IREN LtdIRENEarnings & Financial Report
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. It is strategically located in renewable-rich, fiber-connected regions across the US and Canada.
IREN Q2 FY2026 Key Financial Metrics
Revenue
$184.7M
Gross Profit
$118.9M
Operating Profit
$-116.4M
Net Profit
$-155.4M
Gross Margin
64.4%
Operating Margin
-63.0%
Net Margin
-84.1%
YoY Growth
59.0%
EPS
$-0.52
IREN Ltd Q2 FY2026 Financial Summary
IREN Ltd reported revenue of $184.7M (up 59.0% YoY) for Q2 FY2026, with a net profit of $-155.4M (down 610.0% YoY) (-84.1% margin). Cost of goods sold was $65.8M, operating expenses totaled $235.3M.
Key Financial Metrics
| Total Revenue | $184.7M |
|---|---|
| Net Profit | $-155.4M |
| Gross Margin | 64.4% |
| Operating Margin | -63.0% |
| Report Period | Q2 FY2026 |
Revenue Breakdown
IREN Ltd Q2 FY2026 revenue of $184.7M breaks down across 2 segments, led by Bitcoin Mining Revenue at $167.4M (90.6% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Bitcoin Mining Revenue | $167.4M | 90.6% |
| AI Cloud Services | $17.3M | 9.4% |
IREN Ltd Revenue by Segment — Quarterly Trend
IREN Ltd revenue by segment across the last 4 reported quarters, showing how each business line (such as Bitcoin Mining Revenue and AI Cloud Services) has evolved quarter over quarter.
| Segment | Q2 FY2026 | Q1 FY2026 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Bitcoin Mining Revenue | $167.4M | $232.9M | — | — |
| AI Cloud Services | $17.3M | $7.3M | — | — |
IREN Ltd Quarterly Revenue & Net Profit History
IREN Ltd results over the last 6 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q2 FY2026 | $184.7M | +59.0% | $-155.4M | -84.1% |
| Q1 FY2026 | $240.3M | +355.4% | $384.6M | 160.1% |
| Q2 FY2025 | $116.1M | +172.8% | $-21.9M | -18.8% |
| Q1 FY2025 | $52.8M | — | $-51.7M | -98.0% |
| Q3 FY2024 | $54.3M | — | $8.6M | 15.9% |
| Q2 FY2024 | $42.6M | +209.5% | $-5.2M | -12.3% |
Income Statement
| Q2 2024 | Q3 2024 | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|
| Revenue | $42.6M | $54.3M | $52.8M | $116.1M | $240.3M | $184.7M |
| YoY Growth | 209.5% | N/A | N/A | 172.8% | 355.4% | 59.0% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|
| Assets | $417.2M | $723.6M | $1.28B | $1.85B | $4.27B | $7.03B |
| Liabilities | $35.3M | $46.4M | $151.7M | $565.8M | $1.39B | $4.52B |
| Equity | $381.8M | $677.2M | $1.13B | $1.25B | $2.88B | $2.51B |
Cash Flow
| Q2 2024 | Q3 2024 | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|
| Operating CF | $17.4M | $-27.1M | $-3.9M | $53.6M | $142.4M | $71.7M |