IREN: Something Doesn't Add Up [Seeking Alpha]
Iris Energy Limited (IREN)
Company Research
Source: Seeking Alpha
Despite a Q2 revenue miss and EPS loss, adjusted EBITDA rose 20% YoY with margin expansion to 41%, highlighting robust core operations. MSCI USA Index inclusion and a $9.7B, 5-year Microsoft contract underpin forward revenue visibility and institutional demand. Risks include high valuation (forward P/E ~110x), shareholder dilution, and revenue concentration with Microsoft, but secured funding and infrastructure moat support the bullish thesis for IREN stock. Hugo Kurk/iStock via Getty Images IREN Limited ( IREN ) reported its second-quarter FY2026 earnings last Feb, and, on the surface, the numbers looked rough. Revenue came in around $184.7 billion, which missed Wall Street estimates by 17.66%. Moreover, (diluted) EPS This article was written by Analyst's Disclosure: I/we have a beneficial long position in the shares of MSFT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving com
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IREN
News
- IREN vs. CRCL: Which Crypto-Exposure Stock Has an Edge Right Now? [Yahoo! Finance]Yahoo! Finance
- IREN's Power Moat: Winning The AI Race [Seeking Alpha]Seeking Alpha
- IREN Ltd (IREN) Strengthening Cloud Platform with Nvidia's GPUs [Yahoo! Finance]Yahoo! Finance
- Why I See IREN's $6B ATM As A Growth Tool, Not A Threat To Shareholders [Seeking Alpha]Seeking Alpha
- IREN's Massive AI Opportunity Faces Dilution Risk [Seeking Alpha]Seeking Alpha
IREN
Sec Filings
- 3/4/26 - Form 8-K
- 3/4/26 - Form 424B5
- 3/4/26 - Form 8-K
- IREN's page on the SEC website