IREN Limited
- Open
- 44.05
- Day high
- 44.18
- Day low
- 42.59
- Prev close
- 45.73
- Volume
- 9.7M
- Mkt cap
- $15.6B
- P/E (TTM)
- 1089.5
- EPS (TTM)
- $0.04
- P/B
- 5.8
- P/S
- 20.6
- Yield
- —
- Per share
- —
IREN Limited (IREN) is a Financial Services company listed on NASDAQ. The stock is up 200% over the past year. Drillr has 1 published research article covering IREN.
IREN Limited (IREN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
IREN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.18 | $-0.25 | -38.9% | $145M | -34.1% |
| Feb 5, 2026 | $-0.24 | $-0.44 | -82.0% | $121M | -46.7% |
| Nov 6, 2025 | $0.15 | $-0.34 | -326.8% | $240M | -0.5% |
| Aug 28, 2025 | $0.18 | $0.08 | -54.7% | $187M | -0.9% |
| May 14, 2025 | $0.17 | $0.11 | -35.3% | $145M | -15.8% |
| Feb 12, 2025 | $-0.04 | $0.09 | +325.0% | $118M | -30.0% |
| Nov 26, 2024 | $-0.07 | $-0.22 | -214.3% | $54M | -2.2% |
| Aug 28, 2024 | $-0.02 | $-0.27 | -1105.4% | $57M | -1.9% |
| May 15, 2024 | $0.05 | $0.07 | +40.0% | $54M | +4.8% |
| Feb 15, 2024 | $0.03 | $-0.07 | -358.1% | $42M | +8.6% |
| Sep 13, 2023 | $-0.17 | $-0.12 | +27.9% | $34M | +0.2% |
| Feb 15, 2023 | $-0.13 | $-0.73 | -461.5% | $15M | +12.5% |
IREN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 11, 2025 | Roberts Daniel Johndirector, officer: Co-Chief Executive Officer | Sell | 1,000,000 | $33.13 |
| Sep 11, 2025 | Roberts William Gregorydirector, officer: Co-Chief Executive Officer | Sell | 1,000,000 | $33.13 |
| Sep 5, 2025 | Roberts Daniel Johndirector, officer: Co-Chief Executive Officer | Sell | 500,000 | $3.27 |
| Sep 5, 2025 | Roberts William Gregorydirector, officer: Co-Chief Executive Officer | Sell | 500,000 | $3.27 |
| Jul 3, 2025 | Guzowski Christopherdirector | Grant | 39,168 | — |
| Jul 3, 2025 | Roberts William Gregorydirector, officer: Co-Chief Executive Officer | Grant | 1,793,392 | — |
| Jul 3, 2025 | Bartholomew David Jamesdirector | Grant | 48,960 | — |
| Jul 3, 2025 | Roberts Daniel Johndirector, officer: Co-Chief Executive Officer | Grant | 1,793,392 | — |
| Jul 3, 2025 | Parasuraman Sunitadirector | Grant | 39,168 | — |
| Jul 3, 2025 | ALFRED MICHAELdirector | Grant | 39,168 | — |
| Jul 3, 2025 | Nucifora Belindaofficer: Chief Financial Officer | Grant | 63,910 | — |
Source: IREN SEC Form 4 filings, latest Sep 11, 2025. For informational purposes only — not investment advice.
See the full IREN insider & 13F page →IREN Limited company profile
Overview
Iris Energy Limited (NASDAQ:IREN) is an Australian-founded cryptocurrency mining and high-performance computing company that has emerged as a significant player in the Bitcoin mining industry since its incorporation in 2018. The company went public on NASDAQ in November 2021, establishing itself as one of the few publicly-traded Bitcoin miners with a commitment to 100% renewable energy operations. Headquartered in Sydney, Australia, Iris Energy has strategically expanded its operations across multiple jurisdictions, with major data center facilities in British Columbia, Canada, and Texas, United States. The company has evolved from a pure-play Bitcoin miner into a diversified digital infrastructure provider, adding AI cloud services to its portfolio in 2024 while maintaining its core focus on cryptocurrency mining operations.
