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Iren (IREN) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Feb 5, 2026
Iren (IREN) reported revenue of $185M for the second quarter fiscal 2026 (Q2 FY26), +59% from a year earlier and -23% from the quarter before. Operating margin was -63.0%, net loss $155M (84.1% of revenue).
Iren, Q2 FY26: revenue $185M (+59% year over year), operating margin -63.0%, net loss $155M, operating cash flow $71.7M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $185M | -23% | +59% |
| Operating profit | −$116M | — | — |
| Net earnings | −$155M | -140% | — |
| Operating cash flow | $71.7M | -50% | +34% |
What changed
Revenue was $184.7M in Q2 FY26, up 59% year over year and down 23% from the previous quarter. Bitcoin mining was the largest line at 91% of revenue. Bitcoin mining added $53.9M year over year (up 48%), 79% of the total change.
Operating costs exceeded revenue by $116.4M, an operating margin of -63.0%. Total costs grew 205% against revenue growth of 59%. The fastest-growing cost line was Other operating costs (+257%). The quarter ended with a net loss of $155.4M, after a profit of $384.6M the previous quarter. Net interest and other expense of $221.5M was the main reason.
Operating cash flow was $71.7M (up 34% year over year). Non-cash charges added back $99.2M of depreciation and amortization and $58.2M of share-based compensation. Working capital and other items added $69.7M. Capital expenditures of $539.7M exceeded it, leaving free cash flow of −$468.0M.
Questions
What was Iren's revenue in the second quarter fiscal 2026?
Iren (IREN) reported revenue of $185M for the second quarter fiscal 2026 (Q2 FY26), +59% from a year earlier and -23% from the quarter before.
Was Iren profitable in the second quarter fiscal 2026?
Operating loss was $116M (-63.0% of revenue) and net loss $155M.
Source: Iren 10-Q on SEC EDGAR.