Earnings call

Iris Energy Limited Iris Energy Limited · Q2 2026 call

Call heldAug 27, 2026
Time5:00 p.m. Eastern
CEODaniel Roberts

What the CEO argued

Roberts argued the constraint is physical rather than commercial — signing contracts is not the bottleneck, energising GPUs is — and gave the ARR bridge the release left implicit: about half a billion at the June quarter end, $1 billion operating today after Microsoft accepted Horizon 1, and more than $4 billion contracted for delivery by the end of the December quarter from under 10% of the portfolio. The financing claim is the other half of the argument: $6.5 billion of GPU financing in three months, more than 100% of associated GPU capex when prepayments are counted, and $2.8 billion of it raised without an investment-grade offtake.

More from Daniel Roberts

What they said

Contracted ARR against ARR that is actually running
$4 billion of ARR is now contracted for our 2026 capacity, and $1 billion of that is operating today.
Daniel Roberts · Co-Founder and Co-CEO, IREN
Financing raised in three months
$6.5 billion of GPU financing now in the past three months. With prepayments, that is more than 100% of the associated GPU CapEx funded, and $2.8 billion of it needed no investment-grade off-take and still priced in the single digits.
Daniel Roberts · Co-Founder and Co-CEO, IREN
What the bottleneck actually is
signing deals is not the bottleneck in this market. Bringing GPUs online is. We also do not need an investment-grade off-take to fund GPUs anymore.
Daniel Roberts · Co-Founder and Co-CEO, IREN
The capital number the June release did not carry
For FY27, we are guiding CapEx of approximately $25 billion to $30 billion.
Anthony Lewis · CFO, IREN
The funding already in hand against it
Approximately $14 billion of existing cash and committed GPU financing and prepayments. That includes $7.6 billion of cash on the balance sheet at 30 June, of which $1.7 billion is restricted, with most of that $1.7 billion set aside to fund Microsoft GPU CapEx.
Anthony Lewis · CFO, IREN
The date mining ends
We currently expect mining operations to be effectively decommissioned by the end of December 2026.
Anthony Lewis · CFO, IREN
Spending still runs ahead of the revenue
We expect first quarter cash SG&A to increase approximately $40 million-$50 million sequentially as we continue to invest for growth across sales and marketing, R&D, development, sites, and cloud operations, and other functions ahead of significant revenue growth over the coming periods.
Anthony Lewis · CFO, IREN
When contracted ARR becomes reported revenue
We expect more than $4 billion of ARR by the end of the December quarter, which is already under contract and includes delivery of Horizons 2 through 4. A significant amount of the December capacity is expected to come on late in the quarter, so we will see the reported revenue effect come through predominantly in the March quarter.
Anthony Lewis · CFO, IREN
How little of the portfolio the $4 billion represents
That $4 billion comes from less than 10% of our 5 gigawatt plus portfolio of secured grid connections.
Daniel Roberts · Co-Founder and Co-CEO, IREN

In the order they were said. Pick a name to read only that speaker.

On the call

  • Mike Power — VP of Investor Relations, IREN
  • Anthony Lewis — CFO, IREN
  • Michael Ng — Managing Director of Global Investment Research, Goldman Sachs
  • Kent Draper — CCO, IREN
  • Paul Golding — Senior Analyst, Macquarie
  • Brett Knoblauch — Managing Director, Cantor Fitzgerald
  • Michael Donovan — Senior Research Analyst, Compass Point
  • Nick Giles — Senior Research Analyst, B. Riley Securities
  • Mike Colonnese — Head of Crypto and Digital Infrastructure Equity Research, H.C. Wainwright & Co.
  • Ben Sommers — Equity Research Associate, BTIG
  • Joseph Vafi — Senior FinTech and Digital Assets Analyst, Canaccord Genuity

About these quotes

Every passage above is quoted verbatim from Iris Energy Limited's Q2 2026 earnings call of Aug 27, 2026, checked against the recording's transcription word for word. The call states no reproduction restriction, but the text captured here is a third party's transcription of it. This page quotes from the call rather than reproducing it; the complete recording sits at the company's own investor relations site. Figures spoken on a call are management's own and are checked against the release before they are used anywhere else on this site.

WebcastListen to the call at Iris Energy Limited investor relationsThe company's own replay — the authoritative record ReleaseQ2 2026 results press releaseWhere every figure quoted here is verified NumbersQ2 2026 earnings pageThe reported figure set, Rule of 40 score and consensus comparison