IREN Limited Q3 FY2026 earnings call

Infrastructure Development - Plan to retrofit 30 MW existing air cooled capacity for AI workloads. Childress has 2027 plan with 100 MW liquid cooled IT load and 250 MW air cooled retrofit (60 MW for NVIDIA AI Cloud contract). Sweetwater 1 high voltage substation energized, initial 200 MW liquid cooled data centres under construction. - Global platform: North America has Sweetwater and Kiowa campuses, Europe with acquisition of Nostrum Group adding 490 MW secured power in Spain, APAC with Australia as anchor for serving demand. - Mirantis acquisition: Brings AI platform management, expertise in bare metal, virtual machines, Kubernetes environments, and is a founding ISV partner of NVIDIA AI Cloud Ready initiative, will support NVIDIA AI Cloud contract.

Revenue was $144.8 million for the March quarter, compared to $184.7 million in the prior quarter. Bitcoin mining revenue was $111.2 million down from $167.4 million, while AI cloud services revenue increased to $33.6 million from $17.3 million. Cost of revenues decreased by $25.9 million primarily due to reduced Bitcoin mining capacity. Net loss for the quarter was $247.8 million, impacted by non-cash impairments and unrealized losses. Adjusted EBITDA was $59.5 million compared to $75.3 million in the prior quarter.

Revenue Target - Target $3.7 billion in ARR by end of 2026, ramp is back-end weighted with Microsoft revenue and 50,000 GPUs procured expected to start ramping in Q3 2026. ### Infrastructure Build - Phased global platform development across North America, Europe, APAC with secured power and development pipeline.

Q: On five-year NVIDIA AI cloud contract, talk about GPUs in 60 MW and cost per GPU, and milestones for Sweetwater and Oklahoma sites becoming marketable.

A: Haven't disclosed specific GPU amount for 60 MW air cooled, contract with NVIDIA is managed services. Capacity for 27 and 28 is scarce, demand signals strong, can market sites now with defined plan making negotiations easier.

Q: On air-cooled GPUs, efficiency, performance, margin vs liquid-cooled.

A: AirCore uses latest NVIDIA Blackwells, perform well, high demand. Air-cooled is capital efficient as retrofitting existing vs new liquid-cooled, slightly more efficient operationally.

Q: Europe Nostrum acquisition, form factor.

A: Nostrum has land, secured power, flexibility in form factor, can use modular design from North America.

Q: Capacity ramp for 27, 730 MW breakdown.

A: 450 MW from Childress remaining capacity, 280 MW from Sweetwater.

Q: Australia power procurement, commercial strategy.

A: Similar to other markets, parallels with Texas, Australia a frontier for APAC demand.

Q: Regional customer mix, contract structure, margin.

A: Customer mix evolves, hyperscale can be for own use or intermediary, workloads vary, goal is diversified customer base.

Q: Financing NVIDIA deal, 5 GW build-out.

A: Capex for retrofitting modest, GPU financing from various sources, capital progressive over time, Microsoft contract a template with 95% funded via prepayments.

Q: Demand for older GPUs, prepayment structures.

A: Older GPUs fully utilized, demand strong, pricing climbing, prepayments part of conversations in current environment.