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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brett Knoblauch | Cantor Fitzgerald | 11 questions · 9% challenging |
| Joe Vafi | Canaccord Genuity | 9 questions · 0% challenging |
| Darren Aftahi | Lucid Capital Markets | 8 questions · 0% challenging |
| Nick Giles | B. Riley Securities | 8 questions · 0% challenging |
| Paul Golding | Macquarie | 7 questions · 0% challenging |
| Mike Donovan | Compass Point Research and Trading | 7 questions · 0% challenging |
| Reggie Smith | JPMorgan | 6 questions · 0% challenging |
| Mike Ng | Goldman Sachs | 5 questions · 0% challenging |
| Ben Sommers | BTIG | 5 questions · 0% challenging |
| John Todaro | Needham | 4 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Cantor Fitzgerald | 1 analyst | 11 questions · 9% challenging |
| Compass Point Research and Trading | 2 analysts | 10 questions · 0% challenging |
| B. Riley Securities | 2 analysts | 10 questions · 0% challenging |
| Canaccord Genuity | 1 analyst | 9 questions · 0% challenging |
| Lucid Capital Markets | 1 analyst | 8 questions · 0% challenging |
| BTIG | 2 analysts | 7 questions · 0% challenging |
| Macquarie | 1 analyst | 7 questions · 0% challenging |
| JPMorgan | 1 analyst | 6 questions · 0% challenging |
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Calendar quarter Q1 2026Earnings call May 7, 2026
FY2026 Q3 in brief
IREN's March-quarter revenue was roughly flat year over year at $144.8 million, as Bitcoin mining revenue fell to $111.2 million (from $167.4 million) while AI cloud services revenue nearly doubled to $33.6 million.
Newest quarter FY2026 Q4 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for IREN Limited (IREN), FY2026 Q3: 6/10. Scores: IREN Limited’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: IREN daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2025 Q1 | $53M | — | $-0.27 | — | -89.2% | -98.0% |
| FY2025 Q2 | $116M | — | $-0.10 | — | 14.9% | -18.8% |
| FY2025 Q3 | $145M | — | $-0.07 | — | 20.2% | -11.1% |
| FY2025 Q4 | $187M | — | — | — | 9.6% | 94.3% |
| FY2026 Q1 | $240M | +355.4% | $1.08 | +500.0% | -31.8% | 160.1% |
| FY2026 Q2 | $185M | +59.0% | $-0.52 | -420.0% | -63.0% | -84.1% |
| FY2026 Q3Selected | $145M | -0.0% | $-0.74 | -957.1% | -161.3% | -171.2% |
| FY2026 Q4 | $137M | -26.7% | — | — | -452.1% | -498.5% |
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).
GAAP revenue YoY -0.02% → base 5. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
IREN's March-quarter revenue was roughly flat year over year at $144.8 million, as Bitcoin mining revenue fell to $111.2 million (from $167.4 million) while AI cloud services revenue nearly doubled to $33.6 million. The company posted a GAAP net loss of $247.8 million, driven largely by $140.4 million of non-cash impairments tied to decommissioning mining hardware, though Adjusted EBITDA stayed positive at $59.5 million. The quarter's defining events were strategic rather than financial: IREN signed a $3.4 billion five-year AI cloud contract with NVIDIA alongside a broader partnership including a $2.1 billion NVIDIA investment, lifted secured power to 5 gigawatts, and added European (Nostrum) and delivery/software (Mirantis) capabilities via acquisition. Management reiterated its target of $3.7 billion of ARR exiting calendar 2026, with $3.1 billion already under contract, and said all operational capacity is fully contracted. The story is a capital-intensive pivot from Bitcoin mining to contracted AI infrastructure, where execution speed, time to compute, is the binding constraint.
