IREN Limited, established in 2018 and based in Sydney, Australia, operates a comprehensive, vertically integrated data center business spanning Australia and Canada. The company possesses and manages all essential infrastructure, including its computing hardware, electrical systems, and the data center facilities themselves. A primary undertaking for IREN Limited is the mining of Bitcoin, a scarce digital asset created and exchanged via a decentralized, peer-to-peer computer network utilizing specialized Bitcoin software. The company was previously named Iris Energy Limited, officially adopting IREN Limited in November 2024.
Price Overview
Last updated: Jul 8, 2026 7:22pm (just now)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 0.41
Total Equity: $1.82B
Shares: 223,245,651
Total Debt: $962.77M
Cash: $564.53M
EBITDA: $285.68M
Total Debt: $962.77M
Cash: $564.53M
Revenue: $501.02M
Revenue: $501.02M
Revenue: $501.02M
Total Equity: $1.82B
Tax Rate: 7.0%
Equity: $1.82B
Total Debt: $962.77M
Cash: $564.53M
Current Liabilities: $149.35M
Long-Term Debt: $962.77M
Total Debt: $962.77M
Total Equity: $1.82B
Shares: 223,245,651
Shares: 223,245,651
CapEx: -$1.37B
Shares: 223,245,651
Stock Price: $39.82
Net Income: $86.94M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jul 3, 2026 9:14am (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.9M | $59.0M | $75.5M | $187.2M | $501.0M |
| Cost of Revenue | $1.7M | $7.4M | $54.4M | $105.1M | $159.0M |
| Gross Profit | $4.3M | $51.6M | $21.1M | $82.1M | $342.0M |
| Operating Expenses | $4.5M | $51.1M | $69.7M | $109.4M | $319.9M |
| Operating Income | $-236,498 | $462,000 | -$48.6M | -$27.3M | $22.1M |
| Net Income | -$45.3M | -$419.8M | -$171.8M | -$28.9M | $86.9M |
| EBITDA | -$32.6M | $16.1M | -$122.6M | $25.1M | $285.7M |
| EPS | $-1.14 | $-10.25 | $-3.14 | $-0.29 | $0.41 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 3, 2026 9:14am (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $29.3M | $75.6M | $68.9M | $404.6M | $564.5M |
| Total Current Assets | $30.4M | $110.2M | $89.2M | $452.4M | $641.2M |
| Total Assets | $101.0M | $392.3M | $332.1M | $1.2B | $2.9B |
| Current Liabilities | $128.0M | $85.1M | $24.0M | $51.1M | $149.3M |
| Long-Term Debt | $8.1M | $46.6M | $0 | $0 | $962.8M |
| Total Liabilities | $138.1M | $133.1M | $26.7M | $55.3M | $1.1B |
| Total Equity | -$37.1M | $437.4M | $305.4M | $1.1B | $1.8B |
| Retained Earnings | -$47.0M | -$482.4M | -$654.3M | -$683.1M | -$596.2M |
Cash Flow (Annual)
Last updated: Jul 3, 2026 9:14am (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.3M | $21.6M | $5.7M | $52.2M | $245.9M |
| Capital Expenditure | -$5.4M | -$294.2M | -$116.1M | -$479.9M | -$1.4B |
| Free Cash Flow | -$4.1M | -$272.7M | -$110.0M | -$427.2M | -$1.1B |
| Acquisitions (net) | $1,491 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $27.3M | $71.0M | -$41.1M | $335.7M | $159.9M |
Analyst Estimates (Annual)
Last updated: Jul 8, 2026 4:57am (14h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$2.9B $2.3B – $3.9B
|
$5.7B $4.5B – $7.8B
|
$8.4B $6.7B – $11.6B
|
$8.8B $6.9B – $12.0B
|
| EBITDA |
-$590.4M -$804.4M – -$464.3M
|
-$1.2B -$1.6B – -$918.0M
|
-$1.7B -$2.4B – -$1.4B
|
-$1.8B -$2.5B – -$1.4B
|
| Net Income |
$62.8M -$215.8M – $341.5M
|
$380.3M -$144.1M – $1.6B
|
$268.6M $195.9M – $398.1M
|
$496.2M $361.9M – $735.5M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 3, 2026 9:14am (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +895.6% | +27.9% | +147.9% | +167.7% |