Business
Iris Energy operates in the digital asset mining and high-performance computing infrastructure sector, with two primary business segments that leverage shared data center infrastructure and renewable energy resources. Bitcoin Mining Operations represent the company's core business, generating approximately 95% of total revenue. Bitcoin mining is the process of validating transactions on the Bitcoin blockchain network by solving complex mathematical puzzles using specialized computer hardware called Application-Specific Integrated Circuits (ASICs). Miners compete to solve these puzzles, and the first to succeed receives newly created Bitcoin as a reward, plus transaction fees. Iris Energy operates large-scale data centers housing thousands of these mining machines, which run continuously to participate in this global competition. The company's mining operations currently produce around 22.6 exahash per second of computational power, with plans to scale to 50 exahash by mid-2025. An exahash represents one quintillion (10^18) hash calculations per second, indicating the massive computational scale required for modern Bitcoin mining. AI Cloud Services launched in early 2024, represents the company's diversification into artificial intelligence computing infrastructure, contributing approximately 5% of revenue. This segment provides high-performance GPU (Graphics Processing Unit) computing power to customers developing AI applications, particularly large language models and machine learning algorithms. The service utilizes NVIDIA H100 and H200 GPUs, which are specialized processors designed for parallel computing tasks essential in AI development. Customers rent this computing capacity on-demand or through longer-term contracts, accessing the processing power needed for training and running AI models without having to purchase and maintain their own expensive hardware infrastructure. Both business segments benefit from the company's strategic focus on renewable energy sources and institutional-grade data center infrastructure, allowing Iris Energy to offer competitive pricing while maintaining environmental sustainability commitments.
Revenue model
Iris Energy generates revenue through two distinct but complementary business models that both capitalize on the company's data center infrastructure and renewable energy positioning. The Bitcoin mining revenue model operates on a commodity-based approach where the company earns Bitcoin rewards for successfully validating blockchain transactions. Revenue depends on three key variables: the number of Bitcoin mined (determined by the company's hash rate relative to the global network), the market price of Bitcoin at the time of sale, and transaction fees. Iris Energy typically sells Bitcoin daily rather than holding it as a treasury asset, converting cryptocurrency earnings into fiat currency to fund operations and expansion. In Q2 2025, the company mined 1,347 Bitcoin at an average realized price of $84,300, generating $113.5 million in mining revenue. The AI cloud services revenue model follows a capacity-rental approach, where customers pay for access to GPU computing power either on-demand or through contracted periods. This creates a more predictable revenue stream compared to Bitcoin mining, with gross margins exceeding 95% and approximately two-year hardware payback periods. The company has installed nearly 2,000 high-end GPUs and targets $32 million in annualized hardware profits from this segment. Several factors significantly impact the company's margins and profitability. Bitcoin price volatility directly affects mining revenue, while network difficulty adjustments influence the company's share of total Bitcoin rewards. Electricity costs represent the largest operational expense, making access to low-cost renewable energy crucial for maintaining competitive margins. The company's electricity cost per Bitcoin is estimated at around $17,000, providing substantial margins at current Bitcoin prices. Hardware efficiency improvements through newer mining equipment can reduce power consumption per unit of computational output, while equipment financing costs affect capital deployment speed. For the AI segment, GPU availability and pricing in the supply-constrained market, along with customer contract terms and duration, significantly influence revenue predictability and margins.
