IREN Ltd files 8-K: results of operations

Item 2.02 Results of Operations and Financial Condition.

1 IREN Business Update and Q3 FY26 Results $3.4bn AI Cloud Contract & 5GW Strategic Partnership with NVIDIA 2026 Expansion to $3.7bn ARR On Track1 2027 Expansion to 1.2GW of AI Cloud Capacity In Build 2028+ Expansion Across North America, Europe and APAC Underway NEW YORK, May 7, 2026 (GLOBE NEWSWIRE) – IREN Limited (NASDAQ: IREN) (“IREN” or “the Company”) today provided a business update and reported its financial results for the three months ended Mar 31, 2026.

Highlights • $3.4bn AI Cloud contract with NVIDIA o 5-year contract for air-cooled Blackwell GPUs o Deploying within 60MW of existing data centers at Childress o Targeting ramp from early 2027 • 5GW strategic partnership with NVIDIA o Collaboration to support deployment of NVIDIA-aligned infrastructure and architecture across IREN’s 5GW global data center pipeline o As part of the partnership, IREN issued to NVIDIA a 5-year right to purchase up to 30 million shares of ordinary stock at an exercise price of $70 per share, resulting in a right to invest up to $2.1 billion, subject to certain conditions including regulatory2 • 2026 expansion to 480MW on track o Horizon 1-4 on track for delivery by year-end o Operational capacity fully contracted o $3.1bn ARR under contract, targeting $3.7bn ARR by end of CY261, 3 • 2027 expansion to 1,210MW in build o Childress Horizons 5–6 o Childress air-cooled capacity o Sweetwater 1 initial phase • 2028+ expansion across 5GW secured power underway o Additional Sweetwater and Kiowa data center capacity expected to ramp from 2028 o Acquisition of Nostrum adds 490MW in Spain and GW+ development pipeline o Additional development projects in Australia advancing toward connection agreement • Strengthening AI Cloud delivery with acquisition of Mirantis o Strengthens how IREN’s compute is deployed, managed and operated for customers

2 o Builds on IREN’s existing software, engineering and customer support capabilities o Enables IREN to serve a broader range of customer requirements over time o Supporting delivery of NVIDIA AI Cloud contract • Multiple GPU, data center and corporate level financing initiatives underway o Near term capex expected to be met through combination of existing cash ($2.6bn at Apr 30)4, operating cash flows, GPU financing and additional financing initiatives Q3 FY26 Financial Results • Results reflected continued progress in the transition from Bitcoin mining to AI Cloud o Total revenue decreased to $144.8m (vs. Q2 FY26 $184.7m) o Net income (loss) of $(247.8)m (vs. Q2 FY26 $(155.4)m) o Adj. EBITDA decreased to $59.5m (vs.

Q2 FY26 $75.3m)5 • Revenues decreased $39.9m, driven by lower average Bitcoin price combined with decommissioning of mining hardware ahead of GPU installation and billing, partially offset by increase in AI Cloud revenue • Cost of revenues decreased $25.9m, primarily driven by lower electricity cost resulting from reduced Bitcoin mining capacity • Net income (loss) impacted by non-cash impairments of $(140.4m) primarily related to decommissioning of mining hardware and unrealized losses related to capped calls associated with convertible notes of $(23.7)m Management Commentary “The world is structurally short compute, and the bottleneck is delivered data center and GPU capacity,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “That plays directly into IREN’s core strengths – securing power, developing land, building data centers and bringing compute online at scale.

This quarter reflected strong execution against that opportunity. We energized the Sweetwater 1 substation on schedule, advanced the Horizon 1-4 liquid-cooled data centers at Childress in support of our $9.7bn contract with Microsoft, and continued transitioning existing data centers from ASICs to GPUs for higher- value AI Cloud workloads. We also signed a 5-year, $3.4bn AI Cloud contract with NVIDIA and entered into a broader strategic partnership that further validates IREN’s key role in the AI infrastructure ecosystem. The acquisitions of Nostrum and Mirantis will strengthen our platform, adding European sites and teams, together with software, orchestration and support capabilities that will broaden customer access over time as we scale across our global 5GW secured power portfolio.”

