What is the revenue and EPS growth rate for IREN year over year?

Did IREN beat or miss consensus estimates last quarter?

What is IREN's gross profit margin?

What guidance did IREN's management provide for the next earnings period?

What is IREN's latest dividend and current dividend yield?

What were the key takeaways from IREN’s earnings call?

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What does IREN do and what are its main business segments?

**Key Takeaways**:
- **$9.7B Microsoft Deal**: Delivers $1.9B ARR with 85% margin, 20% upfront prepayment, and 25-30% levered IRR. Represents a strategic partnership for hyperscale AI compute.
- **140,000 GPU Expansion**: Targeting $3.4B ARR by end-2026, leveraging 16% of 3 GW power. Sweetwater (2 GW) and Canadian sites drive growth.
- **Financial Strength**: $1.8B cash, $2.5B secured financing, and 35%+ equity IRR on cloud deals. Dell's GPU financing reduces capital intensity.
- **Strategic Differentiation**: Vertically integrated platform, future-proofed data centers, and hyperscale credit risk mitigation.
- **Customer Demand**: Strong precontracting of GPUs, with hyperscalers favoring bare metal service over software stack.

**【CEO Summary Section】**
- **Revenue Growth**: Q1 FY '26 revenue reached $240 million, up 355% year-over-year, driven by AI cloud expansion and the Microsoft contract.
- **Microsoft AI Cloud Contract**: Signed a $9.7 billion 5-year deal with Microsoft, generating $1.9 billion annual recurring revenue (ARR) and 85% EBITDA margin. Includes 20% upfront prepayment ($1.94 billion) and deployment of 40,000 NVIDIA GB300 GPUs at Childress campus.
- **AI Cloud Expansion**: Scaling GPU fleet from 23,000 to 140,000 by end-2026, targeting $3.4 billion ARR. Expansion leverages 16% of 3 GW secured power, with 460 MW allocated for Microsoft.
- **Strategic Differentiation**: Vertically integrated platform (substation to GPU) enables faster deployment, cost efficiency, and superior customer service. Microsoft views IREN as a strategic partner for AI compute.
- **Future Growth**: 140,000 GPU fleet supports hyperscale AI workloads, with optionality for future expansion. Sweetwater campus (2 GW capacity) remains a key growth driver.

**【CFO Financial Commentary】**
- **Financial Performance**: Adjusted EBITDA of $92 million, reflecting 85% margin on Microsoft contract. Operating expenses increased due to share-based payments and payroll taxes.
- **Funding Strategy**: $1.8 billion cash at end-October, with $2.5 billion secured financing against GPUs. Prepayments and operating cash flows cover 1/3 of $5.8 billion CapEx for Microsoft deal.
- **Return Profile**: Unlevered IRR of low double digits, levered IRR 25-30% (assuming $2.5 billion debt). Potential upside with 20% residual value (RV) assumption, pushing levered IRR to 35-50%.
- **Capital Efficiency**: Dell's in-built financing for GPU purchases (no upfront payment) and 20% prepayment reduce capital intensity.

**【Q&A Highlights】**
- **IRR and Risk-Return**: Levered IRR of 25-30% for Microsoft deal, with upside from RV. Cloud returns (35%+ equity IRR) preferred over colocation due to higher risk-adjusted returns.
- **GPU Deployment**: 40,000 GPUs for Microsoft, with air-cooled B200/B300 variants. 12,000 of 23,000 initial GPUs precontracted, with strong demand for inference and AI-native workloads.
- **Future-Proofing**: Data centers designed for 200 MW super clusters, flexible rack densities (130-200 kW), and Tier 3 concurrent maintainability. Liquid cooling infrastructure planned for future GPU generations.
- **Customer Demand**: Strong interest in Sweetwater (2 GW) and Canadian sites. Bare metal service preferred by hyperscalers, with no immediate need for software stack.
- **Execution Track Record**: No missed construction deadlines; 140,000 GPU deployment on track for end-2026.

IREN Limited (IREN) Q1 2026 Earnings Call Transcript

- **10x EBITDA Growth**: FY 2025 marked a breakout year with record financial and operational achievements.
- **50 Exahash Mining Platform**: Generates $1B+ annualized revenue, funding AI cloud expansion.
- **10,000+ GPU AI Cloud Expansion**: 2-3 year payback periods via single-digit GPU financing.
- **$2B+ Data Center Pipeline**: Horizon 1 (38,000 GPUs) and Sweetwater (600,000+ GPUs) position for long-term AI infrastructure growth.
- **Strong Financials**: $177M Q4 net income, $565M cash, and 1.1-1.2 PUE data centers drive operational efficiency.

