IREN Q1 revenue climbs past consensus, aided by bitcoin mining, AI push

[Cryptocurrency mining rigs in a data center]
luza studios/E+ via Getty Images

IREN (IREN [https://seekingalpha.com/symbol/IREN]) stock climbed 5.9% in Thursday after-hours trading after the data center operator and bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) miner recorded stronger-than-expected Q1 FY26 revenue, with BTC mining and artificial intelligence both contributing.

Revenue of $240.3M [https://seekingalpha.com/pr/20297719-iren-reports-q1-fy26-results] for the three months ended Sept. 30, 2025, surpassing the $228.5M consensus, rose from $187.3M in the quarter ended June 30, 2025.

Fiscal Q1 bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD]) mining revenue jumped to $232.9M from $180.3M in Q4, while AI cloud services revenue of $7.3M increased from the prior quarter's $3.0M.

Adjusted EBITDA retreated to $91.7M in Q1 from $121.9M in Q4. That's up from $2.5M a year earlier, though.

During the quarter, “we secured several new multi-year contracts, including a landmark partnership with Microsoft [https://seekingalpha.com/news/4512806-iren-jumps-18-on-97-billion-multi-year-cloud-contract-with-microsoft], which solidifies IREN’s position as a leading AI Cloud Service Provider and expands our reach into new hyperscale customer segments," said Co-Founder and Co-CEO Daniel Roberts in a statement.

MORE ON IREN LIMITED

* IREN's AI Takeover Begins [https://seekingalpha.com/article/4837905-iren-stock-ai-takeover-begins]
* IREN Limited: $9.7B Microsoft Catalyst, But I Remain Cautious Into Q1 On Dilution Risk [https://seekingalpha.com/article/4837504-iren-9-7b-microsoft-catalyst-but-i-remain-cautious-into-q1-on-dilution-risk]
* IREN × Microsoft: Contract Big Enough To Reset The Model [https://seekingalpha.com/article/4837332-iren-microsoft-contract-big-enough-reset-model]
* IREN Limited Q1 2026 Earnings Preview [https://seekingalpha.com/news/4516027-iren-limited-q1-2026-earnings-preview]
* IREN jumps 18% on $9.7 billion multi-year cloud contract with Microsoft [https://seekingalpha.com/news/4512806-iren-jumps-18-on-97-billion-multi-year-cloud-contract-with-microsoft]