IREN Limited, operating in the cryptocurrency mining and artificial intelligence cloud computing sector, announced its financial data and new expansion plans for the first quarter of 2026. The Nasdaq-listed company generated $144.8 million in revenue in the first quarter; This figure was well below the $184.7 million in the previous period. The $39.9 million drop in revenue was attributed to a lower average Bitcoin price and the retirement of older mining equipment.
Financial consequences and reasons
IREN’s period loss increased to 247.8 million dollars. Last quarter, this figure was $155.4 million. The company’s adjusted earnings before interest, taxes and depreciation decreased to 59.5 million dollars. The decrease in energy use in parallel with the decrease in mining resulted in savings of $25.9 million in expenses. Non-cash asset impairment charges of $140.4 million for the period resulted primarily from the decommissioning of aging crypto mining equipment. Additionally, an unrealized loss of $23.7 million was reported during the period.
According to the information provided by the management, the most obvious reason for the financial pressures was that Bitcoin prices were weak compared to the previous period and new hardware investments had not yet been fully implemented.
“The real constraint in the world is available data center and GPU capacity,” said Daniel Roberts, co-founder and co-CEO of the company, noting that the company is focused on investments in scale computing infrastructure.
NVIDIA collaboration and new investments
IREN signed a 5-year, $3.4 billion cloud agreement with NVIDIA within the scope of its artificial intelligence strategy. This collaboration involves the use of NVIDIA’s Blackwell air-cooled GPUs in the existing 60 MW data center space at the Childress campus in Texas. Customer usage and revenue streams are planned to begin in 2027.
With the agreement, IREN aims to scale the data center infrastructures designed by NVIDIA up to 5 GW. In addition, NVIDIA was given the right to purchase 30 million shares at a price of $70 for 5 years; If this is used fully, a maximum of 2.1 billion dollars of funding can be provided to the company.
The company also noted in its balance sheet presentation that its $9.7 billion large-scale cloud service contract with Microsoft continues with the commissioning of new facilities. IREN shares rose 10% in the quarter to $62.50. NVIDIA stock remained stable.
International expansion and new acquisitions
Wanting to step into the Spanish market, IREN acquired local data center developer Ingenostrum SL (Nostrum). The move gave the company 490 MW of connected power and a development portfolio exceeding 1 GW. Spain offers significant opportunities for the company in terms of access to renewable energy, grid connections and AI policies.
In addition to this new platform in Europe, IREN’s total contracted annual revenue stands at $3.1 billion. It is aimed to increase this figure to 3.7 billion dollars by the end of 2026. Investments are continuing to reach 1,210 MW in total capacity for 2027. Projects in Australia have also reached the final stage.
IREN also acquired the company Mirantis, strengthening its cloud services with software, customer support and operational tools. It was announced that $2.6 billion in cash assets, funds provided and credit facilities will be used to finance investment and growth.
