IREN Nasdaq Russell 1000 Earnings call
IREN (IREN) · Q2 2026 results
Share price: $20.84 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q4 2026 · published 27 Aug 2026 and 7 May 2026
Net loss widened on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Loss widened
Net income vs Q1 2026
Outlook given
Net income -684.0M vs -247.8M
Revenue −5.2%
2 · How management spoke
Restrained
Less upbeat than 75% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
IREN reported that $4 billion of ARR is now contracted for 2026 capacity, with $1 billion of that amount operating today.
Valuation
Reverse DCF. Free cash flow from the last full fiscal year, grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
Valuation unavailable: free cash flow and profit were negative in the last full year and on average over the last three, so there is nothing to discount.
Current price
$20.84
close of 2026-11-11
Revenue growth, 3 years
+110.8% a year
compound annual rate (CAGR)
Free cash flow 2024
−$0.1B
Free cash flow 2025
−$0.3B
Free cash flow 2026
−$0.9B
Read between the lines
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Key theme
The entire data center portfolio, including Horizons, is currently unencumbered, providing a growing asset base to raise asset finance to meet funding requirements through financing, cash flows, and corporate sources.
Source quote
“On data center financing, as Dan has spoken to, our entire data center portfolio is unencumbered today, including Horizons... The balance of the requirement we expect to meet through data center financing, operating cash flows and corporate sources. So there is obviously a significant and growing asset base to raise asset finance against.”
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Guidance
IREN expects data center and CapEx GPU requirements to increase by 15% to 20% for ongoing and new deployments with revenue increases.
Source quote
“Within that CapEx estimate, we expect data center and CapEx GPU requirements to be up approximately 15% to 20% for ongoing and new deployments with revenue increases expected...”
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Guidance
Quarter cash SG&A is expected to increase by $40 million to $50 million sequentially as the company invests in growth across sales, marketing, and R&D.
Source quote
“We expect first quarter cash SG&A to increase approximately $40 million to $50 million sequentially as we continue to invest for growth across sales and marketing, R&D, development...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Cost of revenue also fell $6.6 million, mainly as a result of lower electricity usage from reduced mining activities.”
“We expect first quarter cash SG&A to increase approximately $40 million to $50 million sequentially as we continue to invest for growth across sales and marketing, R&D, development, site and...”
“Alongside the growing market for GPU financing, attractive customer prepayments, we feel well placed to scale our fundraising efforts to support the rapid growth of the platform.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 137.2M | 144.8M | −5.2% | 501.0M | −72.6% |
| Gross profit | -82.5M | 104.9M | Turned loss | 342.0M | Turned loss |
| Operating income | -620.4M | -233.5M | Loss widened | 17.3M | Turned loss |
| Net income | -684.0M | -247.8M | Loss widened | 86.9M | Turned loss |
| EPS | -2.16 | -0.74 | Loss widened | 0.39 | Turned loss |
| P/E | 12-mo loss | 44.5 | — | 37.4 | — |
Topics
Most discussed now
- IREN has previously mentioned it will look at refinancing effectively Horizons as they're commissioned as it makes sense to wait until…
- If IREN looks at the chart on the screen across 8 models tracked by OpenRouter, weekly token usage across large...
- Let's just look at what happened 12 months ago, GPU financing barely existed as an asset class.
- Yes, a lot of those payment milestones are back-ended, but CapEx is incurred in the lead up to commissioning and...
Faded since Q1 2026
- Dropped The insight IREN kept coming back to was this: Digital adoption curves can go from zero to one overnight.
- Fading Early-stage development can be supported by balance sheet capacity and corporate-level sources.
- Fading For GPU CapEx, IREN is leveraging secured debt and customer prepayments.
- Fading As assets stabilize, refinancing and capital recycling can help support future builds.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure; Other events · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Material agreement; Regulation FD disclosure · SEC 8-K
- Material agreement; New financial obligation; Unregistered share sale; Other events · SEC 8-K