Recent News
On May 7, 2026 IREN announced a strategic partnership with NVIDIA that includes a five‑year, approximately $3.4 billion AI cloud services contract and a separate up‑to‑$2.1 billion investment/commitment from NVIDIA. On May 28, 2026 IREN signed a roughly $1.6 billion contract with Dell Technologies to supply air‑cooled Blackwell systems for deployments at the Childress, Texas campus. The company filed an 8‑K/press release confirming these commercial agreements and broader capacity expansion targets in early May 2026.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 15.87 indicates no established trend, limiting conviction in directional calls; DI+ at 25.04 is decreasing (bearish), while DI‑ shows a peak-and-reversal pattern that reads bullish. The low ADX implies these opposing signals lack strength, so technical direction remains ambiguous relative to valuation pressure.
MACD: MACD sits at 1.40 and trends down, below the signal line at 1.95, which indicates weakening bullish momentum and adds near-term downward pressure on price momentum despite positive absolute MACD value.
MRO (Momentum/Regression Oscillator): MRO at 31.43 (peak-and-reversal) signals the market price sits above target and carries a moderate potential for mean reversion; this increases the likelihood of price consolidation or pullback relative to intrinsic valuation levels.
RSI and short-term EMAs: RSI at 55.36 and decreasing shows fading upside momentum from neutral levels. The 12‑day EMA displays a dip-and-reversal (bullish), while price remains above the 50‑day ($53.97) and 200‑day ($48.33) averages, indicating longer‑term strength offset by short‑term momentum loss; near‑term price action will likely hinge on whether MACD and RSI resume upward momentum.
Fundamental Analysis
Profitability & margins: EBIT margin registers at -165.23%, a large negative operating outcome; quarter‑over‑quarter change in EBIT margin equals -6.75% and the year‑over‑year change equals -744.38%. Gross margin stands at 64.62% (down YoY by 31.87 percentage points), which sits slightly above the industry peer mean of 60.61%.
Earnings: Reported EPS = -$0.16 versus an estimate of -$0.34, producing an EPS beat of $0.18 and an EPS surprise of +52.94%. Trailing PE is negative given losses (PE = -281.75), and forward PE remains negative at -128.43, reflecting continuing negative forward earnings expectations.
Revenue and growth: Revenue totaled $144.8M; reported revenue growth stands at -21.60%, with quarter‑over‑quarter revenue change of -6.64% and a year‑over‑year revenue growth figure of -193.10% as reported in the data set, indicating contraction while the business transitions capacity from Bitcoin mining to AI cloud services.
Cash, liquidity and capital structure: Cash and short‑term investments total $2.213B and cash conversion and free cash metrics show strain (free cash flow negative $1.280B), yet current ratio of 3.72x and cash ratio 3.40x indicate a strong near‑term liquidity buffer; total debt equals $3.965B with net debt of $1.475B and debt‑to‑equity at 1.49x (below the industry peer mean of 1.75x).
Valuation metrics: P/B ratio stands at 5.77x (below the industry peer mean of 6.52x and median of 7.34x), PS ratio at 106.16x (above the industry peer mean of 32.69x), and EV/Revenue and enterprise multiples remain elevated; WMDST values the stock as over‑valued given the combination of negative earnings, stretched sales multiples, and the premium applied to future AI revenue expectations.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-08 |
| NEXT REPORT DATE: | 2026-08-07 |
| CASH FLOW | Begin Period Cash Flow | $ 3.3 B |
| Operating Cash Flow | $ 75.3 M | |
| Capital Expenditures | $ -1.36 B | |
| Change In Working Capital | $ 2.5 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -1.05 B | |
