IREN Restricted (NASDAQ: IREN) introduced that its income for the quarter ended March 31, 2026 decreased to $144.8 million from $184.7 million within the prior quarter as a weak Bitcoin financial system collided with continued AI cloud capability build-out.
The lower was $39.9 million and was associated to a decline within the common value of Bitcoin and outdated mining machines being retired earlier than new GPU programs began charging clients in full.
The conclusion was even uglier. IREN reported a internet lack of $247.8 million. As compared, internet loss for the second quarter of 2026 was $155.4 million. Adjusted EBITDA decreased from $75.3 million to $59.5 million. Prices additionally decreased by $25.9 million. This was primarily attributable to decrease electrical energy utilization attributable to lowered mining exercise.
In the course of the quarter, we incurred non-cash impairment fees of $140.4 million primarily attributable to retired mining {hardware} and $23.7 million of unrealized losses associated to capped calls associated to our convertible notes.
IREN replaces older mining {hardware} with Blackwell GPUs below new NVIDIA deal
IREN has signed a five-year, $3.4 billion AI Cloud settlement with NVIDIA Company (NASDAQ: NVDA) for air-cooled Blackwell GPUs. The corporate plans to find its {hardware} inside 60MW of Childress' current information middle house, with buyer additions anticipated to start in early 2027.
“The world is structurally under-computed, and the bottleneck is the info middle and GPU capability out there,” stated Daniel Roberts, co-founder and co-CEO of IREN. Daniel then stated the quarter included work throughout energy, land, information middle building and large-scale computing provision.
The corporate additionally entered right into a broader 5GW partnership with NVIDIA. The contract covers information middle design and infrastructure constructed round NVIDIA programs throughout IREN's world energy infrastructure. IREN additionally granted NVIDIA a five-year proper to buy as much as 30 million frequent shares at $70 per share. This has the potential to generate as much as $2.1 billion in income, topic to all situations together with regulatory approvals being met.
Daniel stated IREN delivered energy to the Sweetwater 1 substation as scheduled, expanded Childress' Horizon 1-4 liquid cooling websites, and continued the info middle conversion from ASIC mining machines to GPUs. These Childress websites assist IREN's $9.7 billion contract with Microsoft Company (NASDAQ: MSFT).
IREN inventory rose about 10% to $62.50 in after-hours buying and selling Thursday. NVIDIA's inventory value stays virtually unchanged. The partnership will primarily be centered round IREN's 2GW Sweetwater campus in Texas. That is no small potato, as 1 GW of electrical energy can energy about 750,000 houses at a time.
IREN provides Spain, Mirantis and different energy websites after Bitcoin mining
IREN stated its enlargement plans to 480MW in 2026 are on schedule. Horizon 1-4 are anticipated to be operational by the top of the 12 months, and their working capability is already totally contracted. The corporate has contracted annual recurring income of $3.1 billion and hopes that quantity will attain $3.7 billion by the top of 2026.
Waiting for 2027, IREN is transferring ahead with building, aiming for 1,210MW. This consists of Childress Horizons 5-6, extra air-cooled Childress areas, and the primary section of Sweetwater 1. Beginning in 2028, the corporate expects Sweetwater and Kiowa capability to extend throughout its 5GW secured energy portfolio. He additionally stated the Australian undertaking was near a connectivity settlement.
IREN has additionally agreed to accumulate Spanish information middle developer Ingenostrum SL (generally often known as Nostrum). The contract offers IREN its first European platform, provides roughly 490MW of safe grid-connected energy and brings a growth pipeline of over 1GW.
Spain has added entry to renewable vitality, grid hyperlinks, AI coverage assist and allow situations that qualify the corporate for large-scale information middle tasks.
“This acquisition establishes IREN's strategic platform in Europe,” Daniel stated. He additional added, “Nostrum provides high-quality websites, an skilled native workforce, and a number one place within the enticing marketplace for AI infrastructure.”
The Nostrum workforce brings expertise throughout growth, engineering, building, and operations. IREN additionally acquired Mirantis, including software program, orchestration, buyer assist, and operational instruments to its AI cloud platform.
The corporate stated short-term capital expenditures ought to be funded with $2.6 billion in money as of April 30, with working money stream, GPU financing, information middle financing, and enterprise-level financing efforts already underway.
