Results
1 IREN Reports FY26 Results New Multi-Year Contract with Leading Frontier AI Lab $4bn Contracted ARR for 2026 Capacity; $1bn Operating ARR Today1,2 $2.8bn GPU Financings Fund 90% of Associated GPU Capex NEW YORK, August 27, 2026 (GLOBE NEWSWIRE) – IREN Limited (NASDAQ: IREN) (“IREN” or “the Company”) today provided a business update and reported its financial results for the full fiscal year ended June 30, 2026.
2Highlights • Growing platform and diversified customer base o Signed a new multi-year AI Cloud contract with a leading frontier AI lab o Other recent signings including Cohere, Prometheus, Perplexity, Figure AI, Fal AI and Higgsfield AI o Contract renewals and expansions with existing customers o Continuing to deliberately allocate capacity to a diversified customer base across hyperscalers, enterprises, AI developers and frontier labs • Annualized run-rate revenue (ARR) o Current: $4bn contracted ARR for 2026 capacity; $1bn ARR operating today1,2 o 2026: capacity largely sold out o 2027: late-stage discussions with a range of new customers over a significant portion of capacity o 2028: customer and financing discussions progressing in parallel • Contracted pricing increasing, driving more value per MW o Recent 3-year contracts >$20m revenue per MW (IT), representing a ~2 year payback3 o Active discussions at ~$25m per MW (IT) o Recent customer prepayments represent 45-55% of GPU capex4 o Shorter duration contracts and Mirantis managed services provide further revenue upside • Horizon 1 delivered to Microsoft o First of four 50MW (IT) liquid-cooled deployments at Childress o NVIDIA Exemplar Cloud status achieved on GB300 NVL72 o Horizon 2 commissioning underway and Horizon 3-4 in late-stage construction, targeting delivery in Q4 2026
12 • Executing global expansion across >5GW data center pipeline o Targeting cumulative delivery of approximately 2026: 0.3GW (IT) 2027: 0.8GW (IT) o In addition, new liquid-cooled deployments planned at Mackenzie, Canal Flats and Prince George during 2027 to optimize use of power headroom at existing sites o Development progressing at Sweetwater (Texas), Kiowa (Oklahoma), Bundey (Australia) and Badajoz (Spain) o Acquisition of Mirantis and Nostrum completed, strengthening software and services capabilities and expanding platform to Europe o Headcount nearly tripled in FY26, alongside five recent C-suite appointments • Capital-efficient GPU financing o $3.6bn investment grade GPU financing for Microsoft contract at 6.0%5 Together with prepayments, funds 96% of associated GPU capex o New $2.8bn GPU financings supporting non-investment grade customer deployments Includes $2.4bn financing led by Blue Owl and Pacific Investment Management Company LLC, as adviser to certain investors, at a 9.0% fixed rate for Mackenzie air- cooled expansion, which funds 90% of associated GPU capex Together with customer prepayments, provides funding in excess of GPU capex, supporting other data center capex requirements FY26 and Q4 FY26 Financial Results US$m Quarter ended Quarter ended Year ended Year ended June 30, 2026 March 31, 2026 June 30, 2026 June 30, 2025 Revenue AI Cloud Services Revenue 70.5 33.6 128.8 16.4 Bitcoin Mining Revenue 66.7 111.2 578.2 484.6 Total Revenue 137.2 144.8 707.0 501.0 Net income (loss) (684.0) (247.8) (702.6) 86.9 Adjusted EBITDA6 19.2 59.5 245.7 269.7 • FY26 and Q4 FY26 results reflected ongoing transition from Bitcoin mining to AI Cloud Services • AI Cloud Services revenue increased ~8x to $128.8m in FY26 (vs FY25 $16.4m) • Net income (loss) in FY26 and Q4 FY26 was impacted by non-cash impairments of $(638.8)m and $(450.4)m respectively, primarily related to the decommissioning of Bitcoin mining hardware as sites are converted to support AI Cloud growth • Adjusted EBITDA decreased in Q4 FY26 reflecting increased employee related costs and broader platform investment ahead of AI Cloud Services revenue ramp • Well capitalized with existing cash and committed GPU financing and prepayments of $14bn
Management commentary
3 Management Commentary “We started IREN with a simple observation: the digital world can scale almost instantly, but the physical world cannot,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.
“This year, that founding thesis became tangible.