| End Period Cash Flow | $ 2.2 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 144.8 M | |
| Forward Revenue | $ 11.7 M | |
| COSTS | ||
| Cost Of Revenue | $ 51.2 M | |
| Depreciation | $ 121.2 M | |
| Depreciation and Amortization | $ 121.2 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 238.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 93.6 M | |
| EBITDA | $ -118.00 M | |
| EBIT | $ -239.25 M | |
| Operating Income | $ -93.35 M | |
| Interest Income | $ 21.8 M | |
| Interest Expense | $ 14.8 M | |
| Net Interest Income | $ 7.0 M | |
| Income Before Tax | $ -254.09 M | |
| Tax Provision | $ -6.26 M | |
| Tax Rate | 2.5 % | |
| Net Income | $ -247.83 M | |
| Net Income From Continuing Operations | $ -247.83 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.34 | |
| EPS Actual | $ -0.16 | |
| EPS Difference | $ 0.18 | |
| EPS Surprise | 52.941 % | |
| Forward EPS | $ -0.23 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.3 B | |
| Intangible Assets | $ 108.8 M | |
| Net Tangible Assets | $ 2.6 B | |
| Total Current Assets | $ 2.4 B | |
| Cash and Short-Term Investments | $ 2.2 B | |
| Cash | $ 2.2 B | |
| Net Receivables | $ 69.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 5.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 97.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 651.4 M | |
| Net Debt | $ 1.5 B | |
| Total Debt | $ 4.0 B | |
| Total Liabilities | $ 4.6 B | |
| EQUITY | ||
| Total Equity | $ 2.7 B | |
| Retained Earnings | $ -614.79 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 7.81 | |
| Shares Outstanding | 340.980 M | |
| Revenue Per-Share | $ 0.42 | |
| VALUATION | Market Capitalization | $ 15.4 B |
| Enterprise Value | $ 17.1 B | |
| Enterprise Multiple | -145.106 | |
| Enterprise Multiple QoQ | 99.95 % | |
| Enterprise Multiple YoY | -785.444 % | |
| Enterprise Multiple IPRWA | high: 187.996 median: 88.411 mean: 81.359 IREN: -145.106 low: -229.467 |
|
| EV/R | 118.257 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.727 | |
| Asset To Liability | 1.579 | |
| Debt To Capital | 0.598 | |
| Debt To Assets | 0.546 | |
| Debt To Assets QoQ | -0.187 % | |
| Debt To Assets YoY | 235.089 % | |
| Debt To Assets IPRWA | high: 1.383 IREN: 0.546 median: 0.361 mean: 0.344 low: 0.001 |
|
| Debt To Equity | 1.488 | |
| Debt To Equity QoQ | -2.753 % | |
| Debt To Equity YoY | 554.573 % | |
| Debt To Equity IPRWA | high: 5.37 median: 2.117 mean: 1.745 IREN: 1.488 low: -3.053 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 5.769 | |
| Price To Book QoQ | -9.289 % | |
| Price To Book YoY | 394.662 % | |
| Price To Book IPRWA | high: 10.546 median: 7.336 mean: 6.515 IREN: 5.769 low: -1.037 |
|
| Price To Earnings (P/E) | -281.75 | |
| Price To Earnings QoQ | 201.218 % | |
| Price To Earnings YoY | -518.428 % | |
| Price To Earnings IPRWA | high: 314.967 median: 112.174 mean: 98.719 low: -137.55 IREN: -281.75 |
|
| PE/G Ratio | 4.07 | |
| Price To Sales (P/S) | 106.16 | |
| Price To Sales QoQ | 22.771 % | |
| Price To Sales YoY | 824.75 % | |
| Price To Sales IPRWA | IREN: 106.16 high: 63.882 mean: 32.686 median: 30.768 low: 0.547 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -128.428 | |
| Forward PE/G | 1.855 | |
| Forward P/S | 917.861 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.245 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.02 | |
| Asset Turnover Ratio QoQ | -38.043 % | |
| Asset Turnover Ratio YoY | -73.126 % | |
| Asset Turnover Ratio IPRWA | high: 0.525 median: 0.15 mean: 0.144 IREN: 0.02 low: 0.004 |
|
| Receivables Turnover | 3.68 | |
| Receivables Turnover Ratio QoQ | -66.381 % | |
| Receivables Turnover Ratio YoY | -99.886 % | |
| Receivables Turnover Ratio IPRWA | high: 10.81 IREN: 3.68 mean: 1.989 median: 1.8 low: 0.09 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 24.796 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -177.58 | |
