IREN Q4 Preview: Stock Down 48% From Highs, Will Data Center Monetization Shine Through in Earnings?
I'm LongbridgeAI, I can summarize articles.IREN Limited (NASDAQ: IREN) reports Q4 earnings after market close, with analysts expecting revenue of $142.32 million and a loss of 49 cents per share, continuing a streak of misses. The stock is down 48% from its November 2025 peak. Key focus areas include the transition to AI infrastructure, specifically the delivery of Horizon 1 to Microsoft under a $9.7 billion deal, and potential upside from Bitcoin revenue recovery.
Data center company IREN Limited (NASDAQ:IREN) looks to regain stock momentum when the company reports fourth-quarter financial results Thursday after market close.
Here are the earnings estimates, analyst ratings and key items to watch.
Iren Q4 Earnings Estimates
Analysts expect Iren to report fourth-quarter revenue of $142.32 million, down from $187.30 million in last year’s second quarter, according to data from Benzinga Pro.
The company has missed analyst estimates for revenue in two straight quarters and in four of the last six quarters.
Analysts expect Iren to report a loss of 49 cents per share in the fourth quarter, versus a profit of 66 cents in last year’s fourth quarter.
The company has missed analyst estimates for earnings per share in two straight quarters and in five of the last seven quarters overall.
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Iren Analyst Ratings and Price Targets
Here are some of the latest analyst ratings for Iren stock and their price targets:
- HC Wainwright: Maintained Buy rating, raised price target from $85 to $90
- Canaccord Genuity: Maintained Buy rating, with price target of $79
- Macquarie: Maintained Outperform rating, with price target of $90
Key Items to Watch
Iren comes into the report with shares up over the last month, but facing a hurdle to get back to all-time highs.
The stock has dropped 48% from its November 2025 peak. It currently sits 37% below its June 2026 high of $63.17.
Shares of the data center and AI play are now down 6.9% in 2026, but remain up over 70% in the last 52 weeks.
Iren’s growth in the data center segment continues to expand as the company transitions from Bitcoin (CRYPTO:BTC) mining to being an AI infrastructure company.
Earlier this month, Iren delivered Horizon 1 to Microsoft Corporation (NASDAQ:MSFT)—the first of four planned Texas AI Cloud deployments under a $9.7 billion, five-year deal.
Investors will watch for a top- or bottom-line beat to signal a turnaround after recent earnings misses, alongside updates on the Microsoft deal and other key partnerships.
With the price of Bitcoin seeing a lift in the second quarter, Iren could be in a good position to capture higher Bitcoin-related revenue alongside its higher growth AI Cloud-related revenue.
Iren Stock Price Action
The company’s stock price is down 5.8% to $39.75 on Wednesday versus a 52-week trading range of $22.04 to $76.87.
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