Vertically integrated data center operator focused on AI and high-performance computing workloads. Owns and operates next-generation GPU cloud and Bitcoin mining facilities.MoreShow less
Profile & Fundamentals
IREN (IREN.NASDAQ) Profile & Fundamentals
Review IREN reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
IREN: Company Profile & Ownership
IREN Limited operates as a vertically integrated AI cloud services platform in Australia and Canada. It develops, owns, and operate data centers, including the associated land, grid connections, and substations, as well as buildings and cooling. The company also owns and operates compute layers, such as GPUs, CPUs, storage, servers, and networking deployed within that data center infrastructure; and software layers comprising managed services and enterprise support that enables customers to deploy, operate, and manage AI workloads. In addition, it is involved in Bitcoin mining. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024. IREN Limited was incorporated in 2018 and is based in Sydney, Australia.
Company profile record
IREN Ltd
Common Stock · Financials · Asset Management & Custody Banks
Company
- Company / asset
- IREN Ltd
- Security type
- Common Stock
- Sector
- Financials
- Industry
- Asset Management & Custody Banks
- HQ
- 🇦🇺 Australia
- Head office
- 55 Market Street, Sydney, NSW, Australia, 2000
Leadership & scale
- Chief executive
- Mr. William Roberts
- CEO year born
- 1990
- Full-time employees
- 685
- Fiscal year end
- June
- IPO date
- 2021-11-17
Fundamentals snapshot
- Market Cap
- USD 7.8B
- P/E
- --
- Revenue (Q2 26)
- USD 137.2M
- Profit (Q2 26)
- USD -684.0M
- Dividend Yield
- --
- Revenue (FY 26)
- USD 707.0M
- Shares in public float
- 385.8M
- Insider ownership
- 6.52%
Reporting & identifiers
- Symbol
- IREN.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- AU0000185993
- Asset ID
- equity_4a899291-122f-5088-bcc0-62adff9287ab
IREN: Ownership
Shares Outstanding
Latest: 362.0M | Max: 362.0M | Min: 16.3M
Latest reported ownership snapshot
Float Shares
106.56%
385.8M latest reported shares
Insider Ownership
6.52%
Latest reported insider stake
Short Float
0.24%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2019-01-01 | 16,296,600 |
| 2020-01-01 | 56,717,500 |
| 2021-01-01 | 55,036,100 |
| 2022-01-01 | 53,028,900 |
| 2023-01-01 | 72,665,000 |
| 2024-01-01 | 210,470,200 |
| 2025-01-01 | 298,027,400 |
| 2026-01-01 | 362,034,300 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| Bank of America Corp | 14,211,325 | 3.51% | 2026-06-30 |
| BlackRock Inc | 13,315,152 | 3.29% | 2026-06-30 |
| The Goldman Sachs Group Inc | 12,518,530 | 3.09% | 2026-06-30 |
| Citigroup Inc | 11,470,290 | 2.83% | 2026-06-30 |
| Situational Awareness LP | 9,474,099 | 2.34% | 2026-06-30 |
| Value Aligned Research Advisors LLC | 8,467,327 | 2.09% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 7,257,285 | 1.79% | 2026-06-30 |
| State Street Corp | 6,385,488 | 1.58% | 2026-06-30 |
| NORGES BANK | 5,197,774 | 1.28% | 2026-06-30 |
| CANTOR FITZGERALD, L. P. | 5,029,660 | 1.24% | 2026-06-30 |
| Jane Street Group LLC | 4,245,142 | 1.05% | 2026-06-30 |
| Daiwa Securities Group Inc | 4,236,374 | 1.05% | 2026-06-30 |
| Deutsche Bank AG | 3,948,164 | 0.98% | 2026-06-30 |
| BIT Global Technology Leaders R-I | 3,916,061 | 0.97% | 2026-09-30 |
| Clear Street Group Inc | 3,289,458 | 0.81% | 2026-06-30 |
IREN: Earnings, Profitability & Valuation
Latest Financials Filed On
Cash Flow: AUD→USD conversion reference as of . Historical periods use their own dated rates.
Income Statement: AUD→USD conversion reference as of . Historical periods use their own dated rates.
