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Iren cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$1.6B in Q1 FY27 · −$2.5B over twelve months

Operating cash flow$529M
Capital spending−$2.1B
Free cash flow−$1.6B
Cash conversion cycle-3371 days

Analysis

In Q1 FY27, Iren generated $529M of operating cash flow and spent $2.1B on capital projects, leaving free cash flow of −$1.6B. That is $1.6B less than in Q1 FY26 (−$38.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.5B; the largest uses were capital spending ($4.9B), other investing ($4.7B), net borrowing (+) / repaid (−) ($113M); besides operations, cash came from other financing ($12.0B), asset & business sales ($77.8M); the cash balance rose by $4.7B.

Operating cash flow was $529M against net income of −$263M. The largest differences: deferred revenue +$645M, receivables −$205M, depreciation & amortization +$148M.

Its cash conversion cycle was -3371 days (receivables 43 + inventory 0 − payables 3414): suppliers fund its working capital.

Free cash flow

Iren: free cash flow by quarterIren: free cash flow by quarter−$85.5MQ2 FY25−$51.3MQ3 FY25−$81.0MQ4 FY25−$38.0MQ1 FY26−$468MQ2 FY26−$874MQ3 FY26$482MQ4 FY26−$1.6BQ1 FY27
Operating cash flow less capital spending.
Iren: operating cash flow against capital spendingIren: operating cash flow against capital spendingOperating cash flowCapital spending$53.6M$139MQ2 FY25$93.1M$144MQ3 FY25$103M$184MQ4 FY25$142M$180MQ1 FY26$72.0M$540MQ2 FY26$75.3M$949MQ3 FY26$1.8B$1.3BQ4 FY26$529M$2.1BQ1 FY27
Latest (Q1 FY27): Operating cash flow $529M, Capital spending $2.1B.

Capital allocation, year by year

Iren: where the cash came from (up) and went (down), by fiscal yearIren: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY22: Operating cash flow −$37.5MFY22: Capital spending −$83.7MFY22FY23: Operating cash flow $5.7MFY23: Net borrowing −$9.4MFY23: Asset sales $32.5MFY23: Capital spending −$116M$38.2MFY23FY24: Operating cash flow $52.2MFY24: Asset sales $43KFY24: Capital spending −$142M$52.3MFY24FY25: Operating cash flow $246MFY25: Net borrowing $701MFY25: Asset sales $11.2MFY25: Capital spending −$573M$958MFY25FY26: Operating cash flow $2.1BFY26: Net borrowing $6.2BFY26: Shares issued $6.6MFY26: Asset sales $23.8MFY26: Capital spending −$3.0BFY26: Acquisitions −$92.5M$8.4BFY26
Over these 5 years operating cash flow totalled $2.4B; the largest uses were capital spending ($3.9B) and acquisitions ($92.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.5B
Debt$9.9B
Net debt$6.4B
Due within a year$177M

Iren's operations bring cash in ($2.5B over twelve months), and it spends more than that on capital projects: a gap of $2.5B funded from its $3.5B of cash and investments and from borrowing ($9.9B of debt, $177M due within a year). That is a choice to invest, not a cash runway running down.

Iren: debt maturities by year (FY26)Iren: debt maturities by year (FY26)$177MYear 1$270MYear 2$194MYear 3$573MYear 4$128MYear 5$6.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.5B of cash and investments now.

Where the cash came from and went

Iren: sources (+) and uses (−) of cash, Q1 FY27Iren: sources (+) and uses (−) of cash, Q1 FY27Other investing−$3.1BOther financing$2.3BCapital spending−$2.1BCash drawn (+) / kept (−)$1.8BOperating cash flow$529MShares issued$498MNet borrowing (+) / repaid (−)−$55.0MAsset & business sales$54.0MAcquisitions$13.0MExchange rates−$4.0M
Iren: sources (+) and uses (−) of cash, TTM to Q1 FY27Iren: sources (+) and uses (−) of cash, TTM to Q1 FY27Other financing$12.0BCapital spending−$4.9BCash drawn (+) / kept (−)−$4.7BOther investing−$4.7BOperating cash flow$2.5BNet borrowing (+) / repaid (−)−$113MAsset & business sales$77.8MExchange rates−$6.5MShares issued$597K

From profit to cash

Iren: net income to operating cash flow, Q1 FY27Iren: net income to operating cash flow, Q1 FY27Net income−$263MDepreciation & amortization$148MStock-based pay$106MGains on disposals−$8.0MReceivables−$205MPayables−$11.0MDeferred revenue$645MPrepaid and other assets−$1.0MOther liabilities$53.0MOperating cash flow$529M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2743—3414-3371
Q4 FY2630—1903-1873
Q3 FY2624—371-347
Q2 FY268—212-204
Q1 FY265—87-82

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$529M−$2.1B$13.0M−$55.0M$498M$1.8B−$1.6B
Q4 FY26$1.8B−$1.3B—$3.0B—−$5.4B$482M
Q3 FY26$75.3M−$949M—−$7.4M$380M$1.0B−$874M
Q2 FY26$72.0M−$540M—−$10.2M$1.6B−$2.2B−$468M
Q1 FY26$142M−$180M——$624M−$468M−$38.0M
Q4 FY25$103M−$184M—$390M—−$380M−$81.0M
Q3 FY25$93.1M−$144M——$108M$243M−$51.3M
Q2 FY25$53.6M−$139M——$148M−$329M−$85.5M

Iren: income statement and cash flow

Iren, Q1 FY27: revenue $228M (-5% year over year), operating margin -81.6%. The chart follows the revenue to costs, profit and cash.

Iren: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.