| Gross Profit Growth | +1,110.4% | -59.1% | +288.8% | +316.5% |
| Operating Income Growth | +295.4% | -10,610.4% | +43.8% | +181.1% |
| Net Income Growth | -825.8% | +59.1% | +83.2% | +400.6% |
| EBITDA Growth | +149.5% | -859.5% | +120.5% | +1,038.1% |
Insider Trading (Recent)
All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-07-01 | Lewis Anthony J | A-Award | 26,968.00 | $0.00 | $0 |
| 2026-07-01 | Guzowski Christopher | A-Award | 6,657.00 | $0.00 | $0 |
| 2025-09-16 | Guzowski Christopher | S-Sale | 11,958.00 | $36.32 | $434,315 |
| 2026-07-01 | Parasuraman Sunita | A-Award | 6,657.00 | $0.00 | $0 |
| 2026-07-01 | Roberts Daniel John | A-Award | 552,197.00 | $0.00 | $0 |
| 2026-07-01 | Roberts Daniel John | A-Award | 9,099,328.00 | $0.00 | $0 |
| 2026-07-01 | Roberts William Gregory | A-Award | 552,197.00 | $0.00 | $0 |
| 2026-07-01 | Roberts William Gregory | A-Award | 9,099,328.00 | $0.00 | $0 |
| 2026-07-01 | ALFRED MICHAEL | A-Award | 6,657.00 | $0.00 | $0 |
| 2026-07-01 | Bartholomew David James | A-Award | 8,369.00 | $0.00 | $0 |
| 2025-09-08 | Lewis Anthony J | 0.00 | $0.00 | $0 | |
| 2025-09-08 | Lewis Anthony J | 0.00 | $0.00 | $0 | |
| 2025-09-11 | Roberts Daniel John | S-Sale | 1,000,000.00 | $33.13 | $33.1M |
| 2025-09-11 | Roberts William Gregory | S-Sale | 1,000,000.00 | $33.13 | $33.1M |
| 2025-09-03 | Roberts Daniel John | S-Sale | 500,000.00 | $3.27 | $1.6M |
| 2025-09-04 | Roberts Daniel John | S-Sale | 500,000.00 | $3.27 | $1.6M |
| 2025-09-03 | Roberts William Gregory | S-Sale | 500,000.00 | $3.27 | $1.6M |
| 2025-09-04 | Roberts William Gregory | S-Sale | 500,000.00 | $3.27 | $1.6M |
| 2025-07-01 | Guzowski Christopher | A-Award | 39,168.00 | $0.00 | $0 |
| 2025-07-01 | Roberts William Gregory | A-Award | 1,793,392.00 | $0.00 | $0 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
The raw numbers tell a story the prior models are partially missing. Revenue went $54M → $187M → $240M → $121M → $100M across the last five quarters — that's not "decelerating growth," that's a 58% sequential collapse over two quarters from the Sep-25 peak. Net income swung from +$384M (Sep-25) to -$172M (Mar-26), and the $384M quarter almost certainly contains a massive non-cash Bitcoin holding mark-up given gross margin of 68% can't produce a 160% net margin on operations. Strip that out and underlying operating economics are deteriorating fast: Q3 2026 revenue of $100.6M against a -$172M net loss implies the mining economics have inverted, likely from rising network hashrate post-halving plus weakening BTC price. The TTM P/E of 57x and ROE of 9.1% are arithmetic artifacts of that one fluke quarter — meaningless.
The capital intensity is the real story and nobody is pricing it honestly. FY25 free cash flow was **negative $1.13B** on $1.37B of capex against $245M of operating cash flow. Cash on hand is $564M. At the current burn rate — and with quarterly revenue now running at $100M while losses widen — IREN needs to either raise equity (dilutive at $54 down from $77), raise debt (the synthesis flags 1.6x interest coverage already), or slash the AI/HPC buildout that justifies the multiple. The $19.5B market cap on $501M of trailing revenue (39x P/S, or 7x on synthesis's EV/revenue) is being asked to underwrite both a successful AI pivot AND a Bitcoin bull market AND continued access to cheap capital. That's three independent bets, not one.
