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IREN

IREN Limited

IREN

IREN Limited • NASDAQ
$47.81 ▼ -1.32% (-0.64)
Market Cap $13.55 B
52w High $76.87
52w Low $5.13
Dividend Yield 0%
P/E 27.48
Volume 14.19M
Outstanding Shares 283.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $240.295M ▲ $227.663M ▲ $384.611M ▲ 160.058% ▲ $1.42 ▲ $669.804M ▲
Q4-2025 $187.292M ▲ $45.921M ▼ $95.546M ▲ 51.014% ▲ $0.44 ▲ $153.129M ▲
Q3-2025 $148.098M ▲ $105.107M ▲ $24.227M ▲ 16.359% ▲ $0.11 ▲ $75.345M ▲
Q2-2025 $117.895M ▲ $79.818M ▼ $18.875M ▲ 16.01% ▲ $0.09 ▲ $54.211M ▲
Q1-2025 $54.39M $100.51M $-51.707M -95.067% $-0.27 $-5.107M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $1.032B ▲ $4.267B ▲ $1.391B ▲ $2.876B ▲
Q4-2025 $564.526M ▲ $2.94B ▲ $1.123B ▲ $1.817B ▲
Q3-2025 $196.033M ▼ $1.99B ▲ $564.188M ▼ $1.426B ▲
Q2-2025 $455.573M ▲ $1.852B ▲ $565.811M ▲ $1.286B ▲
Q1-2025 $98.589M $1.281B $151.663M $1.13B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $384.611M ▲ $142.353M ▼ $-280.877M ▲ $606.137M ▼ $467.737M ▲ $-138.258M ▼
Q4-2025 $176.9M ▲ $398.811M ▲ $-685.972M ▼ $656.562M ▲ $380.193M ▲ $18.251M ▲
Q3-2025 $0 $-48.012M ▲ $-301.639M ▼ $107M ▼ $-242.94M ▼ $-491.816M ▼
Q2-2025 $0 ▲ $-59.803M ▼ $-66.81M ▲ $456.892M ▲ $328.684M ▲ $-247.365M ▲
Q1-2025 $-51.703M $-3.915M $-387.137M $84.669M $-306.012M $-387.304M

Five-Year Company Overview

Income Statement

Income Statement IREN’s income statement shows a business that has moved from early-stage losses to early signs of sustainable profitability. Revenue has grown rapidly over just a few years, suggesting that both the Bitcoin mining and AI infrastructure sides are scaling. Profitability metrics have improved sharply: gross profit is healthy relative to revenue, operating results have swung from notable losses to a modest profit, and net income has turned positive after several years in the red. This pattern is typical of a capital-intensive growth story that has come through its heaviest startup pain and is starting to translate its investments into earnings. The main watchpoints are how durable these new profits are and how sensitive they remain to Bitcoin prices and AI demand cycles.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, reflecting heavy investment in data centers, power infrastructure, and computing hardware. Total assets have grown several-fold, and cash reserves have increased, though cash still represents a minority of total assets. Equity has strengthened from a previously weak or even negative position, indicating that past losses have been absorbed and new capital has been put to work. The introduction of meaningful debt is a key change: IREN is now more leveraged than in prior years, but equity remains larger than debt, suggesting a still solid capital base. The key questions are how effectively the company can use this enlarged asset base to generate steady returns and whether it can comfortably service its new borrowing through different Bitcoin and AI market conditions.

Cash Flow

Cash Flow Cash flow tells the story of a company investing aggressively for growth. Operating cash flow has moved from essentially breakeven to clearly positive, which is an encouraging sign that the underlying business model is working and that operations are now contributing meaningful cash. However, capital spending has been consistently heavy and recently surged, driving free cash flow deep into negative territory. In practical terms, IREN is plowing more cash into building capacity than it is currently generating, which is common for fast-growing infrastructure players but also means continued reliance on external funding or future cash flow growth. The central risk is execution: these investments need to translate into higher, more stable cash generation over time to justify the ongoing outlays.

Competitive Edge

Competitive Edge IREN occupies a distinctive niche by combining large-scale Bitcoin mining with high-performance computing for AI. Its main strategic strengths are its access to large amounts of relatively low-cost renewable power, vertical integration across land, power, and data centers, and a meaningful partnership for advanced GPUs. These factors support lower operating costs, better control over infrastructure, and an ability to pivot power toward whichever workload—Bitcoin or AI—is more attractive at a given time. This dual-focus model can help smooth out the sharp cycles typical of crypto mining alone. At the same time, IREN faces intense and well-funded competition in both arenas: from other miners on one side and from hyperscale cloud and data center providers on the AI side. Regulatory shifts in crypto, power markets, or data centers, and the need to continually secure and deploy cutting-edge hardware, are ongoing strategic risks.

Innovation and R&D

Innovation and R&D Innovation at IREN is less about traditional lab-style R&D and more about engineering, infrastructure design, and business model creativity. The company has focused on building and operating highly efficient, renewable-powered data centers; optimizing energy use through advanced cooling; and integrating the full stack from power to compute hardware. Its pivot from pure Bitcoin mining into AI infrastructure is itself a major strategic innovation, using existing know-how in running power-hungry facilities to enter a higher-value computing market. Partnerships for leading-edge GPUs and in-house data center development capability further strengthen its ability to roll out new capacity quickly. Future innovation will likely center on scaling GPU fleets, improving utilization of AI infrastructure, pushing cooling and efficiency technologies further, and refining the balance between crypto and AI workloads as market conditions change.

Summary

Overall, IREN looks like a company that has rapidly scaled from a narrow, loss-making crypto miner into a broader digital infrastructure operator that is beginning to show profits. The financial statements reflect a classic high-growth, capital-heavy profile: strong revenue expansion, improving margins, significantly larger assets, new debt, and persistently negative free cash flow due to intensive investment. Strategically, its low-cost renewable power, vertical integration, and move into AI computing create a potentially powerful position but also expose it to execution risk, technology cycles, and intense competition. The key things to watch going forward are the stability of its new profitability, the pace at which its AI and mining capacity are monetized, and whether its large capital program converts into dependable cash flows that comfortably cover its bigger balance sheet and funding needs.

NEWS

November 3, 2025 · 6:00 AM UTC

IREN Secures $9.7bn AI Cloud Contract with Microsoft

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October 23, 2025 · 6:46 AM UTC

Tradr Debuts Leveraged ETFs on BLSH, DASH, FLY, IREN, NEM, OPEN, QS, SRPT & WULF

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October 23, 2025 · 6:01 AM UTC

IREN to Release Q1 FY26 Results on November 6, 2025

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October 21, 2025 · 8:15 AM UTC

Defiance Launches IRE: The First 2X Long ETF for IREN Limited

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October 14, 2025 · 4:02 PM UTC

IREN Closes $1.0 Billion Convertible Notes Offering

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