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company's latest annual financials illustrate a dramatic business pivot rather than steady operational health. Full-year revenue grew forty-one percent to $707 million, yet operating losses widened to negative $1.05 billion and net losses reached $703 million. This bottom-line collapse was heavily distorted by over $638 million in non-cash accounting write-downs from retiring older cryptocurrency mining hardware, alongside $418 million in depreciation charges. Beneath the messy headlines, underlying cloud hosting revenues expanded rapidly, demonstrating strong customer interest in high-density computing clusters. However, cash flow tells the critical story: free cash flow was negative $2.23 billion. Commercial success now hinges entirely on converting signed multi-billion-dollar backlogs into real, recurring cash receipts faster than campus overhead expands.
The company's latest annual financials illustrate a dramatic business pivot rather than steady operational health. Full-year revenue grew forty-one percent to $707 million, yet operating losses widened to negative $1.05 billion and net losses reached $703 million. This bottom-line collapse was heavily distorted by over $638 million in non-cash accounting write-downs from retiring older cryptocurrency mining hardware, alongside $418 million in depreciation charges. Beneath the messy headlines, underlying cloud hosting revenues expanded rapidly, demonstrating strong customer interest in high-density computing clusters. However, cash flow tells the critical story: free cash flow was negative $2.23 billion. Commercial success now hinges entirely on converting signed multi-billion-dollar backlogs into real, recurring cash receipts faster than campus overhead expands.
Revenue, Net Income, and Free Cash Flow
Latest: USD 707.0M | Max: USD 707.0M | Min: USD -2.2B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: >100x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability numbers display an acute divergence between day-to-day service delivery and bottom-line reality. Gross profit margin remained optically healthy at nearly sixty-nine percent, supported by favorable long-term renewable energy contracts. However, operating margin collapsed to negative 148 percent once massive depreciation charges, engineering expansion, and administrative expenses hit the ledger. This breakdown demonstrates that gross margins in high-performance computing can be deeply deceptive. Unlike software companies that scale with minimal extra cost, data center operators face enormous fixed depreciation and power overhead. Profit margins will remain structurally depressed until newly constructed campuses achieve high tenant utilization, spreading fixed building and cooling expenses across much larger revenue streams.
Profitability numbers display an acute divergence between day-to-day service delivery and bottom-line reality. Gross profit margin remained optically healthy at nearly sixty-nine percent, supported by favorable long-term renewable energy contracts. However, operating margin collapsed to negative 148 percent once massive depreciation charges, engineering expansion, and administrative expenses hit the ledger. This breakdown demonstrates that gross margins in high-performance computing can be deeply deceptive. Unlike software companies that scale with minimal extra cost, data center operators face enormous fixed depreciation and power overhead. Profit margins will remain structurally depressed until newly constructed campuses achieve high tenant utilization, spreading fixed building and cooling expenses across much larger revenue streams.
Profitability Margins
Latest: 68.9% | Max: 87.4% | Min: <-100.0%
Latest Profitability Ratios as of 2026-06-30
Gross Margin
68.9%
Gross profit / revenue
Operating Margin
-148.1%
Operating income / revenue
Net Margin
-99.4%
Net income / revenue
FCF Margin
-315.8%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2019-06-30 | 732.89 | -112,139.52 | -1,762,720.22 |
| 2020-06-30 | 1,040,894.76 | -1,025,573.91 | -3,677,710.68 |
| 2021-06-30 | 4,447,284.75 | -34,005,004.5 | -3,098,841.75 |
| 2022-06-30 | 40,735,530 | -289,641,300 | -188,156,100 |
| 2023-06-30 | 50,288,994 | -114,436,782 | -73,272,654 |
| 2024-06-30 | 124,857,064 | -19,289,640 | -284,937,731 |
| 2025-06-30 | 501,023,000 | 86,941,000 | -1,126,741,000 |
| 2026-06-30 | 707,000,000 | -702,600,000 | -2,232,669,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-06-30 | 199.8 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2019-06-30 | Not reported | -10,700.76 | -15,301.04 | -240,517 |
| 2020-06-30 | 57.68 | -77.83 | -98.53 | -353.32 |
| 2021-06-30 | 71.88 | -3.99 | -764.62 | -69.68 |
| 2022-06-30 | 87.38 | 0.78 | -711.03 | -461.9 |
| 2023-06-30 | 27.97 | -64.31 | -227.56 | -145.7 |
| 2024-06-30 | 43.87 | -14.57 | -15.45 | -228.21 |
| 2025-06-30 | 68.27 | 4.42 | 17.35 | -224.89 |
| 2026-06-30 | 68.93 | -148.05 | -99.38 | -315.79 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-05.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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