IREN (NASDAQ:IREN) Announces Earnings Results

IREN (NASDAQ:IREN) issued its earnings results on Thursday. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.37), Zacks reports. IREN had a net margin of 56.59% and a negative return on equity of 10.01%. The company had revenue of $184.69 million during the quarter, compared to analysts’ expectations of $229.64 million. The business’s quarterly revenue was down 23.1% on a year-over-year basis.

Here are the key takeaways from IREN’s conference call:

• IREN secured underwriting commitments for $3.6 billion of delayed-draw GPU financing at under 6%, which combined with Microsoft’s $1.9 billion in prepayments covers ~95% of GPU-related CapEx for Horizons 1–4.
• The company expanded its secured power to over 4.5 GW with a new 1.6 GW Oklahoma campus (ramp starting 2028), adding geographic diversity beyond ERCOT and bolstering capacity for large-scale deals.
• Operational execution remains on schedule — IREN expects to deliver 140,000 GPUs by end-2026 and target a $3.4 billion ARR, with current contracted ARR of about $2.3 billion and only ~10% of secured power utilized today.
• Q2 revenue fell 23% QoQ to $184.7 million due to lower Bitcoin mining, and results were materially affected by non-cash items (?$219.4 million unrealized losses on derivatives and a $31.8 million mining-hardware impairment), which pressured EBITDA and net income.
• Commercial momentum is strong — multiple advanced negotiations with hyperscalers and enterprises, increased interest in air-cooled and bare?metal deployments, and willingness from customers for longer tenors and prepayments support attractive contract economics.

IREN Price Performance

IREN stock traded down $0.61 during mid-day trading on Tuesday, reaching $45.54. 15,771,379 shares of the company’s stock traded hands, compared to its average volume of 45,585,867. The company has a market cap of $12.91 billion, a price-to-earnings ratio of 34.24 and a beta of 4.26. The company has a quick ratio of 4.96, a current ratio of 4.96 and a debt-to-equity ratio of 1.51. The stock has a 50 day moving average of $46.44 and a two-hundred day moving average of $42.95. IREN has a 12-month low of $5.13 and a 12-month high of $76.87.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IREN. CIBC Private Wealth Group LLC boosted its holdings in IREN by 113.3% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,600 shares of the company’s stock valued at $75,000 after purchasing an additional 850 shares during the period. Central Asset Investments & Management Holdings HK Ltd bought a new stake in IREN in the third quarter valued at about $291,000. Voleon Capital Management LP acquired a new position in IREN in the third quarter valued at about $10,878,000. Voloridge Investment Management LLC increased its position in shares of IREN by 1,444.5% during the third quarter. Voloridge Investment Management LLC now owns 1,652,577 shares of the company’s stock worth $77,555,000 after acquiring an additional 1,545,579 shares in the last quarter. Finally, Sassicaia Capital Advisers LLC bought a new position in shares of IREN during the third quarter worth about $718,000. Hedge funds and other institutional investors own 41.08% of the company’s stock.

Wall Street Analyst Weigh In

IREN has been the subject of several research analyst reports. Compass Point reissued a “buy” rating and issued a $105.00 price objective on shares of IREN in a research note on Friday, November 7th. Zacks Research upgraded IREN from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Roth Mkm set a $94.00 price objective on IREN and gave the stock a “buy” rating in a report on Monday, November 3rd. JPMorgan Chase & Co. raised their price target on IREN from $28.00 to $39.00 and gave the stock an “underweight” rating in a research note on Monday, November 24th. Finally, Citigroup started coverage on shares of IREN in a research note on Wednesday, November 19th. They set an “outperform” rating for the company. Thirteen research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $72.29.

IREN Company Profile

IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.