Live: Complete Coverage of IREN Limited (IREN) Q1 Earnings

IREN’s scheduled call is now going (we think) – but unfortunately, our live transcription service isn’t picking up the company’s call, and we can’t get the company’s Investor Relations page to work.

That’s especially disappointing since IREN has such a broad retail investor base.

If we can’t get more updates and can’t access IREN’s call, we’ll have to conclude this live blog for the day.

We thank everyone for joining and hope you click the button on the ‘News’ section in Google news, and add ’24/7 Wall St’ to your preferred news sources. We publish hundreds of live earnings blogs just like this with our team of experts every quarter. The best way to ensure you see our latest content on IREN is to add us as a preferred source. 

IREN shares are now back up 5.5%, its been quite the whipsaw after hours.

Of course, as we’ve noted many times on this live blog, the company’s earnings call will be pivotal.

One interesting note: the company’s Investor Relations site (where you would register for the call) is still down. 

We have transcription services to follow the call, so that won’t impact us… But for every day retail investors, this could be a problem.

Regardless, here are a few notes.

First, if you’re interested in AI investing, make sure to check out 24/7 Wall St’s AI investing podcast. It’s free, and I (Eric Bleeker here!) invest $500,000 of my own money in a portfolio across each episode so you can get dozens of new ideas per year. 

Second, we will update the live blog with key comments during tonight’s conference call. So if you’re unable to listen, this is your number one source to discover if any market moving news happens. 

Updates will slow until the call, but we hope you leave this page open. If you’re not seeing future updates push automatically, simply refresh the page to make sure you haven’t missed any.

If you’re struggling with IREN’s investor relations page being down: here is the company’s SEC Filing.

You’ll note right at the top “Targeting $3.4 billion cloud ARR by end of 2026.” 

That’s obviously the main headline the company wants from these earnings, and it is impressive when you consider cloud services had a $29 million ARR last quarter.

Of course, Wall Street will take some time to figure out how $3.4 billion in ARR compares to models for the company. Expect plenty of questions on IREN’s conference call establishing timing, how much of that number is Microsoft, and how big the company’s new customer deals are.

IREN shares were flat at first, then they jumped as high as 7%, and now they’re retreating down slightly. 

Each tick seems to move to between green and red but the outsized reaction we briefly saw at 4:10 p.m. ET has faded. We don’t expect any massive move from the company before its earnings call.

However, it is worth noting that many cloud companies (such as Applied Digital) have seen the biggest moves from managerial commentary on their call. 

If you’re an IREN investor, you do not want to ignore what management has to say tonight. 

Well, the situation hasn’t improved for IREN’s investor relations site – it’s still showing a 504 Gateway Time-out. We cover earnings for hundreds of companies each earnings season and while I won’t say this is unprecedented, it’s also … Let’s just say, exceedingly rare.

Yet, once again, investors are liking what they see from IREN. The multiyear contracts with Together AI, Fluidstack, and Fireworks AI are likely helping drive returns.

Remember: Almost ALL of Iren’s revenue is still Bitcoin Mining. 

That’s the reason there is little focus on last quarter. Instead, all reaction to earnings is about what the company is forecasting ahead. Can the Microsoft deal lead the company to see acceleration from other customers is top of mind for Wall Street.

• Bitcoin Mining Revenue: $232.9M

• AI Cloud Services Revenue: $7.3M

• Record Adjusted EBITDA of $91.7M

• Significant AI Cloud expansion with Microsoft contract

• Expansion to 140k GPUs

• Secured multi-year contracts with Together AI, Fluidstack, and Fireworks AI

IREN Q1 ’26 Year-Over-Year Snapshot

In Q1 ’26, IREN delivered $240.3 M in revenue and an impressive $384.6 M in net income (keep in mind, adjusted EPS was flat though), underpinned by a strong cash position of $1.8 B. Total assets stood at $4.27 B against liabilities of $1.39 B, resulting in shareholders’ equity of $2.88 B.

CEO Daniel Roberts adopted a very bullish tone, highlighting that “we secured several new multi-year contracts, including a landmark partnership with Microsoft, which solidifies IREN’s position as a leading AI Cloud Service Provider and expands our reach into new hyperscale customer segments.”

