IREN Ltd | 10-Q: Q2 2026 Earnings Report

Iris Energy reported strong Q2 FY2026 results with total revenue reaching $184.7 million, up from $116.1 million YoY. Bitcoin mining revenue increased to $167.4 million while AI Cloud Services revenue grew to $17.3 million. The company achieved a net loss of $155.4 million, impacted by $111.8 million in debt conversion expenses and $31.8 million in asset impairment charges.The company secured a landmark $9.7 billion five-year agreement with Microsoft to provide dedicated GPU services at its Childress, Texas facilities. To support this expansion, Iris Energy entered into a $5.8 billion purchase agreement with Dell for GPUs and ancillary products, scheduled for delivery in four tranches during 2026. The company also raised approximately $3.3 billion through convertible notes offerings.As of December 31, 2025, Iris Energy maintained a strong financial position with $3.26 billion in cash and cash equivalents. The company's operational capacity included approximately 46 EH/s of installed Bitcoin mining hashrate and 99,900 GPUs installed or on order. Management continues to execute on its strategic transition toward AI Cloud Services while maintaining Bitcoin mining operations.

Iris Energy reported strong Q2 FY2026 results with total revenue reaching $184.7 million, up from $116.1 million YoY. Bitcoin mining revenue increased to $167.4 million while AI Cloud Services revenue grew to $17.3 million. The company achieved a net loss of $155.4 million, impacted by $111.8 million in debt conversion expenses and $31.8 million in asset impairment charges.The company secured a landmark $9.7 billion five-year agreement with Microsoft to provide dedicated GPU services at its Childress, Texas facilities. To support this expansion, Iris Energy entered into a $5.8 billion purchase agreement with Dell for GPUs and ancillary products, scheduled for delivery in four tranches during 2026. The company also raised approximately $3.3 billion through convertible notes offerings.As of December 31, 2025, Iris Energy maintained a strong financial position with $3.26 billion in cash and cash equivalents. The company's operational capacity included approximately 46 EH/s of installed Bitcoin mining hashrate and 99,900 GPUs installed or on order. Management continues to execute on its strategic transition toward AI Cloud Services while maintaining Bitcoin mining operations.