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Iren (IREN) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Nov 6, 2025
Iren (IREN) reported revenue of $240M for the first quarter fiscal 2026 (Q1 FY26), +355% from a year earlier and +28% from the quarter before. Operating margin was -31.8%, net earnings $385M (160.1% of revenue).
Iren, Q1 FY26: revenue $240M (+355% year over year), operating margin -31.8%, net earnings $385M, operating cash flow $142M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $240M | +28% | +355% |
| Operating profit | −$76.4M | -527% | — |
| Net earnings | $385M | +118% | — |
| Operating cash flow | $142M | +38% | — |
What changed
Revenue was $240.3M in Q1 FY26, up 355% year over year and up 28% from the previous quarter. Bitcoin mining was the largest line at 97% of revenue. Bitcoin mining added $183.4M year over year (up 370%), 98% of the total change.
Operating costs exceeded revenue by $76.4M, an operating margin of -31.8%. Total costs grew 217% against revenue growth of 355%. The fastest-growing cost line was SG&A (+450%). Net earnings were $384.6M. The effective tax rate was 33.1%. Non-operating items added $651.7M, 113% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $142.4M, 37% of net earnings. Non-cash charges added back $85.2M of depreciation and amortization and $72.4M of share-based compensation. Working capital and other items used $399.9M. Capital expenditures of $180.3M exceeded it, leaving free cash flow of −$38.0M.
Questions
What was Iren's revenue in the first quarter fiscal 2026?
Iren (IREN) reported revenue of $240M for the first quarter fiscal 2026 (Q1 FY26), +355% from a year earlier and +28% from the quarter before.
Was Iren profitable in the first quarter fiscal 2026?
Operating loss was $76.4M (-31.8% of revenue) and net earnings $385M.
Source: Iren 10-Q on SEC EDGAR.