Iris Energy Limited Q2 2026 Earnings Results vs. Expectations
ReportsAug 27, 2026
SlotAfter Market Close
Beats vs our estimate0 of 2
Results are out
This quarter has reported. The consensus below is what we expected going in.
What the Street expects
EPS · ADJUSTED
-$0.42
Not guided
QoQ−68.0%
YoY—
Revenue
$138.89M
consensus · not yet reported
QoQ−4.1%
YoY−25.8%
QoQ and YoY are what the consensus implies against the prior quarter and the prior year.
Also on the card
Consensus source
Zacks Consensus Estimate, 26 Aug 2026
Financial guidance
No quarterly revenue or EPS guidance
AI Cloud ARR target
>$4B by year-end 2026; about 85% contracted
Q3 AI Cloud revenue
$33.6M, up from $17.3M QoQ
Horizon 1
First 50MW Microsoft deployment delivered in August
What to watch
- AI Cloud revenue for June. The comparison is the $33.6M reported in March; this is the income-statement proof of the transition.
- Commissioned GPUs and utilization. Separate installed hardware from capacity that is merely ordered or planned.
- The schedule for Horizon 2–4. Horizon 1 was delivered to Microsoft in August; each deployment is 50MW of critical IT load.
- Capital still required to reach 480MW. Put the remaining bill against the $3.65B GPU financing closed in June and customer prepayments.
Estimate against reported
Our published estimate
Reported EPS
Average surprise −517% over 2 graded quarters
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2025 Q3 | — | $1.08 | — |
| 2025 Q4 | $0.17 | −$0.52 | −406% |
| 2026 Q1 | $0.14 | −$0.74 | −629% |
| 2026 Q2 | −$0.42 | −$0.41 | +2% |
| 2026 Q3 | −$0.18 | not yet reported | — |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Every quarter
Read the full preview → Q2 2026 release page View IREN stock page