I largely agree with Market Forces' "Headwinds" call but disagree with the synthesis's milder "High Conviction Required" framing — the synthesis is too kind. The insider selling pattern is damning in a way the models understate: 3.5M+ shares sold in early September 2025 right after the Sep-25 blowout quarter, zero open-market buys. That's textbook "sell the print." The pre-flight note about an 87% drawdown is wrong — $76.87 to $54.74 is a 29% drawdown, not 87% — which makes me question the pre-flight model's numeric reliability throughout. The "pre-profit growth" classification is also misleading: IREN isn't a SaaS company building toward operating leverage; it's a commodity producer (BTC) with a speculative side-business (AI hosting) where unit economics get worse as competitors add capacity. CoreWeave is not a clean comp — CRWV has signed multi-year contracted revenue with Microsoft/NVIDIA; IREN has aspirations.
A careful contrarian would argue three things. First, the Sep-25 quarter proves the asset base can throw off enormous cash when BTC cooperates — option value is real and a $100K+ BTC scenario could justify the multiple. Second, the $564M cash pile plus $246M annual OCF means liquidation risk is overstated near-term; bears calling for zero are early. Third, the AI/HPC infrastructure is genuinely scarce — power-connected, permitted megawatts are the bottleneck in the AI buildout, and even a modest contracted-revenue announcement (say, $200M ARR at 60% margins) would re-rate the stock 30%+ on narrative alone. That's the bull case I can't dismiss. But it requires a catalyst I don't see in the data, and the trajectory is pointing the wrong way: revenue down two quarters in a row, losses widening, insiders selling, capex commitments locked in. Fair value on fundamentals alone — applying 10x EV/sales to a normalized $600M revenue run-rate with positive but volatile FCF — is closer to $30-35, not $55. The remaining $20 is pure BTC/AI optionality, and I'd rather buy that option after a contracted AI revenue print than before.
GPT Critique
In reviewing IREN Limited's financial data, a few key observations emerge. The company has experienced significant volatility in its financial performance, evidenced by quarterly revenues fluctuating from $54.4 million to $240.3 million over a short period. The most recent quarters show declining revenue from a peak of $240.3 million in Q3 2025 to $100.6 million in Q1 2026, alongside a stark reversal in net income from a high of $384.6 million to a loss of $172.2 million. This suggests an unsustainable business model heavily reliant on favorable external conditions, likely tied to Bitcoin's performance. The capital expenditure of $1.37 billion against a negative free cash flow of $1.13 billion signals a significant cash burn that is unsustainable without access to additional capital or a turnaround in operational performance.
I find myself in agreement with Claude Opus's assessment in several areas. Opus highlights the unsustainable nature of IREN's current financial trajectory, noting the reliance on Bitcoin's performance, and I concur. The company's P/E ratio and ROE are indeed misleading given the anomalous Q3 2025 results. I also agree with Opus's point on insider selling being a red flag, as it suggests a lack of confidence from those closest to the company's operations. Furthermore, Opus's skepticism towards the "pre-profit growth" classification is warranted — IREN's situation is more akin to a high-risk commodity play than a tech growth story.
Where I diverge from Opus is in the interpretation of the company's potential upside. While Opus downplays the AI pivot as largely speculative, I see the infrastructure as a potential, albeit risky, future growth avenue. The $564.5 million in cash provides some buffer against immediate liquidity issues, which could allow the company time to secure AI contracts or navigate Bitcoin price volatility. However, I acknowledge that without concrete AI revenue, this potential remains speculative.
A careful skeptic might argue that both Opus and I are overly pessimistic, considering the historical ability of the asset base to generate significant cash flow under favorable conditions. They might suggest that the recent financial distress is temporary, pending a rebound in Bitcoin prices or successful AI partnerships. Additionally, with infrastructure build-out, any hint of AI-related revenue could prompt a positive re-rating, countering the current negative narrative. Yet, the lack of clear catalysts and the ongoing financial deterioration make this potential scenario speculative at best.