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AI Executive Summary
AI-powered analysis of 10-K filing content
IREN swung from net income of $86.9M in FY2025 to a net loss of $702.6M in FY2026 despite 41% revenue growth to $707.0M, while Adjusted EBITDA declined slightly. The company is in the midst of a capital-intensive, high-risk transition from Bitcoin mining (380MW installed capacity) to AI Cloud Services (only 40MW currently operating), backed by an enormous ~5GW power pipeline and a very large cash position of $5.9B plus $1.7B restricted cash.
Red Flags Detected (6)
Net loss of $(702.6) million versus net income of $86.9 million in the prior year, a nearly $790 million negative swing
Adjusted EBITDA declined year-over-year ($245.7M vs $269.7M) despite 41% revenue growth, indicating margin compression
Massive gap between contracted/planned power capacity (~5GW) and actual operating AI Cloud Services capacity (~40MW), highlighting significant execution risk
3 more red flags detected
Key Takeaways
Revenue grew 41% YoY to $707.0 million, driven by expansion of AI Cloud Services and continued Bitcoin mining
Company holds substantial liquidity ($5.9B cash + $1.7B restricted cash), providing runway for continued capital-intensive buildout
3 more takeaways
Filing Overview
What This Means
High Risk Filing: This company is showing signs of financial stress or significant operational challenges.
Deteriorating Trend: Conditions are worsening compared to previous filings. This may create opportunities for service providers.
Annual Report: Comprehensive filing covering the full fiscal year with audited financial statements.