NEW YORK, May 7, 2026, 10:08 (EDT)
- IREN is due to report fiscal third-quarter results after the market closes Thursday, with a conference call set for 5 p.m. Eastern Time. Its shares were recently down $1.48 at $59.50 in New York trading.
- Wall Street expects revenue of $213 million and a loss of 18 cents a share, according to Zacks estimates carried by TradingView.
- The report lands two days after IREN agreed to buy Mirantis for about $625 million in stock, adding software and support muscle to its AI cloud buildout.
IREN Limited’s quarterly report on Thursday has become an early test of whether the former bitcoin miner can turn a fast and costly AI infrastructure push into steadier revenue.
The timing is awkward, and important. IREN has just announced a Mirantis deal, energized a large Texas power site and kept buying Nvidia chips, while analysts still expect a quarterly loss and investors are watching how much of the Microsoft-backed AI story is showing up in actual numbers.
IREN said it would release results for the three months ended March 31 after the U.S. close. Zacks’ consensus estimate points to 43.8% year-over-year revenue growth, but also a swing to a loss from earnings of 11 cents a share a year earlier. Zacks said IREN had missed its consensus estimate in each of the past four quarters.
The company’s pitch is no longer mainly about bitcoin. IREN describes itself as a vertically integrated AI cloud provider, meaning it owns or controls much of the chain from power and land to data centers and graphics processing units, the chips used to train and run AI models.
The Mirantis acquisition is meant to fill a softer part of that chain: software, monitoring and support. Mirantis has more than 1,500 enterprise customers and sells tools for managing Kubernetes clusters, software systems used to run applications across many servers. IREN co-founder and co-CEO Daniel Roberts said Mirantis would strengthen how its compute is “deployed, managed and operated for customers.” IREN
Mirantis founder and CEO Alex Freedland put the same deal in enterprise terms, saying AI had created “a new set of customer requirements” and that customers needed platforms that are “open, flexible and built for scale.” The all-stock transaction is subject to customary closing conditions, including regulatory approvals. IREN
Power is the other piece. On May 1, IREN said it had energized its 1.4-gigawatt Sweetwater 1 data center site in Texas, connecting the site’s high-voltage substation to the ERCOT grid. The company called it a milestone in a broader 2-gigawatt Sweetwater campus, at a time when grid access remains one of the main bottlenecks for AI data centers.
IREN has also moved early on hardware. In March, the company said it had signed purchase agreements for more than 50,000 Nvidia B300 GPUs, taking its planned fleet to 150,000 GPUs. It said the fleet could support more than $3.7 billion in annualized run-rate revenue by the end of 2026, a company estimate that assumes timely delivery, commissioning and customer contracting rather than revenue already booked.
The last reported quarter showed why Thursday matters. For the December quarter, IREN reported revenue of $184.7 million, down from $240.3 million in the prior quarter, and a net loss of $155.4 million. Bitcoin mining still supplied $167.4 million of revenue, while AI cloud services contributed $17.3 million.
Microsoft remains the anchor customer behind the bull case. Reuters reported in November that Microsoft signed a $9.7 billion, five-year cloud deal with IREN for access to Nvidia chips, with deployment planned through 2026 at IREN’s Childress, Texas, campus. The contract could be terminated if IREN misses delivery timelines, Reuters reported.
That puts IREN in the same investor conversation as CoreWeave and Nebius, AI-focused cloud providers often called “neoclouds” because they rent Nvidia-based computing capacity rather than offering broad traditional cloud services. Reuters said demand for AI computing had helped propel such companies, and that Microsoft had also signed a large infrastructure-capacity deal with Nebius. Reuters
Analysts remain split on how much credit to give IREN before the buildout is proven. Cantor Fitzgerald cut its price target to $61 from $82 while keeping an Overweight rating, according to a TipRanks summary, saying AI infrastructure remained an attractive place to invest and that a supply-demand imbalance could keep pricing strong. TickerNerd lists the April 9 Cantor call under analyst Brett Knoblauch.
The risk is that IREN ends up with enough power and hardware, but not enough high-margin contracted revenue to justify the pace of spending. The company itself has warned that its targets depend on capital availability, equipment delivery, commissioning and customer contracts; the Mirantis deal also brings integration risk, and bitcoin prices still matter while mining remains the larger reported revenue line.
For Thursday’s report, the cleanest numbers will be AI cloud revenue, cash use, capital spending, debt and any detail on Microsoft deployment milestones. The market already knows the ambition. It is looking for proof.
