$IREN

IREN Ltd

CIK:0001878848|SEC Filings

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Revenue:
Total revenue	$ 707,007	$ 501,023	$ 187,192
Cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	(219,706)	(158,992)	(87,067)
Operating (expenses) income:
Selling, general and administrative expenses	(449,115)	(136,458)	(70,424)
Depreciation and amortization	(417,729)	(181,136)	(50,470)
Impairment of assets	(638,805)	(7,223)	0
Gain (loss) on disposal of property, plant and equipment	(24,908)	4,002	43
Other operating expenses	(15,157)	(13,302)	(8,074)
Other operating income	11,699	9,413	1,566
Total operating (expenses) income	(1,534,014)	(324,704)	(127,359)
Operating (loss) income	(1,046,714)	17,327	(27,234)
Other (expense) income:
Finance expense	(59,251)	(11,045)	(98)
Interest income	80,631	7,504	5,831
Increase (decrease) in fair value of assets held for sale	(110,622)	(2,160)	0
Realized gain (loss) on financial instruments	(9,269)	(4,215)	4,121
Unrealized gain (loss) on financial instruments	558,541	77,518	(3,448)
Gain on partial extinguishment of financial liabilities	0	9,093	0
Debt conversion inducement expense	(111,799)	0	0
Foreign exchange gain (loss)	(10,273)	(1,339)	(4,747)
Other non-operating income	72	817	108
Total other (expense) income	338,029	76,173	1,767
Income (loss) before taxes	(708,683)	93,501	(25,467)
Income tax (expense) benefit	6,062	(6,560)	(3,453)
Net income (loss)	$ (702,621)	$ 86,941	$ (28,920)
Net income (loss) per share of Ordinary shares:
Basic net income (loss) per share of Ordinary shares ( in USD per share)	$ (2.22)	$ 0.41	$ (0.29)
Basic weighted-average shares used in computing net income (loss) per share of Ordinary shares (in shares)	316,123,145	214,586,767	99,640,920
Diluted net income (loss) per share of Ordinary shares (in USD per share)	$ (2.22)	$ 0.39	$ (0.29)
Diluted weighted-average shares used in computing net income (loss) per share of Ordinary shares (in shares)	316,123,145	223,245,651	99,640,920
Other comprehensive income (loss):
Gain (loss) on cash flow hedges, net of tax	$ 3,141	$ 0
Change in foreign currency translation adjustments, net of tax	(14,492)	4,921	$ (339)
Total other comprehensive income (loss), net of tax	(11,351)	4,921	(339)
Total comprehensive income (loss)	(713,972)	91,862	(29,259)
AI Cloud
Revenue:
Total revenue	128,795	16,394	3,105
Cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	(16,932)	(1,319)	(379)
Bitcoin Mining
Revenue:
Total revenue	578,212	484,629	184,087
Cost of revenue (exclusive of depreciation and amortization shown below):
Total segment and consolidated cost of revenue	$ (202,774)	$ (157,673)	$ (86,688)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2024
Operating activities
Net income (loss)	$ (702,621)	$ 86,941	$ (28,920)
Adjustments to reconcile net income (loss) to net cash from (used in) operating activities:
Depreciation and amortization	417,729	181,136	50,470
Impairment of assets	638,805	7,223	0
Increase (decrease) in fair value of assets held for sale	110,622	2,160	0
Other non-operating income	0	0	(108)
Realized gain (loss) on financial asset	8,667	4,215	(4,121)
Unrealized (gain) loss on financial instrument	(558,541)	(77,518)	3,448
Debt conversion inducement expense	111,799	0	0
Other (income) expense	0	11,811	0
Other finance expense	0	586	0
(Gain) loss on disposal of property, plant and equipment	24,908	(4,002)	(43)
Foreign exchange loss (gain)	9,919	3,821	(3,507)
Gain on partial extinguishment of financial liabilities	0	(9,093)	0
Amortization of debt issuance costs	9,408	1,400	0
Stock-based compensation expense	205,023	42,642	23,636
Changes in assets and liabilities:
Accounts receivable and other receivables	(29,434)	(9,656)	(5,588)
Financial asset, current	0	6,530	0
Accounts payable and accrued expenses	38,017	16,689	10,072
Other assets	494	0
Tax related receivables	0	(2,581)	0
Tax related liabilities	(9,136)	4,911	1,357
Other liabilities	49,506	2,718	409
Deferred revenue	1,841,662	(1,674)	2,558
Prepayments and deposits	(67,727)	(22,227)	2,940
Operating lease liabilities	1,319	(146)	(384)
Net cash from (used in) operating activities	2,100,418	245,886	52,219
Investing activities
Payments for property, plant and equipment, net of computer hardware	(2,998,006)	(573,456)	(141,855)
Payments for computer hardware	(1,335,081)	(799,171)	(338,054)
Payments for intangible assets	(107,573)	0	0
Payments for other prepayments and deposits	(203,439)	(19,502)	(18,600)
Proceeds from disposal of property, plant and equipment	23,782	11,172	43
Deposits paid for right-of-use assets	(10,184)	0	0
Payment for the acquisition of subsidiaries	(92,483)	0	0
Proceeds from release of deposits	0	470	0
Net cash from (used in) investing activities	(4,722,984)	(1,380,487)	(498,466)
Financing activities
Payment for induced conversion of convertible notes	(1,623,484)	0	0
Proceeds from loan funded shares	658	876	503
Proceeds from exercise of options	6,597	0	0
Proceeds from convertible notes	6,299,555	701,211	0
Proceeds from financing facilities	938,000	0	0
Repayment of debt	(9,213)	0	0
Payment of capped call transactions	(448,922)	0	0
Settlement of capped call transactions	38,812	0	0
Repayment of finance lease liabilities	(48,876)	0	0
Payment of borrowing transaction costs	(165,536)	(8,088)	0
Net cash from (used in) financing activities	9,680,050	1,294,735	782,626
Net increase (decrease) in cash, cash equivalents and restricted cash	7,057,484	160,134	336,379
Cash, cash equivalents and restricted cash — beginning of period	564,526	404,601	68,894
Effects of exchange rate changes on cash, cash equivalents and restricted cash	(2,483)	(209)	(672)
Cash, cash equivalents and restricted cash — end of period	7,619,527	564,526	404,601
Supplemental cash flow information:
Cash paid for interest	(42,639)	(7,634)	(213)
Cash paid for income taxes	(2,696)	0	(1,419)
Supplemental schedule of non-cash investing and financing activities:
Additions to right-of-use assets in exchange for lease liability	291,592	1,686	347
Stock-based compensation - third party issuance	0	0	319
Reclassification of property and equipment to equipment held for sale	204,762	23,222	0
Property and equipment obtained in exchange transactions	0	49,207	0
Restricted stock units
Supplemental schedule of non-cash investing and financing activities:
Issuance of Ordinary shares - restricted stock unit and option settlements	73,564	1,178	0
Commited equity facility
Financing activities
Payments of offering costs for committed equity facility and issuance of Ordinary shares	0	0	(213)
Proceeds from committed equity facility and issuance of Ordinary shares	0	0	51,352
Ordinary shares
Financing activities
Payments of offering costs for committed equity facility and issuance of Ordinary shares	(50,380)	(1,069)	(733)
Proceeds from committed equity facility and issuance of Ordinary shares	$ 4,742,839	$ 601,805	$ 731,717

