Overview
- Fiscal first‑quarter revenue rose to $240.3 million and net income reached $384.6 million, with earnings per share of $1.08 beating estimates.
- The five‑year Microsoft agreement is expected to contribute about $1.9 billion in annualized run‑rate revenue once fully deployed through 2026.
- Management is targeting roughly 140,000 GPUs and about $3.4 billion in AI Cloud annualized recurring revenue by the end of 2026, supported by new multiyear contracts with Together AI, Fireworks AI and Fluidstack.
- IREN reports $1.8 billion in cash and equivalents as of Oct. 31 and has raised $1 billion in zero‑coupon convertible notes along with additional GPU financing.
- Buildout milestones include converting 160MW in British Columbia to GPUs, constructing 200MW liquid‑cooled data centers at the 750MW Childress campus, and energizing substations at the 2GW Sweetwater Hub over the next two years.