Overview

• AI Cloud Service Provider's Q2 revenue fell to $184.7 mln, down from $240.3 mln in Q1

• Net loss for Q2 was $155.4 mln, impacted by non-cash items

• Company secured $3.6 bln GPU financing for Microsoft contract

Outlook

• Company targets $3.4 bln ARR by end of CY26 with GPU expansion

• Iris Energy's new Oklahoma data center to ramp power from 2028

• Company expands AI Cloud in British Columbia with ~$0.4 bln ARR under contract

Result Drivers

• GPU FINANCING - $3.6 bln GPU financing secured for Microsoft contract, covering 95% of GPU-related capex

• AI CLOUD TRANSITION - Transition from Bitcoin mining to AI Cloud services, reallocating capacity to AI workloads

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for IREN Ltd is $77.50, about 72.5% above its February 4 closing price of $44.94

• The stock recently traded at 57 times the next 12-month earnings vs. a P/E of 64 three months ago

Press Release: ID:nGNX8FXfRP

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)