IREN Ltd. (NASDAQ:IREN) shares are climbing Thursday as investors position ahead of the company’s fourth-quarter results, due after today’s market close.

• IREN shares are climbing with conviction. What’s behind IREN gains?

IREN Heads Into Earnings After a Rough Stretch of Misses

Analysts expect IREN to report a fourth-quarter loss of 49 cents per share on revenue of $142.32 million. The company has missed revenue estimates in each of its last two quarters and in four of its last six overall, while missing earnings estimates in each of its last two quarters and five of its last seven.

If IREN were to beat both estimates today, it would mark a break from that recent pattern and could signal that the company’s shift away from bitcoin mining and into AI cloud computing is starting to show up more clearly in its reported numbers rather than just its guidance and contract announcements.

A beat on revenue in particular would suggest AI cloud revenue is ramping up faster than expected as new GPU capacity comes online, while a smaller-than-expected loss could ease investor concern about how heavily the buildout is weighing on near-term profitability. Given the recent miss streak, a strong print today could go a long way toward rebuilding confidence heading into the next stretch of the company’s expansion.

IREN Signed a Major NVIDIA Deal Last Quarter

IREN’s most recent report, covering the third fiscal quarter, centered on two big NVIDIA announcements: a five-year, $3.4 billion agreement to supply air-cooled Blackwell GPUs beginning in early 2027, and a separate 5-gigawatt collaboration aimed at rolling out NVIDIA-based technology throughout IREN’s data center footprint worldwide. As part of the deal, NVIDIA received a five-year option to buy up to 30 million IREN shares at $70 apiece, worth up to $2.1 billion if exercised.

Financially, the quarter reflected IREN’s ongoing shift away from bitcoin mining. Revenue fell to $144.8 million from $184.7 million the prior quarter, and the company posted a wider net loss of $247.8 million, driven largely by non-cash impairments tied to decommissioning older mining hardware.

IREN Shares Are Moving Higher

IREN Price Action: Iren shares were up 4.02% at $41.17 at the time of publication on Thursday, according to Benzinga Pro.

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