Q2 2026 IREN Ltd Earnings Call Transcript
Key Points
- IREN Ltd (IREN) secured $3.6 billion in GPU financing at an interest rate of less than 6%, covering 95% of the GPU-related CapEx for their $9.7 billion AI contract with Microsoft.
- The company is on track to deliver 140,000 GPUs by the end of 2026, positioning them for $3.4 billion in annualized run rate revenue.
- IREN Ltd (IREN) has secured a new 1.6 gigawatt site in Oklahoma, increasing their total secured power to over 4.5 gigawatts.
- The company has approximately $2.3 billion of annualized revenue run rate under contract, with strong customer engagement for new deployments.
- IREN Ltd (IREN) has a strong cash position of $2.8 billion and diverse sources of funding, including customer prepayments and convertible notes.
- Total revenue for Q2 was $184.7 million, down 23% from the prior quarter, primarily due to lower Bitcoin mining revenue.
- Adjusted EBITDA declined due to lower Bitcoin mining revenue, despite lower payroll tax accruals and power costs.
- The company recorded $31.8 million of mining hardware impairment associated with the transition to AI cloud.
- There are significant noncash and nonrecurring items impacting EBITDA and net income, including unrealized losses on prepaid forwards and cap calls.
- The transition from Bitcoin mining to AI cloud has resulted in a reduction in operating hashrate and lower Bitcoin prices.
Good day, and thank you for standing by. Welcome to IREN Q2 FY26 results. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Mike Power, Vice President, Investor Relations. Please go ahead.
Thank you, operator. Good afternoon, and welcome to IREN Q2 FY 2026 results presentation. I'm Mike Power, VP of Investor Relations. And with me on the call today are Daniel Roberts, Co-Founder and Co-CEO Anthony Lewis, CFO; and Kent Draper, Chief Commercial Officer.
Before we begin, please note this call is being webcast live with the presentation. For those that have dialed in via phone, you can elect to ask a question via the moderator after our presentation.
I'd like to remind you that certain statements that we make during the conference call may constitute forward-looking statements and IREN cautions listeners that forward-looking information and statements are based on
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