IREN (formerly Iris Energy) develops and operates large-scale data centers powered largely by renewable electricity. It runs Bitcoin mining fleets and has expanded into high-performance computing and AI cloud capacity at sites in North America. The model combines access to low-cost power with vertical ownership of facilities, aiming at compute-intensive workloads rather than traditional banking.
| Quarter | Revenue | YoY % | Earnings | YoY % |
|---|---|---|---|---|
| Q2 2025 | 187.3 | — | 95.5 | — |
| Q3 2025 | 240.3 | — | 384.6 | — |
| Q4 2025 | 184.7 | — | -155.4 | — |
| Q1 2026 | 144.8 | — | -247.8 | — |
| Q2 2026 | 137.2 | -26.7% | -684 | -815.9% |
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