Iren Earnings: $240M Revenue, $385M Net Income – What We Know

IREN's Q1 FY2026: More Than Just Bitcoin, It's the Dawn of Distributed AI

Okay, folks, buckle up because IREN's latest earnings report isn't just about Bitcoin mining anymore. It's signaling something much, much bigger: a fundamental shift in how we think about AI and its infrastructure. IREN, that little Aussie company that started with Bitcoin, is quietly transforming itself into a key player in the AI revolution, and their Q1 FY2026 (Q3 2025) numbers tell a fascinating story.

They're reporting $240.3 million in revenue and a whopping $384.6 million in net income. Adjusted EBITDA is sitting pretty at $91.7 million, and their overall EBITDA, boosted by some unrealized gains, clocks in at $662.7 million. These aren't just numbers; they're the foundation upon which IREN is building an AI future. IREN reports $240 million revenue, $385 million net income: Earnings - Yahoo Finance But it's not just about the money, is it? It's about what they're doing with it.

The Great Transition

IREN is making a strategic pivot from Bitcoin mining to GPU-powered AI factories. Think about that for a second. They're not just chasing the next crypto fad; they're building the picks and shovels for the AI gold rush. Their plan to transition their British Columbia locations to GPU operations by the end of 2026 is huge. This isn't a minor tweak; it's a complete transformation of their core business.

And it's not just talk. The energization of the Sweetwater 1 substation is targeted for Q2 2026, with Sweetwater 2 following in Q4 2027. Plus, they're accelerating development at their Childress site. What does this mean? It means they're serious.

This transition is like Gutenberg realizing his printing press could do more than just print Bibles—it could democratize knowledge itself. What if IREN’s infrastructure becomes a launchpad for countless AI startups and researchers who lack the resources to build their own? What new innovations will emerge when AI development becomes more accessible?

But let's be clear: this isn't just about IREN's bottom line. It's about the decentralization of AI power. Right now, AI is largely concentrated in the hands of a few tech giants. IREN's move toward distributed AI infrastructure has the potential to level the playing field, allowing smaller players to innovate and compete. This is the kind of breakthrough that reminds me why I got into this field in the first place!

I wonder, though: how will IREN ensure responsible use of its AI infrastructure? What ethical guidelines will they implement to prevent misuse and promote fairness? The power to democratize AI comes with a huge responsibility.

The Future is Being Built, Block by Block

So, what's the real story here? It's not just about a Bitcoin miner making money. It's about a company strategically positioning itself at the forefront of the AI revolution. IREN isn't just building AI factories; they're building the future. And honestly, when I look at what they're doing, I can't help but feel a surge of optimism.