from 23,000 GPUs to 140,000 GPUs by the end of 2026, which is projected to support an annualized run rate revenue of approximately $3.4 billion [6][10] Market Data and Key Metrics Changes - The AI cloud services market is experiencing strong demand, with the company positioned as a strategic partner for major technology firms, including Microsoft [6][9] - The company is seeing increased demand for air-cooled variants of NVIDIA's GPUs, indicating robust market interest [10][33] Company Strategy and Development Direction - The company is focused on vertical integration, controlling the entire stack from power supply to GPU deployment, which is seen as a key differentiator in the AI cloud services market [7][8] - Future expansions will leverage existing data centers to maintain capital efficiency while accommodating growing customer demand [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the Microsoft contract and the overall growth strategy, emphasizing the importance of maintaining a strong balance sheet and access to capital markets [20][21] - The company anticipates continued strong demand for its services, particularly in AI workloads, and is actively engaging with various customer segments [32][44] Other Important Information - The company has secured $1.8 billion in cash as of the end of October, which will support upcoming capital expenditures [20] - The design enhancements for data centers are aimed at ensuring long-term value protection and accommodating future generations of GPUs [12][30] Q&A Session Summary Question: Can you expand on the strategic value of the Microsoft deal? - The deal demonstrates the company's capability to service a major technology firm and validates its proprietary data center design, enhancing its market credibility [22][23] Question: What is the expected return profile of the Microsoft deal? - The unlevered IRR is expected to be in the low double digits, while the levered IRR could reach 25-30% depending on financing structures [24][25] Question: How is the company addressing GPU demand and future-proofing? - The design accommodates future generations of GPUs with higher rack densities, ensuring scalability and efficiency [29][30] Question: What is the level of interest in the Sweetwater site? - There is strong interest across all sites, including Sweetwater, with significant capacity available for future service offerings [35] Question: How does the company view risk in cloud deals versus colocation? - The company believes cloud deals present a better risk proposition compared to colocation, especially with the backing of a strong credit profile like Microsoft's [46][47] Question: What are the dynamics of pricing in the cloud market? - The company is experiencing increasing demand and pricing per GPU hour, indicating a robust market environment [31][32] Question: Can you provide an update on the contracting of GPUs in British Columbia? - The company has contracted 12,000 out of the initial 23,000 GPUs, with ongoing strong demand and late-stage discussions for the remaining capacity [43][44]

DISCLAIMER Q1 FY26 Results Presentation NASDAQ: IREN November 6, 2025 Forward-Looking Statements These and other important factors could cause actual results to differ materially by the forward-looking statements made in this investor update. Any forward-looking statement that IREN makes in this investor update speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward- look ...

IREN Ltd. (NASDAQ: IREN) reported Q1 FY26 earnings after market close on Nov. ...

IREN Limited (NASDAQ:IREN) shares were up after the company released its first-quarter earnings report after Thursday's closing bell, beating estimates on the top and bottom lines. Here's a look at the details in the report. IREN stock is moving. See the real-time price action here.The Details: IREN reported quarterly earnings of $1.08 per share, which beat the consensus estimate of 14 cents.Quarterly revenue came in at $240.3 million, which beat the Street estimate of $235.5 million and was up from revenue ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ________________________ FORM 10-Q ________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________________ to ___________________ Commission File Number: 001-41072 ________________________ IR ...

News Release IREN Reports Q1 FY26 Results Secured $9.7bn AI Cloud Contract with Microsoft Targeting $3.4bn AI Cloud ARR by End of 2026, Expansion to 140k GPUs1 NEW YORK, November 6, 2025 (GLOBE NEWSWIRE) - IREN Limited (NASDAQ: IREN) ("IREN" or "the Company") today reported its financial results for the three months ended September 30, 2025. Highlights Q1 FY26 Financial Results * Includes unrealized gains, primarily on prepaid forwards and capped calls in connection with convertible notes Project Update Bri ...

Bitcoin (BTC) mining and AI cloud firm IREN Limited (NASDAQ: IREN) turned heads in early October after revealing a $9.7 billion partnership with Microsoft (NASDAQ: MSFT), highlighting its deepening shift toward artificial intelligence. Under the five-year agreement, IREN will supply Microsoft with access to NVIDIA GB300 GPUs through its vertically integrated AI Cloud platform. The deal, which includes a 20% prepayment, represents a major leap in IREN’s strategy to scale large-scale AI infrastructure. To s ...

Core Viewpoint - IREN stock price has experienced a strong rally, reaching a record high as traders anticipate its earnings, supported by the growing momentum in the artificial intelligence industry [1] Group 1 - IREN stock price surged to a high of $76, indicating significant investor interest and confidence [1]

Core Viewpoint - IREN Limited is experiencing a significant increase in its consensus price target, driven by its strategic initiatives and strong financial performance in the data center and Bitcoin mining sectors, particularly with a focus on renewable energy [1][6]. Price Target and Market Sentiment - Analysts have set an average price target of $78.50 for IREN, reflecting positive sentiment and expectations for strong stock performance [2][6]. - The average price target has risen from $57.17 three months ago, marking a 37.3% increase, and from $51.86 a year ago, representing a 51.3% increase [3][4]. Strategic Partnerships and Growth Prospects - IREN's recent $9.7 billion AI Cloud contract with Microsoft, which includes a 200MW capacity and a 20% upfront payment, is expected to significantly enhance its growth prospects in the AI industry [2][6]. - The company manages nearly 3GW of power, with 810MW operational in British Columbia and Texas, positioning it well for future growth [3]. Financial Performance Expectations - IREN is projected to achieve revenue of $231 million for the first fiscal quarter of FY26, which is a 325% increase from the previous year [4]. - The anticipated earnings per share (EPS) for this period is $0.13, indicating strong financial performance [4].