IREN

Q3 FY2026 EarningsQ4 FY26 results presented a mixed but forward-looking positive narrative: while GAAP EPS of -$0.38 (mid) to -$0.41 (mean) missed the -$0.45 normalized consensus, the company secured $2.8B in new AI cloud contracts. A significant highlight is the raised 2026 ARR target to over $4B, with 85% already under contract. Massive cash reserves of $7.6B and customer prepayments covering 45% of GPU Capex suggest a strong balance sheet to fund the expansion from 480MW to 1.2GW by 2027.