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Sentiment · FY2025 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brett Knoblauch | Cantor Fitzgerald | 5 (20%) |
| Joe Vafi | Canaccord Genuity | 4 (0%) |
| Darren Aftahi | ROTH Capital Partners | 3 (0%) |
| Joe Flynn | Compass Point Research and Trading | 3 (0%) |
| Lucas Pipes | B. Riley Securities | 2 (0%) |
| Reggie Smith | JPMorgan | 2 (0%) |
| Greg Lewis | BTIG | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Cantor Fitzgerald | 1 | 5 (20%) |
| Canaccord Genuity | 1 | 4 (0%) |
| Compass Point Research and Trading | 1 | 3 (0%) |
| ROTH Capital Partners |
| 1 |
| 3 (0%) |
| BTIG | 1 | 2 (0%) |
| B. Riley Securities | 1 | 2 (0%) |
| JPMorgan | 1 | 2 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $53M | +53.4% | $-0.27 | -232.5% | -89.2% | -98.0% | $-387M |
| FY2025 Q2 | $116M | +176.2% | $-0.10 | -113.7% | 15.5% | -18.8% | $-134M |
| FY2025 Q3 | $145M | +168.4% | $-0.07 | -195.8% | 19.1% | -11.1% | $-351M |
| FY2025 Q4 | $187M | +229.8% | $0.69 | +560.0% | 9.0% | 51.0% | $16M |
| FY2026 Q1 | $240M | +355.4% | $1.08 | +500.0% | -31.8% | 160.1% | $-138M |
| FY2026 Q2 | $185M | +59.0% | $-0.52 | -420.0% | -63.0% | -84.1% | $-765M |
| FY2026 Q3 | $145M | -0.0% | $-0.74 | -902.7% | -161.3% | -171.2% | $-920M |
| FY2026 Q4 | $137M | -26.7% | $-1.98 | -387.0% | -452.2% | -498.5% | $-167M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
IREN's fiscal Q1 2025 revenue grew about 53% year-over-year to $52.8 million as Bitcoin mining scaled toward 31 exahash and the company began generating AI Cloud services revenue, but adjusted EBITDA was thin at $2.6 million as post-halving economics, a $4.6 million rise in electricity costs, and a one-off $7.2 million spot-pricing liquidation payment weighed on the quarter. Management accelerated its 50 exahash target into the first half of next year and reiterated an industry-leading all-in cash cost of roughly $29,000 per bitcoin, driven by best-in-class 15 joules-per-terahash efficiency and sub-$0.03 Childress power. The company also announced its 1.4 gigawatt Sweetwater data center project and leaned into AI/HPC optionality, though it is taking a measured approach to GPU capital spend amid softer near-term cloud demand. With $182.4 million of cash, no debt, and 2.3 gigawatts of contracted power, IREN signaled potential investor distributions in 2025 while pursuing less-dilutive funding structures.
What IREN and other companies said about each other on FY2025 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“We have never had anything but a fantastic experience with Bitmain.”
IREN sources its S21 Pro and T21 miners from Bitmain and dismissed concerns about shipment delays or customs holdups, citing six years without material issues.
“the recent FERC rejection of the AWS Talen interconnect at the Susquehanna nuclear plant in Pennsylvania”
IREN cites the FERC rejection of Amazon's (AWS) behind-the-meter interconnect with Talen at the Susquehanna nuclear plant as evidence that regulatory complexity is constraining behind-the-meter data center power.
“haven't really seen outside of CoreWeave a deal that's like for more immediate capacity.”
An analyst frames CoreWeave as the notable exception among big-tech AI deals structured for near-term capacity rather than 2029-2030 delivery, characterizing the immediate AI-capacity market IREN is targeting.
“the majority of the new generation Blackwells from NVIDIA, those GPUs will require liquid cooling.”
IREN plans to install liquid cooling at its Prince George and Childress sites to support NVIDIA's next-generation Blackwell GPUs, signaling continued demand for NVIDIA's AI compute roadmap.
“You're seeing companies like MicroStrategy accumulate Bitcoin through capital market products.”
IREN contrasts its low-cost mining model against balance-sheet Bitcoin accumulators like MicroStrategy that acquire coins at market price via capital-market products.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
IREN IREN Limited | 8 | +53.4% | |
| ACN Accenture | · | n/a | |
| BBAI BigBear.ai Holdings, Inc. | · | n/a | |
| BR Broadridge Financial Solutions | 5 | -0.6% | |
| CDW CDW | · | n/a | |
| CTSH Cognizant | · | n/a | |
| EPAM EPAM Systems | · | n/a | |
| FIS Fidelity National Information Services | · | n/a | |
| FISV Fiserv, Inc. | · | n/a | |
| IBM International Business Machines Corporation | · | n/a | |
| IT Gartner | · | n/a | |
| JKHY Jack Henry & Associates | 6 | +5.2% | |
| LDOS Leidos | · | n/a |