Highlights

  • IREN posted a 28.3% YoY rise in Q1FY26 revenue, driven by rapid AI Cloud expansion.
  • Net income surged 117.4% YoY to USD 384.6 million in Q1, supported by a higher operating leverage.
  • A landmark USD 9.7 billion AI Cloud deal with Microsoft is set to add USD 1.9 billion in annual recurring revenue.
  • The stock has soared ~400% in six months but declined ~25% over the past month.

IREN Limited (NASDAQ:IREN), headquartered in Australia, operates data centers powered entirely by renewable energy. The company’s sites are built to handle high-density computing requirements, supporting Bitcoin mining, AI cloud workloads, and other compute-intensive applications.

IREN reported notable financial results for the first quarter of financial year 2026 (Q1FY26), with total net revenue rising 28.3% YoY to USD 240.3 million, reflecting rapid scaling of its AI Cloud services and new multi-year customer contracts. Net income more than doubled to USD 384.6 million, up 117.4% YoY, powered by stronger operating leverage from AI Cloud expansion and unrealized gains linked to convertible notes.

Net cash from operating activities rebounded to USD 142.4 million from a negative position last year, supported by recurring revenue, improved margins, and upfront customer prepayments. The company's cash and cash equivalents surged 82.9% YoY to USD 1,032.3 million, attributed to proceeds from convertible bond issuance and enhanced operating cash generation.

Recent Business Update

On November 3, 2025, IREN executed a landmark five-year, USD 9.7 billion AI Cloud contract with Microsoft, including phased GPU deployments and customer prepayments. This strategic partnership is expected to make IREN a leading hyperscale AI compute provider, contributing around USD 1.9 billion in recurring revenue, annually. Additionally, IREN completed a USD 1.0 billion zero-coupon convertible note offering on October 14, 2025.

Company Outlook

IREN’s management outlined a highly constructive future, emphasizing sustained multi-year growth driven by the scalability of its vertically integrated AI Cloud platform. The company plans to expand its GPU capacity significantly, from 23,000 units to 140,000 by the end of 2026, underpinning an estimated USD 3.4 billion in annualized run-rate revenue.

Much of this outlook is supported by the recently announced USD 9.7 billion Microsoft agreement, projected to contribute USD 1.9 billion in annual recurring revenue with robust EBITDA margins. The firm noted its expansion will utilize only about 16% of its secured power portfolio, ensuring substantial headroom for future infrastructure growth.

Top 10 Shareholders

The top 10 shareholders collectively account for about 28.14% of the company’s equity, indicating a relatively concentrated ownership structure. Jane Street Capital, L.L.C. and HANSAINVEST Hanseatische Investment GmbH hold the largest individual positions, with stakes of 4.13% and 4.02%, respectively.

Stock Information

The stock price of IREN has appreciated by around 400% in the past six months; however, it is down around 25% in the past month. The 52-week range lies between USD 5.12 to USD 76.87, with the current price above the midpoint of this range.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is November 19, 2025. The reference data in this report has been partly sourced from EODHD/Others.

 Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.