Exponential AI consumption growth has fueled demand for compute capacity well beyond the available supply of infrastructure.
IREN was built for this moment.
Our 2026 capacity is largely sold out.
This includes Horizon 1, the first of four leading-edge liquid cooled GPU deployments that we successfully delivered to Microsoft this month.
We have broadened our customer base to include hyperscalers, enterprises, AI developers and frontier labs.
As our platform has scaled and our market position has strengthened, we have attracted leading customers and secured stronger pricing, more attractive contract terms and improved paybacks.
We are continuing to contract future capacity with a deliberate strategy, building a diversified base of counterparties and preserving room for higher-value managed services and software.
Site optimization is also increasing the revenue potential of every megawatt.
With increasing availability of a broad range of capital sources to fund our expansion, we are well positioned to keep compounding as the structural shortage of compute deepens.
We have spent years assembling what is difficult to replicate: power, land, data centers, compute, software and people.
Results
39 Consolidated Statement of Operations US$m Quarter ended Quarter ended June 30, 2026 March 31, 2026 Revenue AI Cloud Services Revenue 70.5 33.6 Bitcoin Mining Revenue 66.7 111.2 Total Revenue 137.2 144.8 Cost of revenue (exclusive of depreciation and amortization) AI Cloud (9.2) (4.6) Bitcoin Mining (24.1) (35.3) Total cost of revenue (33.3) (39.9) Operating (expenses) income Selling, general and administrative expenses (128.3) (81.8) Depreciation and amortization (112.1) (121.2) Impairment of assets (450.4) (140.4) Gain (loss) on disposal of property, plant and equipment (25.1) 0.2 Other operating expenses (9.6) (0.0) Other operating income 1.2 4.8 Total operating (expenses) income (724.3) (338.4) Operating (loss) income (620.4) (233.5) Other (expense) income: Finance expense (24.5) (14.8) Interest income 35.9 21.8 Increase (decrease) in fair value of assets held for sale (102.1) (2.0) Realized gain (loss) on financial instruments (0.6) - Unrealized gain (loss) on financial instruments 24.6 (23.7) Foreign exchange gain (loss) (4.9) (1.9) Other non-operating income (0.0) 0.1 Total other (expense) income (71.6) (20.6) Income (loss) before taxes (692.0) (254.1) Income tax (expense) benefit 8.0 6.3 Net income (loss) (684.0) (247.8)
510 Consolidated Statement of Cashflows US$m Quarter ended Quarter ended June 30, 2026 March 31, 2026 Cash flow from operating activities Net income (loss) (684.0) (247.8) Adjustments to reconcile net income (loss) to net cash from (used in) operating activities: Depreciation and amortization 112.1 121.2 Impairment of assets 450.4 140.4 Changes in fair value of assets held for sale 102.1 2.0 Realized (gain) loss on financial instruments (0.0) - Unrealized (gain) loss on financial instruments (24.6) 23.7 (Gain) loss on disposal of property, plant and equipment 25.1 (0.2) Foreign exchange loss (gain) 3.0 (0.8) Stock-based compensation expense 42.9 31.5 Other finance expense - - Amortization of debt issuance costs 3.3 2.7 Changes in assets and liabilities: Accounts receivable and other receivables 62.9 (67.4) Other assets 5.0 (4.7) Tax related payables (9.4) (7.4) Accounts payable and accrued expenses 31.2 15.9 Other liabilities 4.6 9.2 Deferred revenue 1,722.2 73.8 Prepayments and deposits (35.7) (18.3) Operating lease liabilities (0.0) 1.5 Net cash from (used in) operating activities 1,811.1 75.3 Investing activities Payments for property, plant and equipment net of computer hardware (1,328.9) (949.2) Payments for computer hardware (649.3) (406.1) Payments for prepayments and deposits (44.4) (144.7) Proceeds from disposal of property, plant and equipment 1.0 22.8 Payment for the acquisition of subsidiaries (92.5) - Net cash from (used in) investing activities (2,114.1) (1,477.1) Financing activities Proceeds from the issuance of Ordinary shares 2,112.0 380.0 Payment of offering costs for the issuance of Ordinary shares (26.4) (5.5) Proceeds from convertible notes 3,000.0 - Settlement of capped call transactions 38.8 - Payment of capped call transactions (196.7) - Proceeds from financing facility 938.0 - Payment of borrowing transaction costs (114.0) (1.9) Repayment of debt (9.2) - Repayment of lease liabilities (31.2) (17.6) Net cash from (used in) financing activities 5,711.3 355.0 Net increase (decrease) in cash and cash equivalents 5,408.3 (1,046.7) Cash, cash equivalents and restricted cash - beginning of period 2,213.3 3,260.6 Effects of exchange rate changes on cash and cash equivalents (2.1) (0.6) Cash, cash equivalents and restricted cash - end of period 7,619.5 2,213.3
711 Non-GAAP Metric Reconciliation Adjusted EBITDA Reconciliation (US$m) Quarter ended June 30, 2026 Quarter ended March 31, 2026 Net income (loss) (684.0) (247.8) Net income (loss) Margin1 (498)% (171)% Income tax expense (benefit) (8.0) (6.3) Income (loss) before tax (692.0) (254.1) Finance expense 24.5 14.8 Interest income (35.9) (21.8) Depreciation and amortization 112.1 121.2 Unrealized (gain) loss on financial instruments (24.6) 23.7 Stock-based payment expense 42.9 31.5 Impairment of assets 450.4 140.4 (Gain) loss on disposal of property, plant and equipment 25.1 (0.2) (Increase) decrease in fair value of assets held for sale 102.1 2.0 Foreign exchange (gain) loss 4.9 1.9 Other expense items2 9.7 - Adjusted EBITDA 19.2 59.5 Adjusted EBITDA Margin3 14% 41% 1) Net Income Margin is calculated as Net Income divided by Total Revenue.
2) Other expenses include transaction costs incurred on entering the capped call transactions in conjunction with the issuance of the convertible notes and professional fees incurred in relation to business acquisitions.
3) Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Total Revenue.
412 Consolidated Statement of Operations US$m Year ended Year ended June 30, 20261 June 30, 2025 Revenue AI Cloud Services Revenue 128.8 16.4 Bitcoin Mining Revenue 578.2 484.6 Total Revenue 707.0 501.0 Cost of revenue (exclusive of depreciation and amortization) AI Cloud (16.9) (1.3) Bitcoin Mining (202.8) (157.7) Total cost of revenue (219.7) (159.0) Operating (expenses) income Selling, general and administrative expenses (449.1) (136.5) Depreciation and amortization (417.7) (181.1) Impairment of assets (638.8) (7.2) Gain (loss) on disposal of property, plant and equipment (24.9) 4.0 Other operating expenses (15.2) (13.3) Other operating income 11.7 9.4 Total operating (expenses) income (1,534.0) (324.7) Operating (loss) income (1,046.7) 17.3 Other (expense) income: Finance expense (59.3) (11.0) Interest income 80.6 7.5 Increase (decrease) in fair value of assets held for sale (110.6) (2.2) Realized gain (loss) on financial instruments (9.3) (4.2) Unrealized gain (loss) on financial instruments 558.5 77.5 Gain on partial extinguishment of financial liabilities 9.1 Debt conversion inducement expense (111.8) - Foreign exchange gain (loss) (10.3) (1.3) Other non-operating income 0.1 0.8 Total other (expense) income 338.0 76.2 Income (loss) before taxes (708.7) 93.5 Income tax (expense) benefit 6.1 (6.6) Net income (loss) (702.6) 86.9 1) For further detail, see our audited consolidated financial statements for the year ended June 30, 2026, included in our Form 10-K filed with the SEC on August 27, 2026.