**【CEO Summary Section】**
- Delivered record FY 2025 results with 10x EBITDA growth and strong net income, driven by 50 exahash Bitcoin mining and expanding AI cloud services.
- Scaled contracted grid-connected power to 3 GW and operating data center capacity to 810 MW, with 400% growth in Bitcoin mining capacity.
- AI cloud expansion to 10,000+ GPUs, including liquid-cooled NVIDIA GB300 deployments at Prince George and Horizon 1 in Texas.
- Launched construction of Sweetwater, a 2 GW data center hub, and commenced Horizon 2 project for additional AI compute capacity.

**【CFO Financial Commentary】**
- Q4 FY 25 revenue: $187M (up $42M from prior quarter), with $180M from Bitcoin mining and $7M from AI cloud.
- GAAP net income: $177M, driven by $36,000 all-in Bitcoin mining costs vs. $99,000 spot price.
- Cash position: $565M, total assets: $2.9B, supporting continued growth in AI infrastructure.

**【Q&A Highlights】**
- **GPU Financing**: Secured 100% GPU financing at single-digit rates for 10,900+ GPUs, enabling 2-3 year payback periods.
- **Data Center Efficiency**: British Columbia sites operate at 1.1 PUE (air-cooled) and 1.2 PUE (liquid-cooled), competitive with global peers.
- **Horizon 1 Utilization**: 19,000 GB300 capacity designed for cloud services, with flexibility for colocation or hyperscale partnerships.
- **Sweetwater Progress**: 1.4 GW substation construction on track for April 2026 energization, with flexibility for cloud, colocation, or powered shells.
- **Customer Demand**: 10,000+ GPUs under contract, with multi-year cloud agreements for new GPU deployments.
- **Financing Strategy**: Diversified capital sources including asset-backed loans, convertible bonds, and project-level debt.


IREN Limited (IREN) Q4 2025 Earnings Call Transcript

- **Record Q3 Performance**: $148M revenue, $24M net profit, 28% QoQ profit growth. Bitcoin mining at 29.4 exahash, 50 exahash target on track.
- **AI Cloud Surge**: 33% QoQ revenue growth, 97% hardware margins. New white-labeled compute contracts with leading AI providers.
- **AI Infrastructure Momentum**: Horizon 1 (50MW liquid-cooled) 75% built, Sweetwater (2GW) site prep underway. Global AI data center demand to hit 156GW by 2030.
- **Capital Discipline**: $43M Bitcoin CapEx pause reinvested into AI. No equity raises planned; exploring debt and JV options for scaling.


**【CEO Opening Remarks】**
- Q3 FY2025 revenue reached $148 million, up 24% QoQ, driven by Bitcoin mining and AI Cloud growth. Net profit of $24 million, up 28% QoQ.
- Bitcoin mining hashrate averaged 29.4 exahash, up 30% QoQ, with 50 exahash target set for June 2025. All-in hash cost of $23/ph/day, gross margin >50%.
- AI Cloud revenue grew 33% QoQ to $3.8 million, with GPU utilization near 100%. New contracts post-Q3 include white-labeled compute for leading U.S. AI Cloud providers.
- Capital allocation prioritized AI infrastructure, pausing Bitcoin mining expansion beyond 50 exahash to allocate $43M to AI projects.

**【CFO Financial Summary】**
- Q3 GAAP net income: $24.2 million (vs. $18.9M Q2). Adjusted EBITDA: $83.3 million (vs. $62M Q2). Cash balance: $160 million.
- Bitcoin mining revenue: $141.2 million (QoQ +24%). AI Cloud revenue: $3.8 million (QoQ +33%).
- Operating expenses: $36.5 million (QoQ +30%), driven by expanded mining operations. GPU fleet hardware margins >95%.
- CapEx for Q4 2025: $250 million for 50 exahash expansion, Horizon 1 liquid-cooled data center, and Sweetwater site prep.

**【Kent Draper - AI Cloud Update】**
- IREN Cloud scaled from 248 GPUs (Aug 2023) to 1,896 H100/H200 GPUs (Q3 2025). GPU fleet utilization >95%, hardware profit margins 97%.
- Prince George facility supports dual Bitcoin mining and AI workloads, with 47MW air-cooled capacity for B200 inference GPUs.
- New customer pipeline includes multi-year contracts for liquid-cooled Blackwell GPUs, with demand exceeding Horizon 1's 50MW capacity.

