# IREN Limited (IREN)

> Source: Nexqual · https://nexqual.com/IREN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, IREN Limited (IREN), nexqual.com/IREN" · informational, not investment advice.

**Price:** USD 25.51 (-8.37% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 27.84 · day 24.86–26.74 · 52w 24.86–76.87 · market cap $10.1B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $707M, net income -$703M (-99.4% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $434K; 1 not under a Rule 10b5-1 plan ($434K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.05 on a 1–5 scale) (20 analysts), mean target USD 77.81 (range 37–139).
- Total return with dividends: 1Y -54.3% vs S&P 500 +14.9%; 5Y +2.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.67, revenue estimate $221M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|
| Revenue | $75.5M | $187M | $501M | $707M | $707M |
| Gross profit | $36.1M | $100M | $342M | $487M | — |
| Operating income | -$157M | -$27.2M | $17.3M | -$1.05B | -$1.05B |
| Net income | -$172M | -$28.9M | $86.9M | -$703M | -$703M |
| EPS (diluted) | -$3.14 | -$0.29 | $0.39 | -$2.22 | — |
| Free cash flow | -$110M | -$89.6M | -$328M | -$898M | -$898M |
| Gross margin | 47.8% | 53.5% | 68.3% | 68.9% | — |
| Operating margin | -208.2% | -14.5% | 3.5% | -148.0% | -148.0% |
| Net margin | -227.6% | -15.4% | 17.4% | -99.4% | -99.4% |
| Revenue growth | — | +147.9% | +167.7% | +41.1% | — |
| Cash + short-term investments | $68.9M | $411M | $565M | — | — |
| Total debt | — | $0K | $963M | $7.59B | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 14.2x · P/B 2.4x · FCF yield -8.93% · Earnings yield -6.99%
P/E at fiscal year-ends: Jun 2025 37.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2025-09-16 | Guzowski Christopher | Director | 11,958 | $434K | 20.7% | No | Too little history (no open-market trades in 2022–2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.05 on a 1–5 scale), 20 analysts; mean target USD 77.81 (low 37, high 139).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | B. Riley Securities | Target lowered | Buy | $96 → $91 |
| 2026-09-21 | Rothschild & Co | Initiated | Neutral | $40 |
| 2026-09-18 | Northland Capital Markets | Initiated | Outperform | $99 |
| 2026-09-14 | JP Morgan | Upgrade | Underweight → Overweight | $46 → $65 |
| 2026-09-14 | BTIG | Reiterated | Buy | $80 |
| 2026-09-02 | Freedom Capital Markets | Maintained | Buy | $58 |
| 2026-09-02 | BTIG | Reiterated | Buy | $80 |
| 2026-08-28 | Macquarie | Maintained | Outperform | $90 |
| 2026-08-28 | Freedom Capital Markets | Maintained | Buy | $58 |
| 2026-08-28 | Canaccord Genuity | Maintained | Buy | $79 |
| 2026-08-28 | Cantor Fitzgerald | Reiterated | Overweight | $99 |
| 2026-08-28 | HC Wainwright & Co. | Reiterated | Buy | $90 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-11-15) |
|---|---|---|
| Total return | -54.3% | +2.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -54.5% | +0.6% |
| Volatility (annualized) | 106.1% | 113.7% |
| Max drawdown | -66.6% (Nov 2025→Oct 2026) | -95.2% (Nov 2021→Dec 2022) |

## Peers (Capital Markets)
SF (Stifel Financial Corporation) USD 67.85 +2.17% · EVR (Evercore Inc.) USD 255.39 +1.34% · JEF (Jefferies Financial Group Inc.) USD 45.64 +1.35% · HLI (Houlihan Lokey, Inc.) USD 133.24 +3.78% · HUT (Hut 8 Corp.) USD 63.97 -10.63% · BMNR (BitMine Immersion Technologies,) USD 22.5 -6.09%

## More
Full page: https://nexqual.com/IREN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in IREN's own 10-K filed 2026-08-27 (https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | AMD (AMD) | "We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD, Dell Technologies,…" |
| Supplier | Dell Technologies (DELL) | "We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD, Dell Technologies,…" |
| Supplier | Lenovo | "We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD, Dell Technologies,…" |
| Supplier | Super Micro Computer (SMCI) | "We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD, Dell Technologies,…" |
| Customer | Mirantis | "Successful integration of Mirantis requires, among other things, retaining key engineering and other personnel, integrating software platforms, systems and processes with our infrastructure, continuing to support Miranti…" |
| Partner | NVIDIA (NVDA) | "We are an NVIDIA Cloud Partner and secured NVIDIA Preferred Partner status during fiscal year 2026." |
| Partner | Microsoft (MSFT) | "For example, we announced a five-year agreement with Microsoft in November 2025, which includes GPU acquisitions and the development of the "Horizon 1," "Horizon 2," "Horizon 3" and "Horizon 4" data center facilities rep…" |
| Partner | Oklahoma | "As our footprint expands, we intend to develop locally appropriate engagement and benefit programs in Oklahoma, Spain and Australia, including workforce development, local partnerships and support for education and commu…" |
| Competitor | Amazon (AMZN) | "As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave…" |
| Competitor | Alphabet (Google) (GOOGL) | "As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave…" |
| Competitor | Oracle (ORCL) | "As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave…" |
| Competitor | CoreWeave (CRWV) | "As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave…" |
| Competitor | Nebius (NBIS) | "As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave…" |
| Competitor | SpaceX | "As a global AI Cloud Services provider, we compete with hyperscalers, including Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud Services providers, including CoreWeave…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| AI Cloud | $70.5M | 51.4% | +912.7% |
| Bitcoin Mining | $66.7M | 48.6% | -63.0% |
| Total revenue | $137.2M | 100% | — |

## Revenue by region (fiscal year ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Australia | $578.2M | 81.8% | +19.3% |
| Canada | $128.8M | 18.2% | +685.6% |
| Total revenue | $707.0M | 100% | — |

## Company outlook (8-K filed 2026-08-27)

- "Operating ARR of $1bn is calculated as of August 26, 2026. $4bn of ARR targeted to be operational by December 31, 2026 is based on internal company assumptions regarding utilization and pricing, with revenue expected to ramp upon, and being subject to, commissioning, testing and customer acceptance in the months following each data center's delivery."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.67 | $-0.23 | +183.0% | $221.3M | 2 |
| Next quarter (ends 2026-12-31) | $-1.34 | $0.10 | -1440.0% | $392.0M | 2 |
| Current fiscal year (ends 2027-06-30) | $-3.42 | $-0.94 | +264.0% | $2.81B | 4 |
| Next fiscal year (ends 2028-06-30) | $-3.98 | $-0.20 | +1891.3% | $7.41B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±20.2%; earnings reaction alone ±9.8%; last 7 reports averaged ±12.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 110.8% | ±13.3% |
| 2026-11-06 | 14 | 123.2% | ±20.2% |
| 2026-11-13 | 21 | 122.6% | ±24.2% |
| 2026-11-20 | 28 | 117.3% | ±26.6% |
| 2026-11-27 | 35 | 111.6% | ±28.1% |
| 2026-12-04 | 42 | 110.7% | ±30.5% |
| 2026-12-18 | 56 | 108.8% | ±34.2% |
| 2027-01-15 | 84 | 105.0% | ±40.4% |