IREN Reports Record Profitability, Misses Revenue Expectations in Q1 FY26

IREN Ltd. reported Q1 FY26 earnings, delivering record profitability with a net income of $384.6 million, a 3,568% YoY increase in adjusted EBITDA, and a record $1.8 billion cash position. However, the company missed revenue expectations at $240.3 million, primarily due to a $232.9 million contribution from Bitcoin mining revenue, while AI Cloud Services generated just $7.3 million. The stock closed at $67.83 ahead of the report, reflecting optimism around the company's $9.7 billion Microsoft AI Cloud contract.