IREN Ltd | 10-Q: Q1 2026 Earnings Report

Iris Energy reported robust Q1 FY2025 financial results, with total revenue reaching $240.3 million, up from $52.8 million year-over-year. Bitcoin mining revenue contributed $232.9 million while AI Cloud Services generated $7.3 million. The company mined 2,039 Bitcoin during the quarter, compared to 813 in the same period last year, driven by increased average operating hashrate of 45.3 EH/s.The company achieved a net income of $384.6 million, a significant improvement from a $51.7 million loss in Q1 FY2024. Operating expenses increased to $236 million, primarily due to higher depreciation, stock-based compensation, and impairment charges. The quarter saw substantial unrealized gains of $665 million on financial instruments related to convertible notes transactions.Looking ahead, Iris Energy continues expanding its AI Cloud Services, signing multiple contracts for approximately 5,000 GPUs. The company maintains a strong liquidity position with $1.03 billion in cash and cash equivalents. A significant development includes a $9.7 billion contract with Microsoft for dedicated GPU services at Childress, Texas facilities, demonstrating the company's strategic pivot toward AI infrastructure services.

Iris Energy reported robust Q1 FY2025 financial results, with total revenue reaching $240.3 million, up from $52.8 million year-over-year. Bitcoin mining revenue contributed $232.9 million while AI Cloud Services generated $7.3 million. The company mined 2,039 Bitcoin during the quarter, compared to 813 in the same period last year, driven by increased average operating hashrate of 45.3 EH/s.The company achieved a net income of $384.6 million, a significant improvement from a $51.7 million loss in Q1 FY2024. Operating expenses increased to $236 million, primarily due to higher depreciation, stock-based compensation, and impairment charges. The quarter saw substantial unrealized gains of $665 million on financial instruments related to convertible notes transactions.Looking ahead, Iris Energy continues expanding its AI Cloud Services, signing multiple contracts for approximately 5,000 GPUs. The company maintains a strong liquidity position with $1.03 billion in cash and cash equivalents. A significant development includes a $9.7 billion contract with Microsoft for dedicated GPU services at Childress, Texas facilities, demonstrating the company's strategic pivot toward AI infrastructure services.