Iren's AI ambitions surge in Q1 earnings

Iren, the bitcoin miner and AI unreality work provider, reported its Q1 2026 net study connected November 6 aft marketplace close.

Its banal has been volatile this month, closing 6.8% little connected Friday, Nov. 7, adjacent arsenic it posted a 2.7% summation this week, but showed a 2.3% diminution implicit the past month.

The company’s net underscore a accelerated translation from a bitcoin miner to a large subordinate successful large-scale AI unreality infrastructure.

Its banal fell contempt important gains, arsenic analysts flagged execution and financing risks associated with its ambitious plans for further expansion, but it gained traction aft hours.

Iren’s gross this 4th surged 355% twelvemonth implicit twelvemonth to $240.3 million, up from the $52.8 cardinal a twelvemonth earlier, reflecting robust bitcoin mining activity.

The banal worth of the bitcoin miner has risen 435% twelvemonth to date, highlighting optimism implicit its modulation from a cryptocurrency miner into a large subordinate successful AI-powered information halfway infrastructure.

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Net Income for Iren reached grounds highs, astatine $384.6 million, compared to the $51.7 cardinal nett nonaccomplishment reported successful Q1 2025. The NI besides includes immoderate unrealized gains.

Adjusted EBITDA roseate to $91.7 million, up a important 3,500% twelvemonth implicit year.

A bulk of the gross inactive came from bitcoin mining, which delivered $232.9 million, portion AI unreality services contributed $7.3 million, driven by aboriginal commercialized GPU deployments.

Related: Bitcoin miner turns AI unreality contender

Earlier this month, Iren announced a $9.7 billion, five-year unreality declaration woody with Microsoft for the 200 megawatts of IT load astatine its Childress, Texas, site. The statement includes a 20% lawsuit prepayment and is expected to lend astir $1.9 cardinal successful yearly recurring gross (ARR) erstwhile afloat deployed.

The announcement propelled its banal value, which has seen a 238% summation this quarter.

The astir caller deals, a $9.7 cardinal statement with Microsoft and a $5.8 cardinal statement with Dell Technologies to acquisition the GPUs and ancillary equipment, person led to accrued speech astir its banal potential.

Iren is present targeting $3.4 cardinal successful AI unreality ARR done an enlargement to 140,000 GPUs crossed its sites.

Iren reported $1.8 cardinal of currency and currency equivalents arsenic of October 31, boosted by $1 cardinal zero-coupon convertible enactment issued successful October and a grounds $400 cardinal successful GPU financing.