IREN (NASDAQ:IREN) Releases Quarterly Earnings Results, Misses Estimates By $0.45 EPS

IREN (NASDAQ:IREN) released its quarterly earnings results on Thursday. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.45), FiscalAI reports. IREN had a negative return on equity of 10.59% and a net margin of 56.59%.The business had revenue of $184.69 million for the quarter, compared to the consensus estimate of $229.64 million. The business’s revenue was down 23.1% on a year-over-year basis.

Here are the key takeaways from IREN’s conference call:

• IREN secured underwriting commitments for $3.6 billion of delayed-draw GPU financing at under 6%, which combined with Microsoft’s $1.9 billion in prepayments covers ~95% of GPU-related CapEx for Horizons 1–4.
• The company expanded its secured power to over 4.5 GW with a new 1.6 GW Oklahoma campus (ramp starting 2028), adding geographic diversity beyond ERCOT and bolstering capacity for large-scale deals.
• Operational execution remains on schedule — IREN expects to deliver 140,000 GPUs by end-2026 and target a $3.4 billion ARR, with current contracted ARR of about $2.3 billion and only ~10% of secured power utilized today.
• Q2 revenue fell 23% QoQ to $184.7 million due to lower Bitcoin mining, and results were materially affected by non-cash items (≈$219.4 million unrealized losses on derivatives and a $31.8 million mining-hardware impairment), which pressured EBITDA and net income.
• Commercial momentum is strong — multiple advanced negotiations with hyperscalers and enterprises, increased interest in air-cooled and bare‑metal deployments, and willingness from customers for longer tenors and prepayments support attractive contract economics.

IREN Trading Up 5.1%

IREN stock traded up $2.04 during trading hours on Friday, reaching $41.83. 74,936,706 shares of the company’s stock traded hands, compared to its average volume of 45,943,768. The firm has a market capitalization of $11.86 billion, a price-to-earnings ratio of 31.45 and a beta of 4.27. The company has a debt-to-equity ratio of 0.34, a quick ratio of 5.52 and a current ratio of 5.52. IREN has a fifty-two week low of $5.13 and a fifty-two week high of $76.87. The firm’s 50 day moving average is $46.49 and its 200-day moving average is $42.42.

Hedge Funds Weigh In On IREN

Hedge funds and other institutional investors have recently bought and sold shares of the business. Banque Cantonale Vaudoise bought a new stake in shares of IREN during the 3rd quarter valued at $67,000. Larson Financial Group LLC grew its stake in shares of IREN by 26.7% during the third quarter. Larson Financial Group LLC now owns 1,590 shares of the company’s stock worth $75,000 after purchasing an additional 335 shares during the period. CIBC Private Wealth Group LLC grew its stake in shares of IREN by 113.3% during the third quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the company’s stock worth $75,000 after purchasing an additional 850 shares during the period. PYA Waltman Capital LLC bought a new stake in IREN in the third quarter valued at about $234,000. Finally, Prelude Capital Management LLC acquired a new position in IREN in the third quarter valued at about $235,000. 41.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on IREN shares. Wall Street Zen lowered IREN from a “hold” rating to a “strong sell” rating in a research note on Saturday. Citizens Jmp began coverage on IREN in a report on Wednesday, November 19th. They issued a “market outperform” rating and a $80.00 price target for the company. BTIG Research upped their price target on shares of IREN from $32.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, October 14th. Canaccord Genuity Group raised their price objective on shares of IREN from $42.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Finally, JMP Securities set a $80.00 target price on shares of IREN in a research note on Wednesday, November 19th. Thirteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $72.29.

IREN News Roundup

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Large, low‑cost financing secured — IREN announced a $3.6 billion delayed‑draw term facility (tied to its AI buildout) plus strong cash and a Microsoft prepayment, reducing near‑term dilution risk and funding GPU purchases needed to execute the AI strategy. IREN Earnings Were Ugly—Is a Beautiful Future Already Funded?
• Positive Sentiment: Strategic AI validation — IREN’s pivot toward AI cloud services (including the large Microsoft contract and related prepayment) supports a transition from volatile bitcoin revenue to recurring, lease‑style AI income. This is the main structural reason bulls remain interested. The Great Pivot: Bitcoin Miners Are Becoming AI’s Landlords (IREN)
• Neutral Sentiment: Operational timeline and assets — management reiterated large secured power capacity (multi‑GW portfolio), new campus developments (e.g., Oklahoma) and an energization timetable (Sweetwater) that, if met, enable faster GPU deployments but create execution risk. IREN Earnings Were Ugly—Is a Beautiful Future Already Funded?
• Neutral Sentiment: Company disclosure resources — the full Q2 presentation and earnings‑call transcript are available for investors to audit management’s guidance and timing on GPU deployment. IREN Q2 2026 Earnings Call Transcript
• Negative Sentiment: Q2 headline miss — IREN reported revenue of ~$184.7M (down ~23% Q/Q) and a wider loss; results missed analyst revenue and EPS expectations and included large non‑cash charges (derivative revaluations, impairments) that hurt the print and triggered short‑term selling. IREN’s Q2 Loss Wider Than Expected, Revenues Decline Q/Q
• Negative Sentiment: Crypto headwinds and market reaction — lower bitcoin revenue and a broader selloff in crypto/A I‑adjacent names amplified the decline; some analysts (and Bernstein commentary) framed the pullback as driven by concerns about AI deal execution and lingering crypto exposure. Bernstein says IREN selloff reflects missing AI deal, not earnings

IREN Company Profile

IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.