IREN: Crypto Pain, AI Gain [Seeking Alpha]
Iris Energy Limited (IREN)
Company Research
Source: Seeking Alpha
Specifically, Q2 revenue fell 23% sequentially to $184.7M and came in almost 20% below expectations, with more than 90% still tied to legacy Bitcoin mining. The key milestone was the $3.6B delayed-draw term loan. Add in the $1.9B of Microsoft prepayments, and the package covers about 95% of GPU CapEx for Horizons 1–4 data centers. By end-2026, IREN targets 140k GPUs and $3.4B ARR; $2.3B of run-rate is already contracted. On top of that, only 10% of its 4.5GW contracted power supports that target. Despite more downside risks for Bitcoin, I think the market is increasingly treating IREN like an AI stock. Overall, I remain cautiously bullish over a 1–2 year timeframe. tiero/iStock via Getty Images IREN Limited ( IREN ) was disappointed with its Q2 FY26 print after reporting revenue close to 20% below the Street's expectations. Yet, shares are up mid-single digits since the last earnings, proving that, similar to Nebius after its recent print, the This article was written by
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IREN
News
- B. Riley Keeps a Buy Rating on IREN Limited (IREN) [Yahoo! Finance]Yahoo! Finance
- IREN Appoints John Gross as Chief Innovation OfficerGlobeNewswire
- IREN Investors: Look Beyond That $3.4B Target [Seeking Alpha]Seeking Alpha
- Lazard Enhanced Opportunities Portfolio Q4 2025 Commentary [Seeking Alpha]Seeking Alpha
- Canaccord Genuity Reiterates Buy on IREN Limited (IREN) [Yahoo! Finance]Yahoo! Finance
IREN
Sec Filings
- 2/13/26 - Form SCHEDULE
- 2/5/26 - Form 10-Q
- 2/5/26 - Form 8-K
- IREN's page on the SEC website