Overview
- IREN reported Q1 FY26 EPS of $1.08 versus a $0.14 consensus and revenue of $240.3 million, up sharply from $49.6 million a year earlier.
- A five-year, $9.7 billion agreement with Microsoft is expected to yield roughly $1.94 billion in annual revenue and includes a significant prepayment to fund initial deployments.
- Phased rollouts of Nvidia Blackwell GPUs are planned through 2026 at the 750-megawatt Childress, Texas campus, with IREN budgeting about $5.8 billion for GPUs and related gear.
- The company ended October with about $1.8 billion in cash, raised $1 billion in zero-coupon convertible notes in mid-October, and has secured roughly $400 million in dedicated GPU financing.
- Management targets delivery of 140,000 GPUs by the end of 2026 and guides AI Cloud annualized recurring revenue to exceed $500 million by Q1 2026, supported by multi-year contracts with firms including Together AI, Fireworks AI, and Fluidstack.