IREN

MKT CAP:$17B

IREN Limited

Market Cap

$17B

Financial Services·Financial - Capital Markets·🇦🇺 Australia·NASDAQ

Financials·Financial·🇦🇺·NASDAQ

Stock Price

$50.64+$7.94 (+18.59%)

Apr 24, 2026

Company Details

IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers. It also mines Bitcoin, a scarce digita...

CEO

William Roberts

IPO Date

Nov 17, 2021

Website

iren.com

Key Metrics TTM

Revenue

$405M

+292.7% YoY

Net Income

$315M

EPS (Diluted)

$0.71

Free Cash Flow

-$910M

Revenue / Share

$1.79

Gross Margin

56.7%

Operating Margin

-36.5%

Net Margin

77.7%

FCF Margin

-224.9%

P/S

42.5x

P/E

54.8x

Earnings Reports

Q2 2026

May 13, 2026

PENDING

Q1 2026

Nov 6, 2025

$240M+341.8%EPS $1.08

FY 2025

Aug 28, 2025

$501M+167.7%EPS $0.39

Q1 2025

Sep 30, 2024

$54MEPS -$0.27

FY 2024

Aug 28, 2024

$187M+147.9%EPS -$0.29

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$221.0K	$83.7K	-$148.5K
Q2 20	$229.8K	$87.0K	-$154.4K
Q3 20	$886.1K	$550.9K	-$838.0K
Q4 20	$860.9K	$541.4K	-$838.0K
Q2 21	$1M	$946.8K	-$555.1K
Q3 21	$3M	$3M	$1M
Q4 22	$16M	$12M	-$9M
Q1 23	$15M	$11M	-$69M
Q3 23	$11M	$9M	-$5M
Q4 23	$34M	$27M	-$10M
Q2 24	$43M	$38M	-$2M
Q3 24	$54M	$50M	$6M
Q4 24	$56M	-$18M	-$24M
Q1 25	$54M	$47M	-$54M
Q1 26	$240M	$151M	-$76M

Valuation

Quarter	P/S	P/E
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	545.6x	—
Q2 21	374.3x	—
Q3 21	208.4x	—
Q4 22	8.6x	—
Q1 23	6.1x	—
Q3 23	3.7x	—
Q4 23	5.2x	—
Q2 24	6.5x	—
Q3 24	7.0x	—
Q4 24	12.8x	—
Q1 25	7.7x	—
Q1 26	24.6x	31.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	-$180.9K	-$2M
Q2 20	-$188.0K	-$2M
Q3 20	-$329.1K	-$965.9K
Q4 20	-$308.5K	-$779.7K
Q2 21	-$37.8K	-$9M
Q3 21	$2M	-$50M
Q4 22	$8M	-$64M
Q1 23	-$3M	-$35M
Q2 23	-$3M	-$35M
Q3 23	$5M	-$24M
Q4 23	-$71M	-$94M
Q2 24	$17M	-$29M
Q3 24	-$103M	-$222M
Q4 24	$134M	-$163M
Q1 25	-$4M	-$387M
Q1 26	$142M	-$138M

Capital Expenditures

Quarter	CapEx
Q1 20	$1M
Q2 20	$2M
Q3 20	$636.8K
Q4 20	$471.2K
Q2 21	$9M
Q3 21	$52M
Q4 22	$72M
Q1 23	$32M
Q2 23	$32M
Q3 23	$29M
Q4 23	$22M
Q2 24	$46M
Q3 24	$119M
Q4 24	$297M
Q1 25	$383M
Q1 26	$281M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+454.9%	+382.2%
Q3 21	+1110.2%	+328.9%
Q4 22	+1729.4%	+1341.7%
Q1 23	+1640.5%	+4872.5%
Q3 23	+823.4%	+828.8%
Q4 23	+1130.4%	+2561.9%
Q2 24	+162.6%	+80.2%
Q3 24	+262.7%	-42.8%
Q4 24	+393.3%	+380.3%
Q1 25	+59.0%	+146.8%
Q1 26	+464.4%	+607.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$89.5K	10.1%
Q4 20	$89.5K	10.4%
Q2 21	$143.4K	11.7%
Q3 21	$235.5K	8.5%
Q4 22	$4M	25.1%
Q1 23	$3M	22.6%
Q2 23	$3M	—
Q3 23	$4M	30.9%
Q4 23	$4M	11.9%
Q2 24	$6M	14.0%
Q3 24	$6M	10.7%
Q4 24	-$18M	-31.5%
Q1 25	$0	0.0%
Q1 26	$72M	30.1%

OpEx Breakdown

Quarter	G&A	S&M
Q1 20	$75.9K	$156.2K
Q2 20	$78.9K	$162.4K
Q3 20	$191.5K	$3.5K
Q4 20	$182.8K	$3.5K
Q2 21	$72.5K	$733.2K
Q3 21	$148.1K	$759
Q4 22	$3M	$53.5K
Q1 23	$2M	$55.0K
Q3 23	$2M	$66.0K
Q4 23	$3M	$540.0K
Q2 24	$4M	$401.0K
Q3 24	$4M	$748.0K
Q4 24	$11M	$1M
Q1 25	$5M	$578.0K
Q1 26	$124M	$3M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$158M	$0	$158M
Q4 22	$110M	$0	$110M
Q1 23	$0	$220M	$220M
Q2 23	$41M	$0	$41M
Q3 23	$69M	$0	$69M
Q4 23	$69M	$0	$69M
Q1 24	$0	$138M	$138M
Q2 24	$90M	$1M	$92M
Q3 24	$260M	$3M	$263M
Q4 24	$405M	$7M	$411M
Q1 25	$99M	$0	$99M
Q2 25	$427M	$28M	$456M
Q3 25	$184M	$12M	$196M
Q4 25	$565M	$0	$565M
Q1 26	$1.0B	$0	$1.0B
Q2 26	$3.3B	$0	$3.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	16M	—	—
Q2 20	16M	0.0%	—
Q3 20	16M	-2.2%	—
Q4 20	16M	0.0%	—
Q2 21	57M	+255.9%	+248.0%
Q3 21	57M	0.0%	+248.0%
Q4 22	53M	-6.5%	+232.7%
Q1 23	53M	0.0%	+232.7%
Q3 23	54M	+1.0%	-5.6%
Q4 23	57M	+5.5%	-0.3%
Q2 24	73M	+28.6%	+37.0%
Q3 24	112M	+54.4%	+111.6%
Q4 24	154M	+37.4%	+187.9%
Q1 25	189M	+22.7%	+234.8%
Q1 26	226M	+19.5%	+211.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q2 21	—	—
Q3 21	—	—
Q4 22	$771.9K	21
Q1 23	$713.5K	21
Q3 23	$539.4K	21
Q4 23	$2M	18
Q2 24	$2M	18
Q3 24	$3M	18
Q4 24	$2M	31
Q1 25	$2M	31
Q1 26	$935.0K	257

Revenue / Employee