IREN Limited Q4 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Overview: IREN reported strong progress in transitioning to AI cloud infrastructure amid surging AI demand. The company highlighted $4B ARR contracted for 2026 capacity (vs. ~$0.5B ARR at end of Q4 FY26), with $1B now operating following Horizon 1 delivery. This compares to prior quarter revenue of $137.2M (down $7.6M QoQ due to mining hardware decommissioning). Net loss was $684M in Q4, driven by $450.4M noncash impairments on mining assets. Headcount nearly tripled in FY26. Mining operations expected to be fully decommissioned by Dec 2026.

Key Customer & Revenue Highlights

  • New multiyear contracts signed with Cohere, Prometheus (named as prior unnamed AI developer), Perplexity, Figure AI, Fal AI, Higgsfield AI, and an undisclosed leading frontier AI lab.
  • $4B ARR contracted for 2026 capacity ($1B operating today); excludes $700M ARR from NVIDIA cloud contract ramping in 2027.
  • 3-year contract pricing up ~125% since November; 5-year up ~70%. Recent deals >$20M per MW IT load (discussions at ~$25M/MW); prepayments funding 45-55% of GPU CapEx.
  • Existing customers (e.g., Together AI, Fireworks AI) renewed and expanded; focus on diversifying across hyperscalers, enterprises, AI developers, and frontier labs.

Operational & Capacity Updates (vs. Prior Periods)

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Operator: Good day, and thank you for standing by. Welcome to IREN FY 2026 Results Call. [Operator Instructions] Please be advised that today's conference is being recorded. I'd 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's 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 that this call is being webcast live with a 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 2 of the accompanying presentation and our SEC filings for more information in that regard. With that, I will turn the call over to Dan Roberts. Daniel Roberts: Thanks, Mike, and thanks, everyone, for joining us. So Will and I started this business on a pretty simple observation. The digital world scales almost instantly, the physical world does not. Power, land, data centers, these things take years to

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