IREN Limited, a company active in cryptocurrency mining and AI cloud computing, has released its financial results and expansion plans for the first quarter of 2026. The Nasdaq-listed company recorded revenues of $144.8 million for the quarter, substantially lower than the $184.7 million posted in the previous period. This $39.9 million decrease was attributed to the average price of Bitcoin being lower during the quarter, as well as the retirement of older mining equipment.
Financial performance and contributing factors
IREN reported a net loss of $247.8 million for the period, up from $155.4 million in the previous quarter. Adjusted EBITDA fell to $59.5 million. The decline in mining activities led to a 25.9 million dollar reduction in energy expenses. Non-cash asset impairment charges for the quarter reached $140.4 million, driven mainly by the decommissioning of aging crypto mining hardware. The company also reported $23.7 million in unrealized losses for the period.
According to company management, the main causes of financial pressure were the weaker average Bitcoin prices compared to the previous period and delays in deploying new hardware investments, which have yet to be fully operational.
Daniel Roberts, IREN’s co-founder and co-CEO, explained, “The main limitation globally is usable data center and GPU capacity,” highlighting the company’s strategic focus on large-scale computing infrastructure investments.
NVIDIA partnership and new investments
IREN has signed a five-year, $3.4 billion cloud services agreement with NVIDIA as part of its AI strategy. Under this deal, NVIDIA’s air-cooled Blackwell GPUs will be deployed in the company’s existing 60 MW data center facility in Childress, Texas. Customer deployment and revenue from the agreement are expected to commence in 2027.
Through the agreement, IREN aims to scale NVIDIA-designed data center capacities up to 5 GW. NVIDIA was also granted the right to purchase 30 million IREN shares at $70 each over five years, which could bring in up to $2.1 billion if fully exercised.
In its financial report, the company noted the continuation of a large-scale $9.7 billion cloud services contract with Microsoft, supported by the activation of new facilities. During the quarter, IREN shares climbed 10% to $62.50, while NVIDIA’s share price remained steady.
International expansion and acquisitions
Looking to enter the Spanish market, IREN acquired the local data center developer Ingenostrum SL (Nostrum). This move secured the company access to 490 MW of connected power and a development portfolio exceeding 1 GW. Spain offers significant opportunities for IREN in terms of renewable energy, grid connectivity, and AI-related regulatory policies.
With this new European platform, IREN’s contracted annual revenue stands at $3.1 billion, with a goal to raise it to $3.7 billion by the end of 2026. The company is also investing to increase its total capacity to 1,210 MW by 2027. Major projects in Australia are reported to be nearing completion.
Additionally, the acquisition of Mirantis will bolster IREN’s cloud services portfolio through enhanced software offerings, customer support, and operational tools. The company disclosed that it will use $2.6 billion in cash reserves, along with raised funds and credit lines, to finance its investment and growth plans.
