Q4 2025 earningsThu, Feb 5, 2026
IREN reports second quarter FY26 results
Total Revenue184.7M USD
AI Cloud Services Revenue17.3M USD
Adjusted EBITDA75.3M USD
Net Income (Loss)-155.4M USD
Key points
- Total revenue of $184.7 million (vs. $240.3 million in Q1 FY26) as the business continues transitioning from Bitcoin mining to AI Cloud
- Net loss of $155.4 million (vs. $384.6 million net income in Q1 FY26), driven by unrealized losses on convertible-note hedges and mining hardware impairments
- Adjusted EBITDA of $75.3 million (vs. $91.7 million in Q1 FY26)
- $3.6 billion of GPU financing secured for the Microsoft contract, at an interest rate below 6% p.a.
- New 1.6GW data center campus disclosed in Oklahoma; 140k GPU expansion on track for $3.4bn ARR by end of CY26
Site update
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
KiowaKiowa, OK New 1.6GW data center campus disclosed; grid studies complete, power scheduled to ramp from 2028. Disclosed only, not yet under construction. | Disclosed | — | — | 1,600 MWgross |