He also noted the company delivered record results this quarter and made meaningful progress in its AI Cloud expansion.

IREN shares have no moved up dramatically, about 7% minutes after their earnings release. We’re trying to get more information but the company’s investor relations page is still down.

It looks like IREN’s investor relations page may be down – so we’re struggling to get more information. Not a great sign for a cloud company, but one we’ll overlook.

We’ll be going directly to SEC filings for data from the company.

Here are the flash results:

• Revenue: $240 million (Either inline or a beat depending on data source)
• EPS: $.00 (miss)

Shares are up moderately (at 1.4%) in first reaction to the earnings. 

As a reminder, here’s what Wall Street expected for this (and next) quarter:

• Revenue: $241.97 million
  EPS (Normalized): $0.15
• Next quarter (December FY26):
  Revenue: $257.44 million
  EPS (Normalized): $0.11

Shares of IREN are dropping even further heading into the close as the Nasdaq is now down 1.8% today.

One note – there is no single estimate of estimated EPS for a quarter, and you’ll find different estimates from different data providers. I’m seeing everything from $.09 to $.15 estimated for IREN’s adjusted earnings last quarter.

Which is to say, what one source considers an ‘earnings beat’ could be a miss from another.

We expect much. more focus will be paid on IREN’s commentary about the future than how the company performed last quarter.

The closing bell is in 5 minutes and the moment IREN’s earnings hit newswires we’ll begin providing analysis. Simply leave this live blog open and new updates will populate automatically. 

IREN (Nasdaq: IREN) shares are down 11% in late trading, but the company is far from the only neocloud seeing outsized losses today. CoreWeave (Nasdaq: CRWV) is down 6.8% while Applied Digital (Nasdaq: APLD) shares are down 5.4%.

As we noted in our last update, there’s been a general fleeing from risk across the market and most AI stocks have seen their shares plummet. Shares of CoreWeave are now down 42% from their June 20th peak, but are still up 167% from the company’s March IPO price.

Applied Digital shares are down 16% from their recent peak, but still up 304% year-to-date.

Finally, IREN shares had just hit their 52-week high yesterday amidst optimism over the company’s recently announced partnership with Microsoft, so the company has seen the best recent performance of this group. Overall, shares are up 548% year-to-date after today’s drop.

We’ll be watching for additional commentary from management tonight on the Microsoft deal.

As a note, other companies that were previously focused on Bitcoin Mining and have pivoted to AI, like Cipher Mining (Nasdaq: CIFR), are also seeing outsized losses today. Cipher shares are down 13% in late trading.

Investors waiting for Iren’s earnings almost surely are watching the company’s share price today. In late trading on Thursday, shars of IREN (Nasdaq: IREN) are down 10.7%. While it would be easy to attribute this sell-off to ‘pre-earnings jitters,’ the reality is likely more based on what’s happening across the broader market today.

Shares of companies heavily exposed to AI are selling off harshly today. NVIDIA (Nasdaq: NVDA) is down 2.75%, AMD (Nasdaq: AMD) is down 6.4%, Oracle (Nasdaq: ORCL) is down 1.9%, and Palantir (Nasdaq: PLTR) is down 5.8%.

What do all these stocks have in common? They’ve all become names synonymous with the AI trade and have seen significant recent gains. The market today can be explained pretty well by Apple‘s (Nasdaq: AAPL) share price movements versus the rest of the Magnificent 7.

While stocks with the most AI exposure (Microsoft, NVIDIA, Meta, and Amazon) are all falling, Apple is up .48%. A key reason is that Apple is the one stock from that group without an expensive buildout of AI servers.

It’s hard to say what the trigger for today’s sell-off of AI stocks is. Comments from OpenAI’s CFO about the government ‘backstopping’ the company’s massive buildout led to more fears we’re in an AI bubble. The company’s CFO tried walking the statements back today, but the damage was done.

Another quote came from NVIDIA’s CEO, who said in a panel, “China will win the AI race” and cited red tape in the U.S. as a key reason the country could fall behind China.

Regardless, the end result of all these storylines is that in general AI stocks are selling off today, and stocks that are seen as more risky or have had recent strong price appreciation are seeing the most dramatic drops. IREN fits all of those categories, and that’s why shares are dropping so much before earnings today.