IREN Reports FY26 Results
NEW YORK, Aug. 27, 2026 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN” or “the Company”) today provided a business update and reported its financial results for the full fiscal year ended June 30, 2026.
IREN signed a new multi-year AI Cloud contract with a leading frontier AI lab, bringing its contracted annualized run-rate revenue (ARR) to $4 billion for 2026 capacity, with $1 billion currently operating¹,². The company continues to deliberately allocate capacity across a diversified customer base spanning hyperscalers, enterprises, AI developers, and frontier labs. Recent commercial milestones include new agreements with Cohere, Prometheus, Perplexity, Figure AI, Fal AI, and Higgsfield AI, alongside contract renewals and expansions with existing clients. While 2026 capacity is largely sold out, late-stage discussions are underway for a significant portion of 2027 capacity, with customer and financing discussions progressing in parallel for 2028.
Contracted pricing is rising, driving greater value per megawatt. Recent three-year contracts exceed $20 million in revenue per MW (IT), representing approximately a two-year payback³, with active discussions reaching ~$25 million per MW (IT). Recent customer prepayments cover 45–55% of associated GPU capital expenditures⁴. Shorter-duration contracts and Mirantis managed services provide additional revenue upside. Capital-efficient GPU financing includes a $3.6 billion investment-grade facility for the Microsoft contract at 6.0%⁵, which, together with prepayments, funds 96% of associated GPU capex. Additionally, new $2.8 billion in GPU financings support non-investment-grade customer deployments, including a $2.4 billion facility led by Blue Owl and Pacific Investment Management Company LLC at a 9.0% fixed rate for the Mackenzie air-cooled expansion, funding 90% of associated GPU capex. Together with customer prepayments, these facilities provide funding exceeding GPU capex, supporting other data center requirements.
Horizon 1 was delivered to Microsoft, marking the first of four 50MW (IT) liquid-cooled deployments at Childress, achieving NVIDIA Exemplar Cloud status on GB300 NVL72. Horizon 2 commissioning is underway, with Horizons 3 and 4 in late-stage construction, targeting delivery in Q4 2026. IREN is executing global expansion across a pipeline exceeding 5GW of data center capacity, targeting cumulative deliveries of approximately 0.3GW (IT) in 2026 and 0.8GW (IT) in 2027. New liquid-cooled deployments are planned at Mackenzie, Canal Flats, and Prince George during 2027 to optimize power headroom at existing sites. Development is also progressing at Sweetwater (Texas), Kiowa (Oklahoma), Bundey (Australia), and Badajoz (Spain). The acquisitions of Mirantis and Nostrum have been completed, strengthening software and services capabilities and expanding the platform into Europe. Headcount nearly tripled in FY26, accompanied by five recent C-suite appointments.
For the quarter and year ended June 30, 2026, total revenue reached $137.2 million and $707.0 million, respectively, compared to $144.8 million and $501.0 million for the quarter and year ended March 31, 2026, and June 30, 2025. AI Cloud Services revenue grew approximately eightfold to $128.8 million in FY26, up from $16.4 million in FY25, while Bitcoin Mining Revenue was $66.7 million for the quarter and $578.2 million for the year. Net loss stood at $(684.0) million for the quarter and $(702.6) million for the year, primarily driven by non-cash impairments of $(450.4) million and $(638.8) million, respectively, related to decommissioning Bitcoin mining hardware as sites transition to AI Cloud growth. Adjusted EBITDA⁶ was $19.2 million for the quarter and $245.7 million for the year, down from $59.5 million and $269.7 million in the prior periods, reflecting increased employee-related costs and broader platform investments ahead of the AI Cloud Services revenue ramp. The company remains well-capitalized with existing cash and committed GPU financing and prepayments totaling $14 billion.
Daniel Roberts, Co-Founder and Co-CEO of IREN, stated: “We started IREN with a simple observation: the digital world can scale almost instantly, but the physical world cannot. This year, that founding thesis became tangible. Exponential AI consumption growth has fueled demand for compute capacity well beyond the available supply of infrastructure. IREN was built for this moment. Our 2026 capacity is largely sold out. This includes Horizon 1, the first of four leading-edge liquid cooled GPU deployments that we successfully delivered to Microsoft this month. We have broadened our customer base to include hyperscalers, enterprises, AI developers and frontier labs. As our platform has scaled and our market position has strengthened, we have attracted leading customers and secured stronger pricing, more attractive contract terms and improved paybacks. We are continuing to contract future capacity with a deliberate strategy, building a diversified base of counterparties and preserving room for higher-value managed services and software. Site optimization is also increasing the revenue potential of every megawatt. With increasing availability of a broad range of capital sources to fund our expansion, we are well positioned to keep compounding as the structural shortage of compute deepens. We have spent years assembling what is difficult to replicate: power, land, data centers, compute, software and people. This is only the beginning.”
IREN will host its FY26 results webcast and conference call at 5:00 p.m. Eastern Time on Thursday, August 27, 2026. Participant registration, live webcast, and phone dial-in with live Q&A links are available through the investor relations portal. The webcast will be recorded, and the replay will be accessible shortly after the event at https://iren.com/investor/events-and-presentations. IREN is a vertically integrated AI Cloud platform delivering data centers, compute, and software for AI training and inference, underpinned by an expansive portfolio of land and grid-connected renewable power across North America, Europe, and APAC. Investor inquiries may be directed to ir@iren.com; media inquiries to media@iren.com.
Annualized-run-rate revenue (“ARR”) is calculated as GPU/hour pricing for commissioned GPUs under contract as of the relevant date multiplied by 8,760 hours per year and includes annualized revenue for storage and ancillaries. ARR is an operating metric, not a U.S. GAAP measure, and differs from, and is not a substitute for, GAAP revenue; recognized revenue may be materially lower. Operating ARR of $1bn is calculated as of August 26, 2026. $4bn of ARR targeted to be operational by December 31, 2026 is based on internal company assumptions regarding utilization and pricing, with revenue expected to ramp upon, and being subject to, commissioning, testing and customer acceptance in the months following each data center’s delivery. ARR is not derived from or an adjustment to GAAP revenue, and excludes GAAP recognition and measurement effects. ARR is an operating metric, not a U.S. GAAP measure, and differs from, and is not a substitute for, GAAP revenue; recognized revenue may be materially lower. Payback period estimated based on estimated capital expenditure for GPUs and ancillaries divided by contracted revenue less estimated direct costs. Customer prepayments represent amounts contractually payable by customers in advance of service delivery, expressed as a percentage of the estimated capital expenditure for GPUs and ancillaries. Prepayment terms vary by contract and there can be no assurance that future contracts will include prepayments or similar terms. GPU capex excludes provincial sales tax and goods and services tax. Weighted average interest rate across U.S. private placement and DDTL, excluding fees. Adjusted EBITDA is a non-GAAP financial measure. Refer to page 10 for a reconciliation to the nearest comparable GAAP financial measure.
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”), that involve substantial risks and uncertainties. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies, revenue targets, expectations as to delivery timelines, supply-demand and other market conditions, anticipated contract durations and revenue impacts, planned GPU deployments, future capital expenditure requirements, and other trends we expect to affect our business. These statements often include words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “potential,” “could,” “would,” “may,”