IREN Limited Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • Secured power increased to 5 GW globally, with new sites added in Europe and APAC; Week One energized on schedule and Horizon One GPU commissioning underway for Microsoft.
  • All operational capacity fully contracted; ARR under contract reached $3.1 billion (targeting $3.7 billion exiting calendar 2026).
  • Signed $3.54 billion five-year AI cloud contract with NVIDIA for Blackwell GPUs on 60 MW air-cooled capacity at Childress; broader strategic partnership announced for up to 5 GW of NVIDIA DSX-aligned infrastructure.
  • Acquired Mirantis (650 engineers for cloud/AI support) and Nostrum Group (490 MW secured power in Spain for European entry).
  • 2026 targets: 480 MW AI cloud capacity, 150,000 GPUs, $3.7B ARR by year-end across Childress, Prince George, and Mackenzie.
  • 2027 expansion: Scaling to 1.21 GW, with 730 MW under construction in British Columbia and Texas (including Childress and Sweetwater One).

Financial Performance (Q3 FY2026 vs. Prior Quarter)

  • Revenue: $144.8 million (down from $184.7 million in prior quarter), reflecting transition from Bitcoin mining to AI cloud.
  • Mining revenue: $111.2 million (down from $167.4 million), due to lower average Bitcoin price and decommissioning of mining hardware.
  • AI cloud services revenue: $33.6 million (up from $17.3 million), showing strong growth in new segment.

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Operator: Good day, and thank you for standing by. Welcome to IREN Limited Q3 FY 2026 results. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. To ask a question during the session, you need to press star 11 on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. 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 of investor relations. Please go ahead. Mike Power: Good afternoon, and welcome to IREN Limited’s Q3 FY 2026 results presentation. And thank you for your patience as we get assembled. I am Mike Power, VP of Investor Relations, and with me on the call today are Daniel Roberts, cofounder and co-CEO; Anthony Lewis, CFO; and Kent Draper, chief commercial officer. Before we begin, please note that this call is being webcast live with an accompanying presentation. For those dialed in by phone, you can elect to ask a question through the moderator after our prepared remarks. I would like to remind everyone that certain statements made during this call may constitute forward-looking statements. Those statements are based on current expectations and assumptions, and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to slide two of t

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