Capex Investment | Cloud & AI | Capital Allocation | Demand | Competitive Dynamics | Geographic Expansion | Regulation Policy | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 6 | 1 | 6 | 2 | 2 | 1 | 2 | |
| 2025Q2 | 3 | 2 | 3 | 2 | 1 | 1 | ||
| 2025Q3 | 3 | 2 | 2 | 1 | 1 | |||
| 2025Q4 | 2 | 6 | 4 | 2 | 1 | |||
| 2026Q1 | 2 | 2 | 2 | 2 | 4 | |||
| 2026Q2 | 6 | 5 | 2 | 2 | 3 | 2 | 2 | 1 |
| 2026Q3 | 2 | 4 | 1 | 3 | 1 | 2 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Capex Investment | 6 | 3 | 3 | 2 | 2 | 6 | 2 |
| Cloud & AI | 1 | 2 | 6 | 2 | 5 | 4 | |
| Capital Allocation | 6 | 2 | 2 | 4 | 2 | 2 | 1 |
| Demand | 2 | 3 | 1 | 2 | 2 | 2 | 3 |
| Competitive Dynamics | 2 | 2 | 1 | 1 | 4 | 3 | 1 |
| Geographic Expansion | 1 | 2 | 2 | ||||
| Regulation Policy | 1 | 1 | 2 | ||||
| Supply Chain | 2 | 1 |
What IREN said about other companies on its FY2026 Q3 call, and what other companies said about IREN on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Horizon 1 is scheduled for Microsoft handoff in Q3, and Horizons 2-4 remain on track for delivery by the end of this year”
Microsoft is taking delivery of IREN's Horizon liquid-cooled GPU capacity at Childress on schedule, a positive signal on Microsoft's continued AI-infrastructure buildout and compute demand.
“The $2.1 billion NVIDIA investment is structured to reflect that. Their rights to invest only vest as NVIDIA GPU infrastructure is deployed across our campuses, and only fully vest upon deployment of 600,000 GPUs”
NVIDIA is taking a strategic stake of up to $2.1 billion in IREN that vests as NVIDIA GPUs are deployed (fully at 600,000 GPUs), reflecting NVIDIA's push to seed and secure large-scale GPU-deployment capacity.
“The $3.4 billion AI Cloud contract announced today supporting NVIDIA's own internal workloads is the first step in that partnership”
IREN signed a $3.4 billion five-year AI cloud contract to run NVIDIA's own internal AI workloads, a large incremental signal of NVIDIA's own compute consumption and demand for deployed GPU capacity.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| IRENIREN Limited | 6 | -0.0% | IREN's March-quarter revenue was roughly flat year over year at $144.8 million, as Bitcoin mining revenue fell to $111.2 million (from $167.4 million) while AI cloud services revenue nearly doubled to $33.6 million | |
| BMNRBitmine Immersion Technologies, Inc. | 6 | +627.6% | Bitmine Immersion's fiscal 2026 second-quarter 10-Q shows a company now built around an Ethereum treasury and staking model, with total revenue rising to $11,041 from $1,517 almost entirely on newly initiated native staking income of $10,201, while legacy self-mining shrank to $219 and the machine-lease agreements expired unrenewed | |
| CLSKCleanSpark, Inc. | 2 | -24.9% | CleanSpark's fiscal second quarter of 2026 saw revenue fall approximately 25% year-over-year to $136 million, directly attributable to a slide in the average Bitcoin price to roughly $76,000 from about $94,000 a year earlier, even though Bitcoin production declined only about 7% | |
| CRCLCircle Internet Group | 7 | +20.0% | Circle's first quarter of 2026 showed decelerating headline growth, with total revenue and reserve income of $694 million, up 20% year over year, as USDC circulation held around $77 billion (up 28% year over year but roughly flat sequentially) amid a roughly 45% drop in digital-asset markets from their October 2025 peak | |
| FIGRFigure Technology Solutions, Inc. Class A Common Stock | 9 | +201.4% | Figure Technology Solutions grew consumer loan marketplace volume over 110% year-over-year to approximately $2.9 billion, and adjusted net revenue rose 92% to $167 million with an adjusted EBITDA margin of 50%, versus 33% a year earlier | |
