IREN reports fourth quarter and full year FY26 results
Total Revenue137.2M USD
AI Cloud Services Revenue70.5M USD
Adjusted EBITDA19.2M USD
Net Income (Loss)-684M USD
Key points
- Reported FY26 results: total revenue of $707.0m (FY25: $501.0m), with AI Cloud Services revenue up ~8x to $128.8m; Q4 FY26 revenue of $137.2m.
- FY26 net loss of $702.6m, impacted by $638.8m of non-cash impairments primarily from decommissioning Bitcoin mining hardware; FY26 Adjusted EBITDA of $245.7m.
- Signed a new multi-year AI Cloud contract with a leading frontier AI lab; $4bn contracted ARR for 2026 capacity and $1bn operating ARR today, with 2026 capacity largely sold out.
- Horizon 1, the first of four 50MW (IT) liquid-cooled deployments at Childress, delivered to Microsoft; Horizon 2 commissioning underway and Horizon 3-4 targeting delivery in Q4 2026.
- New $2.8bn GPU financings, including $2.4bn led by Blue Owl and PIMCO at a 9.0% fixed rate for the Mackenzie air-cooled expansion, funding 90% of associated GPU capex.
Deal
Undisclosed customerAug 2026
Durationmulti-year
Site update
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
ChildressChildress, TX FY26 results: Horizon 1 (first of four 50MW IT liquid-cooled deployments) delivered to Microsoft; NVIDIA Exemplar Cloud status achieved on GB300 NVL72; Horizon 2 commissioning underway; Horizon 3-4 in late-stage construction targeting delivery in Q4 2026. | ActiveUnder construction | 50 MWIT | 150 MWIT | 750 MWgross |