IREN Q3 2025 earnings call transcript

Key points

On its fiscal Q1 FY2026 call (September 2025 quarter), IREN reported record quarterly revenue of $240 million, up 28% sequentially, and adjusted EBITDA of $92 million, its fifth consecutive quarter of revenue growth. The centerpiece was a transformational $9.7 billion AI cloud contract with Microsoft to deploy 76,000 NVIDIA GB300 GPUs, generating roughly $1.94 billion in annual recurring revenue. Management outlined plans to scale the GPU fleet from 23,000 to 140,000 units by end of 2026, targeting $3.4 billion in annualized revenue.