| GSThe Goldman Sachs Group, Inc. | 7 | +13.9% | Record Global Banking & Markets revenues | |
| HOODRobinhood Markets, Inc. | 8 | +15.1% | Gold Ecosystem Drives Multi-Product Adoption | |
| IBKRInteractive Brokers Group | 8 | +16.9% | Record Commission and Net Revenue | |
| MARAMarathon Digital Holdings, Inc. | 2 | -18.4% | MARA reported first-quarter revenue of $174.6 million, down from $213.9 million a year earlier, as an 18% decline in Bitcoin's average price cut revenue by $33.1 million even as energized hashrate reached a record 72.2 exahash per second, up 33% | |
| MSMorgan Stanley | 9 | +18.8% | Record Firm-Wide Revenues and Earnings | |
| RIOTRiot Platforms, Inc. | 6 | +3.6% | Riot Platforms reported Q1 2026 revenue of $167 million (+3.61% YoY) and a net loss of $500 million ($1.44/share) driven by $326.7 million in Bitcoin MTM losses, while launching its data center segment with $33.2 million in revenue including $900,000 in operating lease income at 91% margin from the initial AMD delivery | |
| SCHWCharles Schwab Corporation | 9 | +9.8% | Record Client Growth Drives All-Time NNA Highs |
IREN's March-quarter revenue was roughly flat year over year at $144.8 million, as Bitcoin mining revenue fell to $111.2 million (from $167.4 million) while AI cloud services revenue nearly doubled to $33.6 million
Bitmine Immersion's fiscal 2026 second-quarter 10-Q shows a company now built around an Ethereum treasury and staking model, with total revenue rising to $11,041 from $1,517 almost entirely on newly initiated native staking income of $10,201, while legacy self-mining shrank to $219 and the machine-lease agreements expired unrenewed
CleanSpark's fiscal second quarter of 2026 saw revenue fall approximately 25% year-over-year to $136 million, directly attributable to a slide in the average Bitcoin price to roughly $76,000 from about $94,000 a year earlier, even though Bitcoin production declined only about 7%
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| IREN | 9 | 9 | 8 | 8 | 8 | 6 |
| BMNR | 6 | 6 | 6 | 6 | 6 | 6 |
| CLSK | 9 | 7 | 9 | 8 | 6 | 2 |
| CRCL | No score | No score | No score | 8 | 8 | 7 |
| FIGR | No score | No score | No score | 9 | 9 | 9 |
| GS | 8 | 7 | 8 | 8 | 6 | 7 |
| HOOD | 10 | 9 | 9 | 9 | 7 | 8 |
| IBKR | 8 | 6 | 6 | 8 | 7 | 8 |
| MARA | 9 | 7 | 9 | 9 | 2 | 2 |
| MS | 7 | 8 | 7 | 8 | 8 | 9 |
| RIOT | 9 | 7 | 7 | 7 | 5 | 6 |
| SCHW | 10 | 9 | 10 | 10 | 10 | 9 |
Circle's first quarter of 2026 showed decelerating headline growth, with total revenue and reserve income of $694 million, up 20% year over year, as USDC circulation held around $77 billion (up 28% year over year but roughly flat sequentially) amid a roughly 45% drop in digital-asset markets from their October 2025 peak
Figure Technology Solutions grew consumer loan marketplace volume over 110% year-over-year to approximately $2.9 billion, and adjusted net revenue rose 92% to $167 million with an adjusted EBITDA margin of 50%, versus 33% a year earlier
MARA reported first-quarter revenue of $174.6 million, down from $213.9 million a year earlier, as an 18% decline in Bitcoin's average price cut revenue by $33.1 million even as energized hashrate reached a record 72.2 exahash per second, up 33%
Riot Platforms reported Q1 2026 revenue of $167 million (+3.61% YoY) and a net loss of $500 million ($1.44/share) driven by $326.7 million in Bitcoin MTM losses, while launching its data center segment with $33.2 million in revenue including $900,000 in operating lease income at 91% margin from the initial AMD delivery
Record Client Growth Drives All-Time NNA Highs