Overview

* Iris Energy Q1 FY26 rev grows 355% yr/yr to $240.3 mln

* Net income for Q1 FY26 rises to $384.6 mln from a loss last year

* Pretax profit for Q1 FY26 beats analyst expectations

Outlook

* Iris Energy targets $3.4 bln AI Cloud ARR by end of 2026

* Company expects $1.9 bln ARR from Microsoft contract

* New contracts aim for >$500 mln AI Cloud ARR by Q1 2026

Result Drivers

* MICROSOFT CONTRACT - Secured $9.7 bln contract with Microsoft, expected to contribute $1.9 bln in ARR

* NEW CONTRACTS - Multi-year contracts with Together AI, Fluidstack, and others to drive AI Cloud ARR growth

* DATA CENTER EXPANSION - Transition to GPUs and expansion of liquid-cooled data centers for Microsoft

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q1 Beat $575.30 $55.90

Pretax mln mln (8

Profit Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 2 "hold" and 2 "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 ( IREN ) is $75.00, about 1.9% below its November 5 closing price of $76.41

* The stock recently traded at 93 times the next 12-month earnings vs. a P/E of 15 three months ago

Press Release:

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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.)