IREN Reports Q1 FY26 Results With Record Revenue and Major Microsoft Deal

NEW YORK, Nov. 6, 2025 (GLOBE NEWSWIRE) — IREN Ltd (NASDAQ: IREN) announced its financial results for the first quarter of fiscal year 2026, showcasing a significant $9.7 billion multi-year contract with Microsoft. This partnership aims to help reach an ambitious $3.4 billion in annual recurring revenue (ARR) from AI Cloud services by the end of 2026.

In Q1 FY26, IREN reported a total revenue of $240.3 million, which marks a remarkable increase of 355% compared to the same quarter last year. The company’s net income stood at $384.6 million, with adjusted EBITDA at $91.7 million. This financial performance reflects IREN’s strategic push to improve operational efficiency and revenue generation.

IREN’s financial strategies included securing $1.0 billion in zero-coupon convertible notes on October 14, 2025, and raising GPU financing to $400 million. These efforts underpin crucial investments in infrastructure aimed at enhancing AI Cloud capabilities.

The company plans to deploy 140,000 GPUs by the end of 2026 as part of its expansion strategy. Significant operational milestones include the Childress acceleration project and the British Columbia GPU transition, both targeted for completion by the end of 2026. The Sweetwater substation energizations are set for April 2026 and late 2027.

With the Microsoft contract expected to contribute approximately $1.9 billion in ARR, IREN is positioned to successfully achieve its revenue goals. This partnership, paired with advanced GPU technology, marks a turning point in meeting the growing demands for AI processing.

“IREN continues to execute with discipline, delivering record results this quarter and meaningful progress in our AI Cloud expansion,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “This partnership solidifies IREN’s standing as a leading AI Cloud Service Provider and increases our reach into the hyperscale customer segment.”