**【Daniel Roberts - AI Infrastructure Strategy】**
- Horizon 1 (50MW liquid-cooled) on track for Q4 2025 delivery. Site design for 200kW/rack density, 6ms latency to Dallas.
- Childress 750MW transformation underway, targeting full liquid-cooled AI campus. Sweetwater (2GW) targeted for April 2026 energization.
- AI data center colocation demand forecast: 156GW global by 2030 (CAGR 35%). IREN's 2.9GW secured power capacity positions for leadership share.

**【Q&A Highlights】**
- **GPU Scaling**: AI Cloud expansion will use GPU financing and customer prepayments, not equity. Discussions with hyperscalers and neoclouds for multi-year contracts.
- **Horizon 1 Progress**: 75% construction complete, with substation and earthworks on track. Multiple anchor tenant negotiations in advanced stages.
- **Capital Structure**: No equity raises planned. Exploring debt, project-level financing, and JV options for Sweetwater development.
- **Bitcoin Mining Flexibility**: 50 exahash pause allows capital redeployment, but optionality to resume expansion based on market conditions.


IREN Limited (IREN) Q3 2025 Earnings Call Transcript

- **Record Q2 Financials**: $113.5M revenue, $53.7M operating cash flow, and $18.9M net profit, driven by Bitcoin mining scale.
- **Strategic Projects**: 
  - **Horizon 1**: 75-megawatt liquid-cooled AI data center in Childress, targeting 200-kW rack density for Blackwell GPUs.
  - **Sweetwater 2**: 600-megawatt expansion in West Texas, creating a 2-gigawatt hub with grid connection in 2028.
- **Bitcoin Mining Growth**: On track for 50 exahash by mid-2025, with 50 megawatts/month data center construction.
- **AI Market Momentum**: Liquid cooling scarcity, hyperscale demand for 1+ gigawatt campuses, and post-DeepSeek AI interest.
- **Financial Transition**: U.S. GAAP reporting from July 2025, with $440M convertible notes and ATM flexibility.

**【Management Opening Remarks】**
- Lincoln Tan welcomed participants and highlighted the webcast with accompanying slides. He emphasized the forward-looking nature of the discussion and reminded listeners of the disclaimer for forward-looking statements.

**【CEO Commentary】**
- **Record Q2 Results**: $113.5M Bitcoin mining revenue, $53.7M operating cash flow, and $18.9M net profit after tax. Adjusted EBITDA increased by $60M to $62.6M.
- **Three Key Initiatives**: 
  1. **Horizon 1**: A 75-megawatt liquid-cooled AI data center in Childress, targeting completion by mid-2025, designed for 200-kilowatt rack density.
  2. **Sweetwater 2**: A 600-megawatt expansion in West Texas, creating a 2-gigawatt hub with Sweetwater 1, with grid connection target in 2028.
  3. **Bitcoin Mining Expansion**: On track for 50 exahash by mid-2025, with 50 megawatts of monthly data center construction capacity.
- **Strategic Focus**: Leveraging Bitcoin mining to bootstrap data centers and exploring single-site colocation opportunities for hyperscalers.

**【CFO Financial Commentary】**
- **Financial Highlights**: $113.5M revenue, $53.7M operating cash flow, $18.9M net profit. Convertible notes of $440M with 3.25% interest rate and transition to U.S. GAAP reporting from July 2025.
- **Balance Sheet**: Total assets of $1.9B, equity of $1.3B, and $427.3M closing cash. ATM proceeds of $372.3M and convertible note proceeds of $311.7M.
- **Accounting Changes**: Impact of U.S. GAAP on convertible notes and derivatives post-July 2025.

**【Q&A Highlights】**
- **Horizon 1**: CapEx of $6M-$7M per IT megawatt, leveraging existing infrastructure and long-lead item ordering. Strategic value in demonstrating delivery capability for AI data centers.
- **Sweetwater 2**: Late-stage development with grid connection risks, but material to West Texas hyperscale demand. Conversations with hyperscalers for 1+ gigawatt campuses.
- **Financing Strategy**: Flexibility with ATM, project debt for colocation contracts, and skepticism toward JVs. Focus on customer contracts to attract financing.
- **Market Dynamics**: Escalating power shortages (36GWh U.S. deficit), liquid cooling scarcity, and institutional Bitcoin adoption driving growth.


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