IREN Restricted (NASDAQ: IREN) has introduced income fell to $144.8 million within the quarter ended March 31, 2026, down from $184.7 million within the prior quarter, as weaker Bitcoin economics collided with its ongoing buildout of AI Cloud capability.
The drop was $39.9 million, tied to a decrease common Bitcoin worth and the elimination of older mining machines earlier than new GPU programs started producing full buyer billing.
The underside line was uglier. IREN reported a web lack of $247.8 million, in contrast with a $155.4 million loss in Q2 FY26. Adjusted EBITDA fell to $59.5 million from $75.3 million. Prices additionally got here down by $25.9 million, primarily as a result of decreased mining exercise lowered energy use.
The quarter carried $140.4 million in non-cash impairments, principally from retired mining {hardware}, and $23.7 million in unrealized losses tied to capped calls linked to convertible notes.
IREN replaces previous mining {hardware} with Blackwell GPUs below a brand new NVIDIA deal
IREN signed a five-year, $3.4 billion AI Cloud contract with NVIDIA Company (NASDAQ: NVDA) overlaying air-cooled Blackwell GPUs. The corporate plans to position that {hardware} inside 60MW of current information heart area at Childress, with buyer ramp-up anticipated from early 2027.
Daniel Roberts, Co-Founder and Co-CEO of IREN, stated, “The world is structurally quick compute, and the bottleneck is delivered information heart and GPU capability.” After that, Daniel stated the quarter included work throughout energy, land, information heart development, and large-scale compute supply.
The corporate additionally entered a wider 5GW partnership with NVIDIA. That settlement covers information heart designs and infrastructure constructed round NVIDIA programs throughout IREN’s international energy base. IREN additionally gave NVIDIA a five-year proper to purchase as much as 30 million odd shares at $70 every, which might usher in as much as $2.1 billion if all circumstances are met, together with regulatory approvals.
Daniel stated IREN energized the Sweetwater 1 substation on schedule, superior the Horizon 1-4 liquid-cooled websites at Childress, and stored changing information facilities from ASIC mining machines to GPUs. These Childress websites assist IREN’s $9.7 billion contract with Microsoft Company (NASDAQ: MSFT).
IREN shares rose about 10% to $62.50 in after-hours buying and selling on Thursday. NVIDIA inventory was almost unchanged. The partnership is centered primarily on IREN’s 2GW Sweetwater campus in Texas. One GW of energy can serve about 750,000 properties at one time, so the size right here is just not small potatoes.
IREN provides Spain, Mirantis and extra energy websites because it builds previous Bitcoin mining
IREN stated its 2026 growth plan to 480MW stays on schedule. Horizon 1-4 is anticipated by year-end, and its working capability is already absolutely contracted. The corporate has $3.1 billion in annual recurring income below contract and desires that determine to succeed in $3.7 billion by the tip of calendar 2026.
For 2027, IREN is constructing towards 1,210MW. That features Childress Horizons 5-6, extra air-cooled Childress area, and the primary section of Sweetwater 1. From 2028, the corporate expects extra capability at Sweetwater and Kiowa throughout its secured 5GW energy portfolio. It additionally stated tasks in Australia are nearing connection agreements.
IREN additionally agreed to purchase Ingenostrum SL, or Nostrum, a knowledge heart developer in Spain. The deal provides IREN its first European platform, provides about 490MW of secured grid-connected energy, and brings a growth pipeline above 1GW.
Spain provides renewable vitality entry, grid hyperlinks, AI coverage assist, and allowing circumstances the corporate says match giant information heart tasks.
Daniel stated, “This acquisition establishes a strategic platform in Europe for IREN.” He added, “Nostrum provides high-quality websites, an skilled native crew and a number one place in a horny marketplace for AI infrastructure.”
The Nostrum crew brings expertise throughout growth, engineering, development, and operations. IREN additionally purchased Mirantis, including software program, orchestration, buyer assist, and working instruments for its AI Cloud platform.
The corporate stated near-term capital spending ought to be funded with $2.6 billion of money as of April 30, working money circulation, GPU financing, information heart financing, and corporate-level funding work already in progress.
