IREN Ltd files 8-K: results of operations

Item 2.02 Results of Operations and Financial Condition.

1 IREN Reports Q1 FY27 Results Quarterly AI Cloud Revenue Nearly Triples to $200 Million Summary: • Total quarterly revenue increased 66% sequentially to $228 million • AI Cloud quarterly revenue increased 182% sequentially to $200 million1 • AI Cloud segment gross margin of 86%, in line with prior quarter2 • Revenue backlog increased 22% sequentially to $20.3 billion; approximately two-thirds with investment-grade counterparties3 • More than $4 billion ARR4 target is fully contracted and fully funded5 • Expanded contract with Leading Frontier AI Lab post-quarter end NEW YORK, November 5, 2026 (GLOBE NEWSWIRE) – IREN (NASDAQ: IREN) today reported financial results for the three months ended September 30, 2026, and provided an update on its AI Cloud business and growth plans.

“This quarter Horizon 1 went into service for Microsoft with NVIDIA Exemplar status, AI Cloud revenue nearly tripled to $200 million, and operating ARR doubled to a billion,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “The more than $4 billion of contracted ARR is funded and now targeted for January, after a customer-requested design change and supplier timing moved it from year-end; it may extend to the end of February. Since quarter-end we have signed a five-year contract at about $22 million per megawatt with 90% of the GPU capex prepaid by the customer, and a short-term contract at $40 million per megawatt. We own the land, the power and the data centers under all of it, which gives us more ways to fund growth and lets us set its pace.”

Q1 FY27 Financial Results US$ Million Quarter ended Quarter ended September 30, 2026 June 30, 2026 Revenue Total AI Cloud Revenue1 200 71 Bitcoin Mining Revenue 28 67 Total Revenue 228 137 Net income (loss) (263) (684) Adjusted EBITDA2 66 19 Q1 FY27 Business Highlights Demand and contracting • More than $4 billion ARR4 target is fully contracted and fully funded5 • Contracted pricing continues to rise: +11% on 3-year deals and +12% on 5-year deals6 • After quarter-end: o Expanded existing contract with Leading Frontier AI Lab o Signed short-term contract for $40 million per IT-MW of revenue7 o Approximately $22 million per IT-MW on a five-year contract including customer prepayment covering 90% of associated GPU capex7 o Contracted H100 GPUs at double previous pricing7 • The more than $4 billion ARR4 target, previously year-end 2026, is now targeted for January 2027 following a customer-requested change and supplier timing, and may extend to February 2027

2 Development and platform updates • >30,000 acres of land secured8 supporting: o >5GW of secured power o >35GW development pipeline9 • Advanced development, construction, and commissioning across multiple campuses, including: o 2GW Sweetwater Hub conditional inclusion in ERCOT’s Batch Zero process as base load o Horizon 1 delivered to Microsoft, Horizon 2-4 progressed to late-stage construction o Air-cooled retrofits continued in Childress and Mackenzie o Liquid-cooled data center construction well underway at Sweetwater 1 o New liquid-cooled data centers commenced construction at 100MW Mackenzie site o Civil works license secured for 300MW development in Badajoz, Spain o Early-stage development work at Sweetwater 2, Kiowa and Bundey • Achieved NVIDIA Exemplar Cloud status for NVIDIA GB300 NVL72 systems at Horizon 1 • Advanced IREN AI Cloud with Mirantis k0rdent AI, an NVIDIA Certified Hypervisor Balance sheet and funding • $20.6 billion of total assets, including $6 billion of data center assets with 20-year useful lives10 • Assets and revenue underpinned by customer contracts with NVIDIA, Microsoft and 13 other customers (two-thirds of revenue backlog with investment-grade counterparties3) • $15 billion11 remaining planned FY27 capex expected to be met by: o $9 billion of cash and committed GPU financing and prepayments5 o $6 billion of target GPU financing, prepayments, data center financing and other corporate level sources subject to market conditions, to drive future capacity targets12 Q1 FY27 Results Webcast & Conference Call IREN will host an audio webcast of the conference call to discuss the results for the quarter ended September 30, 2026, on Thursday, November 5, 2026 at 5:00 p.m.

Eastern time. A live audio webcast of the conference call can be accessed at IREN’s Investor Relations website: iren.com/investors. A replay of the webcast will be accessible shortly after the call at https://iren.com/investor/events-and- presentations About IREN IREN is a vertically integrated AI Cloud platform, delivering data centers, compute and software for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of land and grid-connected power in renewable-rich regions across North America, Europe and APAC. Contacts Investors ir@iren.com Media media@iren.com

3 Assumptions and Notes 1. Total AI Cloud Revenue comprises AI Cloud Services Revenue of $135m and AI Cloud Lease Revenue of $65m (prior quarter: $71m and nil, respectively), per our unaudited condensed consolidated statements of operations. 2. Adjusted EBITDA and Total segment gross profit are non-GAAP financial measures. AI Cloud segment gross margin is AI Cloud segment gross profit (Total AI Cloud revenue less AI Cloud cost of revenue, excluding depreciation and amortization and before site-level costs) divided by Total AI Cloud revenue. Refer to the reconciliations at the end of this press release to the most directly comparable GAAP financial measures. 3.

Revenue backlog includes remaining performance obligations plus remaining lease arrangements plus other amounts we estimate may be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements. Investment-grade share is based on the credit ratings of counterparties or their guarantors as of September 30, 2026. 4. 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.

More than $4 billion of ARR is targeted to be operational by January 31, 2027, and may extend to the end of February 2027, 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. 5. Cash and committed GPU financing and prepayments comprises cash and cash equivalents, restricted cash, undrawn committed GPU financing facilities and contracted customer prepayments not yet received, as of September 30, 2026.

“Fully funded” means these sources cover the remaining capex from September 30, 2026, including data centers and GPUs, for the 0.3GW (IT) program that supports the more than $4 billion ARR target, subject to satisfaction of the conditions to funding under committed financing facilities, including conditions to the release of escrowed proceeds and applicable availability periods. 6. Estimated average annual revenue per MW (IT) for 3- and 5-year contracts signed during Q1 FY27 and Q4 FY26 based on internal assumptions on power consumption for each contracted deployment, weighted by ARR. 7. Reflects contracts signed after Q1 FY27. Revenue per IT-MW is estimated annual revenue per MW (IT). Customer prepayment coverage reflects customer prepayments as a proportion of associated estimated GPU capex for the five-year contract.

Customer prepayments represent amounts contractually payable by customers in advance of service delivery, expressed as a percentage of the estimated capital expenditure attributable to the associated deployments. 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. H100 pricing increase is relative to pricing under the prior H100 contract at Prince George. 8. Includes land secured in freehold and under option, as of October 31, 2026. 9. >35GW development pipeline represents the potential gross power capacity, as of November 5, 2026, of projects at various stages of development prior to execution of grid connection agreements, letters of agreement or equivalents.