3 Q3 FY26 Results Webcast & Conference Call IREN will host its Q3 FY26 results webcast and conference call at the following time: Time & Date: 5:00 p.m. Eastern Time, Thursday, May 7, 2026 Participant Registration Link Live Webcast Use this link Phone Dial-In with Live Q&A Use this link The webcast will be recorded, and the replay will be accessible shortly after the event at https://iren.com/investor/events-and-presentations About IREN IREN is a vertically integrated AI Cloud provider, delivering large-scale data centers and GPU clusters for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions across North America, Europe and APAC. Contacts Investors ir@iren.com Media media@iren.com

4 Assumptions and Notes 1. ARR of $3.7bn represents expected $1.9bn average annual revenue under Microsoft contract plus estimated $1.8bn ARR from ~74k GPU deployment at British Columbia and Childress sites, based on internal company assumptions regarding GPU models, utilization and pricing. It is not fully contracted, there can be no assurance that it will be achieved, and actual revenue may differ materially. Assumes on time delivery and commissioning of GPUs. 2.

The investment will be made pursuant to a Securities Purchase Agreement pursuant to which IREN has agreed to sell investment rights to NVIDIA to purchase an aggregate of 30,000,000 ordinary shares in IREN, subject to certain adjustments in accordance with the terms of the investment rights, in a private placement for aggregate gross proceeds of approximately $2.1bn (if fully exercised and subject to any regulatory limitations). 3. ARR under contract of $3.1bn represents expected $1.9bn average annual revenue under Microsoft contract, expected $0.7bn average annual revenue under NVIDIA contract, plus $0.5bn ARR under contract from GPU deployments at Prince George. ARR under contract includes amounts that are not yet revenue-generating until the relevant GPUs are delivered, commissioned, and in service.

There can be no assurance that contracted GPUs will result in such hours or pricing, and actual revenue may vary materially. 4. Reflects USD equivalent, unaudited preliminary cash and cash equivalents as of April 30, 2026. 5. Adjusted EBITDA are non-GAAP financial measures. Refer to page 12 for a reconciliation to the nearest comparable GAAP financial measure.

8 Consolidated Balance Sheet US$m As of March 31, 20261 As of December 31, 2025 Assets Cash and cash equivalents 2,213.3 3,260.6 Accounts receivable, net 69.1 9.6 Deposits and prepaid expenses 90.0 55.3 Derivative assets - - Income taxes receivable - - Assets held for sale 6.5 20.1 Other assets and other receivables 45.7 37.8 Total current assets 2,424.5 3,383.4 Property, plant and equipment, net 4,369.9 3,170.5 Intangible assets, net 108.8 107.6 Operating lease right-of-use asset, net 2.9 1.3 Deposits and prepaid expenses 161.8 148.8 Financial assets - - Derivative assets 192.0 215.7 Other non-current assets 5.0 0.3 Total non-current assets 4,840.4 3,644.2 Total assets 7,264.9 7,027.6 Liabilities Accounts payable and accrued expenses 461.8 576.3 Operating lease liability, current portion 0.5 0.4 Finance lease liability, current portion 122.2 61.9 Deferred revenue 21.8 6.8 Income taxes payable 0.9 0.8 Other liabilities, current portion 44.1 36.1 Total current liabilities 651.4 682.1 Operating lease liability, less current portion 2.3 0.9 Finance lease liability, less current portion 152.1 94.1 Convertible notes payable 3,687.8 3,685.3 Deferred revenue, less current portion 98.6 39.8 Deferred tax liabilities 0.6 8.1 Income taxes payable, less current portion 2.7 2.3 Other liabilities, less current portion 4.9 3.8 Total non-current liabilities 3,949.0 3,834.3 Total liabilities 4,600.4 4,516.4 Stockholders' equity 2,664.5 2,511.2 Total stockholders' equity 2,664.5 2,511.2 Total liabilities and stockholders' equity 7,264.9 7,027.6 1) For further detail, see our unaudited condensed consolidated financial statements for the quarter ended March 31, 2026, included in our Form 10-Q filed with the SEC on May 7, 2026.