Competitive moat
Iris Energy's competitive moat is moderate but faces significant structural challenges inherent to the Bitcoin mining industry. The company's primary defensive advantages center around its renewable energy portfolio and strategic land holdings. With over 2.3 gigawatts of secured grid-connected power and an additional 1 gigawatt development pipeline, Iris Energy has locked in long-term access to low-cost renewable electricity, which represents the most critical input cost in Bitcoin mining. The company's sites in British Columbia and Texas provide access to excess renewable energy at competitive rates, creating a sustainable cost advantage over miners dependent on higher-cost or fossil fuel-based power sources. The company's institutional-grade infrastructure and operational expertise provides some differentiation in an industry often characterized by less sophisticated operations. Iris Energy's data centers are designed for high-density computing with advanced cooling systems, power management, and monitoring capabilities that enable higher uptime and efficiency compared to smaller-scale miners. The dual-use capability of the infrastructure, supporting both Bitcoin mining and AI workloads, adds strategic flexibility that many pure-play miners lack. However, the fundamental nature of Bitcoin mining presents significant moat limitations. Bitcoin mining is essentially a commoditized business where success depends primarily on having the lowest cost structure, as all miners compete for the same finite reward pool. Technological advantages are typically short-lived, as more efficient mining hardware becomes available to all participants. The industry faces constant pressure from new entrants, particularly well-capitalized competitors who can deploy the latest generation equipment at scale. The regulatory and policy risks represent another moat weakness, as government actions regarding cryptocurrency mining, energy usage, or environmental regulations could significantly impact operations. Additionally, the Bitcoin halving events that occur approximately every four years systematically reduce mining rewards, forcing constant efficiency improvements and potentially making marginal operations unprofitable. While Iris Energy's AI cloud services segment offers better moat characteristics through customer relationships and specialized infrastructure, this remains a small portion of the business competing against established cloud providers with significantly greater scale and resources.
Risks & safety
Iris Energy presents a moderate margin of safety profile with strong liquidity but elevated operational risks tied to Bitcoin price volatility and capital-intensive growth requirements. • Liquidity Position: Strong cash position of $427.3 million as of Q2 2025, providing substantial operational runway and growth funding capacity • Debt Profile: Minimal debt with debt-to-equity ratio of 0.25, no significant corporate debt obligations, primarily asset-level equipment financing • Current Ratio: Weak at 0.94, indicating potential short-term liquidity pressures despite large cash balance due to current expansion commitments • Cash Flow Dynamics: Negative free cash flow of -$133.9 million in Q2 2025 due to aggressive expansion capex, though operating cash flows positive at $53.7 million from mining operations • Valuation Metrics: EV/EBITDA of 7.6x appears reasonable for a growth-stage infrastructure business, P/E of 27.4x reflects volatility in earnings due to Bitcoin price fluctuations • Business Model Risk: High dependence on Bitcoin price creates significant earnings volatility; electricity costs of ~$17,000 per Bitcoin provide substantial margin cushion at current prices but vulnerability during crypto bear markets • Capital Requirements: Ongoing need for significant capital deployment to maintain competitive position in hash rate arms race, though company has demonstrated ability to access capital markets
Recent development
Over the past two years, Iris Energy has executed a significant strategic transformation from a pure-play Bitcoin miner into a diversified digital infrastructure platform. The most notable development has been the launch and rapid scaling of AI cloud services in early 2024, expanding from zero to nearly 2,000 installed GPUs (H100s and H200s) within months. This diversification strategy leverages the company's existing data center infrastructure and renewable energy resources to capture the growing demand for AI computing power, with management targeting $32 million in annualized hardware profits from this segment. The company has aggressively expanded its Bitcoin mining capacity, scaling from 5.6 exahash in 2023 to 22.6 exahash by Q2 2025, with plans to reach 50 exahash by mid-2025. This expansion has been supported by strategic equipment purchases, including a significant 10 exahash order of next-generation Bitmain miners featuring improved energy efficiency of 15-16 joules per terahash. Geographic and infrastructure expansion has been a key focus, with the announcement of the Sweetwater data center project in West Texas representing a potential 1.4 gigawatt facility that could become a 2-gigawatt campus. The company has secured over 1,300 acres for this development and accelerated utility substation energization to April 2026. Additionally, Iris Energy announced the Horizon 1 project, a 75-megawatt liquid-cooled AI data center at Childress targeting completion in H2 2025. The company has strengthened its financial positioning and market access through several initiatives, including establishing a $1 billion at-the-market (ATM) equity facility, closing an oversubscribed convertible note offering, and transitioning to U.S. domestic issuer status with U.S. GAAP reporting. Management has engaged Morgan Stanley to explore monetization opportunities for their power and land portfolio, potentially unlocking additional value from their strategic asset base. Operational improvements have focused on achieving industry-leading efficiency metrics, with the company maintaining low-cost Bitcoin production at approximately $29,000 per Bitcoin and achieving hardware profit margins over 75% in their mining operations.
IREN company profile · for informational purposes only — not investment advice.
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