Iris Energy Secures Major Microsoft Contract, Reports Record Earnings

Iris Energy Ltd. ( (IREN) ) has released its Q1 earnings. Here is a breakdown of the information Iris Energy Ltd. presented to its investors.

Iris Energy Ltd. (IREN) is a leading AI Cloud Service Provider known for delivering large-scale GPU clusters for AI training and inference, with operations based in renewable-rich regions across the U.S. and Canada. In its latest earnings report, IREN announced a significant $9.7 billion contract with Microsoft, which will contribute to a targeted $3.4 billion in AI Cloud annualized run-rate revenue by the end of 2026. The company also reported record financial results for Q1 FY26, with total revenue reaching $240.3 million, a 355% increase from the previous year, and net income soaring to $384.6 million from a net loss in the prior year. Key financial metrics include an adjusted EBITDA of $91.7 million, marking a substantial increase from the previous year. IREN’s strategic expansion includes transitioning data centers to GPUs and accelerating the construction of liquid-cooled data centers, enhancing its capacity for high-performance AI deployments. Looking forward, IREN’s management remains optimistic about scaling its AI Cloud platform, leveraging its extensive power portfolio to drive long-term growth and value creation.