13 Consolidated Balance Sheet US$m As of June 30, 20261 As of June 30, 2025 Assets Cash and cash equivalents 5,895.6 564.5 Restricted cash, current portion 1,670.3 - Accounts receivable, net 21.1 1.6 Deposits and prepaid expenses 189.1 45.9 Derivative assets - 5.8 Assets held for sale 72.5 - Income taxes receivable 1.1 2.6 Other assets 36.4 20.8 Total current assets 7,886.1 641.2 Property, plant and equipment, net 6,753.2 1,930.6 Intangible assets, net 317.4 - Goodwill 36.6 - Operating lease right-of-use asset, net 2.7 1.5 Restricted cash, less current portion 53.7 - Deposits and prepaid expenses 266.0 32.9 Finance Asset - 211.6 Derivative assets 415.6 122.1 Other assets 58.7 0.5 Total non-current assets 7,903.9 2,299.2 Total assets 15,790.0 2,940.3 Liabilities Accounts payable and accrued expenses 1,825.4 144.1 Operating lease liability, current portion 0.6 0.4 Finance lease liability, current portion 125.3 - Debt, current portion 169.4 - Income taxes payable, current portion - - Deferred revenue, current portion 46.5 0.9 Other liabilities, current portion 53.9 3.9 Total current liabilities 2,221.1 149.3 Operating lease liability, less current portion 2.2 1.1 Finance lease liability, less current portion 118.5 - Debt, less current portion 7,423.6 962.8 Deferred revenue, less current portion 1,796.1 - Deferred tax liabilities 30.8 8.0 Income taxes payable, less current portion 4.3 1.5 Other liabilities, less current portion 7.8 0.2 Total non-current liabilities 9,383.3 973.5 Total liabilities 11,604.4 1,122.8 Stockholders' equity 4,185.6 1,817.5 Total stockholders' equity 4,185.6 1,817.5 Total liabilities and stockholders' equity 15,790.0 2,940.3 1) For further detail, see our audited consolidated financial statements for the year ended June 30, 2026, included in our Form 10-K filed with the SEC on August 27, 2026.
614 Consolidated Statement of Cashflows US$m Year ended Year ended June 30, 20261 June 30, 2025 Cash flow from operating activities Net income (loss) (702.6) 86.9 Adjustments to reconcile net income (loss) to net cash from (used in) operating activities: Depreciation and amortization 417.7 181.1 Impairment of assets 638.8 7.2 Changes in fair value of assets held for sale 110.6 2.2 Realized (gain) loss on financial instruments 8.7 4.2 Unrealized (gain) loss on financial instruments (558.5) (77.5) Other (income) expenses - 11.8 Gain on partial extinguishment of financial liabilities - (9.1) Debt conversion inducement expense 111.8 - (Gain) loss on disposal of property, plant and equipment 24.9 (4.0) Foreign exchange loss (gain) 9.9 3.8 Stock-based compensation expense 205.0 42.6 Other finance expense - 0.6 Amortization of debt issuance costs 9.4 1.4 Changes in assets and liabilities: Accounts receivable and other receivables (29.4) (9.7) Other assets 0.5 - Financial asset, current - 6.5 Tax related receivables - (2.6) Tax related payables (9.1) 4.9 Accounts payable and accrued expenses 38.0 16.7 Other liabilities 49.5 2.7 Deferred revenue 1,841.7 (1.7) Prepayments and deposits (67.7) (22.2) Operating lease liabilities 1.3 (0.1) Net cash from (used in) operating activities 2,100.4 245.9 Investing activities Payments for property, plant and equipment net of computer hardware (2,998.0) (573.5) Payments for computer hardware (1,335.1) (799.2) Payments for intangible assets (107.6) - Payments for prepayments and deposits (203.4) (19.5) Proceeds from disposal of property, plant and equipment 23.8 11.2 Deposits paid for right of use assets (10.2) - Payment for the acquisition of subsidiaries (92.5) Proceeds from release of deposits - 0.5 Net cash from (used in) investing activities (4,723.0) (1,380.5) Financing activities Proceeds from the issuance of Ordinary shares 4,742.8 601.8 Payment for induced conversion of convertible notes (1,623.5) - Payment of offering costs for the issuance of Ordinary shares (50.4) (1.1) Proceeds from loan funded shares 0.7 0.9 Proceeds from exercise of options 6.6 - Proceeds from convertible notes 6,299.6 701.2 Settlement of capped call transactions 38.8 - Payment of capped call transactions (448.9) - Proceeds from financing facility 938.0 - Payment of borrowing transaction costs (165.5) (8.1) Repayment of debt (9.2) -
815 Repayment of lease liabilities (48.9) - Net cash from (used in) financing activities 9,680.1 1,294.7 Net increase (decrease) in cash and cash equivalents 7,057.5 160.1 Cash, cash equivalents and restricted cash - beginning of period 564.5 404.6 Effects of exchange rate changes on cash and cash equivalents (2.5) (0.2) Cash, cash equivalents and restricted cash - end of period 7,619.5 564.5 1) For further detail, see our audited consolidated financial statements for the year ended June 30, 2026, included in our Form 10-K filed with the SEC on August 27, 2026.
44 boilerplate lines (safe-harbor disclaimer, contacts, call details) are set aside.