IREN Limited Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Q2 FY26 marked significant progress in IREN’s transition from a Bitcoin mining business to a vertically integrated AI cloud platform.
  • Key focus areas included GPU financing, data center expansion, customer contract growth, and scaling new power capacity.

Financial Highlights

  • Total revenue: $184.7 million, down 23% from Q1 FY26, primarily due to reduced Bitcoin mining revenue as capacity shifted toward AI workloads.
  • Bitcoin mining revenue declined due to lower operating hashrate and weaker Bitcoin pricing.
  • AI cloud revenue increased in line with commissioning new GPUs at Prince George.
  • SG&A decreased by $37.6 million due to prior-period accelerated stock-based compensation and payroll tax accruals rolling off.
  • Adjusted EBITDA declined—driven by Bitcoin revenue contraction—partially offset by lower payroll taxes and power costs.
  • Noncash impacts included $219.4 million in losses from derivative instruments and debt inducement expenses, and $31.8 million hardware impairment (vs. $16M prior period).
  • A $192.5 million income tax benefit offset some of the nonrecurring charges.

Strategic & Operational Highlights

  • IREN secured $3.6 billion in GPU financing commitments from Goldman Sachs and JPMorgan at less than 6% interest.

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Operator: Good day, and thank you for standing by. Welcome to IREN Q2 FY '26 Results. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mike Power, Vice President, Investor Relations. Please go ahead. Mike Power: Thank you, operator. Good afternoon, and welcome to IREN Q2 FY 2026 Results Presentation. I'm Mike Power, VP of Investor Relations. And with me on the call today are Daniel Roberts, Co-Founder and Co-CEO Anthony Lewis, CFO; and Kent Draper, Chief Commercial Officer. Before we begin, please note this call is being webcast live with the presentation. For those that have dialed in via phone, you can elect to ask a question via the moderator after our presentation. I'd like to remind you that certain statements that we make during the conference call may constitute forward-looking statements and IREN cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners shouldn't place undue reliance on forward-looking information or statements and I encourage you to refer to the disclaimer on Slide 2 of the accompanying presentation for more information. And finally, during the course of today's call, we will refer to certain non-GAAP financial measures as a reconciliation schedule showing the GAAP versus non-GAAP resu

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