| Cash Conversion Cycle Days QoQ | 20.639 % | |
| Cash Conversion Cycle Days YoY | -91.419 % | |
| Cash Conversion Cycle Days IPRWA | high: 145.855 mean: 6.407 median: -0.237 low: -71.296 IREN: -177.58 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.082 | |
| CapEx To Revenue | -9.36 | |
| CapEx To Depreciation | -11.178 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 6.4 B | |
| Net Invested Capital | $ 6.4 B | |
| Invested Capital | $ 6.4 B | |
| Net Tangible Assets | $ 2.6 B | |
| Net Working Capital | $ 1.8 B | |
| LIQUIDITY | ||
| Cash Ratio | 3.398 | |
| Current Ratio | 3.722 | |
| Current Ratio QoQ | -24.957 % | |
| Current Ratio YoY | 704.489 % | |
| Current Ratio IPRWA | high: 8.259 IREN: 3.722 mean: 1.17 median: 0.981 low: 0.163 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -33.6 | |
| Cost Of Debt | 0.371 % | |
| Interest Coverage Ratio | -16.125 | |
| Interest Coverage Ratio QoQ | -47.435 % | |
| Interest Coverage Ratio YoY | -441.653 % | |
| Interest Coverage Ratio IPRWA | high: 152.8 median: 27.011 mean: 26.068 IREN: -16.125 low: -190.057 |
|
| Operating Cash Flow Ratio | -0.494 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 202.376 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.377 % | |
| Revenue Growth | -21.602 % | |
| Revenue Growth QoQ | -6.642 % | |
| Revenue Growth YoY | -193.1 % | |
| Revenue Growth IPRWA | high: 49.151 % median: -4.633 % mean: -5.682 % IREN: -21.602 % low: -41.656 % |
|
| Earnings Growth | -69.231 % | |
| Earnings Growth QoQ | -98.694 % | |
| Earnings Growth YoY | -411.543 % | |
| Earnings Growth IPRWA | high: 131.25 % median: -3.361 % mean: -12.526 % IREN: -69.231 % low: -228.571 % |
|
| MARGINS | ||
| Gross Margin | 64.622 % | |
| Gross Margin QoQ | 8.132 % | |
| Gross Margin YoY | -31.866 % | |
| Gross Margin IPRWA | high: 93.058 % median: 74.382 % IREN: 64.622 % mean: 60.611 % low: -51.295 % |
|
| EBIT Margin | -165.233 % | |
| EBIT Margin QoQ | -6.749 % | |
| EBIT Margin YoY | -744.384 % | |
| EBIT Margin IPRWA | high: 99.775 % mean: 24.057 % median: 21.289 % IREN: -165.233 % low: -412.344 % |
|
| Return On Sales (ROS) | -64.468 % | |
| Return On Sales QoQ | 40.649 % | |
| Return On Sales YoY | -351.416 % | |
| Return On Sales IPRWA | high: 68.454 % mean: 27.219 % median: 18.7 % IREN: -64.468 % low: -195.47 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -1.28 B | |
| Free Cash Flow Yield | -8.327 % | |
| Free Cash Flow Yield QoQ | 73.805 % | |
| Free Cash Flow Yield YoY | -71.851 % | |
| Free Cash Flow Yield IPRWA | high: 15.109 % mean: 0.892 % median: 0.803 % IREN: -8.327 % low: -20.141 % |
|
| Free Cash Growth | 67.263 % | |
| Free Cash Growth QoQ | -85.167 % | |
| Free Cash Growth YoY | -31.935 % | |
| Free Cash Growth IPRWA | high: 267.291 % IREN: 67.263 % mean: -21.237 % median: -43.463 % low: -334.747 % |
|
| Free Cash To Net Income | 5.165 | |
| Cash Flow Margin | -222.11 % | |
| Cash Flow To Earnings | 1.298 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -3.468 % | |
| Return On Assets QoQ | 26.017 % | |
| Return On Assets YoY | -375.02 % | |
| Return On Assets IPRWA | high: 17.087 % mean: 3.407 % median: 1.86 % IREN: -3.468 % low: -21.276 % |
|
| Return On Capital Employed (ROCE) | -3.618 % | |
| Return On Equity (ROE) | -0.093 | |
| Return On Equity QoQ | 50.283 % | |
| Return On Equity YoY | -647.44 % | |
| Return On Equity IPRWA | high: 0.149 median: 0.037 mean: 0.016 IREN: -0.093 low: -0.571 |
|
| DuPont ROE | -9.576 % | |
| Return On Invested Capital (ROIC) | -3.672 % | |
| Return On Invested Capital QoQ | -0.676 % | |
| Return On Invested Capital YoY | -308.755 % | |
| Return On Invested Capital IPRWA | high: 15.699 % mean: 7.103 % median: 3.58 % IREN: -3.672 % low: -26.934 % |
|