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Current assets
Cash and cash equivalents	$ 5,895,591	$ 564,526
Restricted cash, current portion	1,670,252	0
Accounts receivable, net	21,062	1,564
Deposits and prepaid expenses	189,140	45,908
Derivative assets	0	5,756
Assets held for sale	72,540	0
Income taxes receivable	1,122	2,581
Other assets	36,469	20,838
Total current assets	7,886,176	641,173
Non-current assets
Property, plant and equipment, net	6,753,183	1,930,567
Intangible assets, net	317,432	0
Goodwill	36,577	0
Operating lease right-of-use asset, net	2,720	1,463
Restricted cash, less current portion	53,684	0
Deposits and prepaid expenses	265,956	32,916
Financial assets	0	211,617
Derivative assets	415,641	122,100
Other assets	58,670	486
Total non-current assets	7,903,863	2,299,150
Total assets	15,790,039	2,940,323
Current liabilities
Accounts payable and accrued expenses	1,825,392	144,115
Operating lease liability, current portion	555	404
Finance lease liability, current portion	125,340	0
Debt, current portion	169,370	0
Income taxes payable, current portion	0	0
Deferred revenue, current portion	46,491	884
Other liabilities, current portion	53,952	3,945
Total current liabilities	2,221,100	149,347
Non-current liabilities
Operating lease liability, less current portion	2,231	1,063
Finance lease liability, less current portion	118,456	0
Debt, less current portion	7,423,574	962,765
Deferred revenue, less current portion	1,796,055	0
Deferred tax liabilities	30,832	7,971
Income taxes payable, less current portion	4,283	1,454
Other liabilities, less current portion	7,894	234
Total non-current liabilities	9,383,326	973,488
Total liabilities	11,604,426	1,122,835
Commitments and contingencies (See Note 29)
Stockholders' equity
Additional paid-in capital	(1,647,061)	88,672
Retained earnings (accumulated deficit)	(1,298,789)	(596,167)
Accumulated other comprehensive income (loss)	(41,424)	(30,073)
Total stockholders' equity	4,185,613	1,817,488
Total liabilities and stockholders' equity	$ 15,790,039	$ 2,940,323
Class A common stock
Non-current liabilities
Common stock, par value (in USD per share)	$ 0	$ 0
Stockholders' equity
Common stock per class	$ 7,172,887	$ 2,355,056
Class B common stock
Non-current liabilities
Common stock, par value (in USD per share)	$ 0	$ 0
Stockholders' equity
Common stock per class	$ 0	$ 0