IREN Reports Strong Transition to AI Cloud Services in FY26

Details

The company achieved an 8x increase in AI Cloud Services revenue to $128.8 million for FY26, with a current operating ARR of $1 billion and a targeted $4 billion ARR by December 31, 2026. IREN signed a new multi-year AI Cloud contract with a leading frontier AI lab and other recent signings with Cohere, Prometheus, Perplexity, Figure AI, Fal AI, and Higgsfield AI. The company also announced $4 billion in contracted ARR for 2026 capacity, with late-stage discussions for 2027 and customer and financing discussions progressing for 2028. Despite a net loss of $702.6 million for FY26 due to non-cash impairments related to the decommissioning of Bitcoin mining hardware, IREN remains well capitalized with existing cash and committed GPU financing and prepayments of $14 billion.

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About Iren Ltd.

Iren Ltd. is an energy company primarily engaged in the generation, distribution, and sale of electricity, heat, and gas throughout Italy. The company plays a crucial role in providing essential energy services to residential, commercial, and industrial sectors. It is a key player in the Italian energy market with a diverse portfolio that includes renewable energy sources, thus contributing to the country’s energy transition and sustainability goals. Iren Ltd. also actively participates in the development and management of integrated water services and environmental services, offering solutions for waste collection, treatment, and disposal. With its strategic focus on innovation and energy efficiency, the company is dedicated to enhancing its infrastructure and service quality. Iren Ltd.'s initiatives in smart city solutions and district heating projects further underscore its commitment to technological advancement and environmental sustainability. As an integral part of the Italian utility sector, Iren Ltd. works to balance energy demand with ecological responsibility, supporting the modernization of urban areas and contributing to the overall stability and development of the regional energy landscape.