Analyst Consensus ?
ConsensusBuy15 ratings
Bullish1280.0%
Neutral320.0%
Bearish00.0%
IREN Limited · IREN · FY2025 Q3 · Calendar Q2 2025
IREN shifts capital toward AI infrastructure while mining remains profitable
The call supports a conditional growth thesis: resilient mining economics and demand for AI compute could support expansion, but the outcome depends on financing, customer commitments, and timely data-center execution.
Reported Before market openNASDAQTechnology
$10.62B market cap
70quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $0.17
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $153.4M
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.8%
Event window
SPY move
+0.1%
Same window
Abnormal move
-2.0%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+27.6%
Up to 20 sessions
IRENSPY benchmark
Ask FN2 about IREN FY2025 Q3
Transcript, numbers and history already loaded
What drove IREN's -1.8% move after FY2025 Q3 earnings?What changed in IREN's guidance and outlook in FY2025 Q3?Give me the bull and bear case for IREN after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management’s capital allocation emphasis shifted from additional Bitcoin-mining expansion toward AI infrastructure, while the company outlined a broader funding plan and continued development of its AI data-center pipeline.
Guidance delta
Management maintained its outlook while redirecting capital toward AI infrastructure.
Key takeaways
- Management described strong operating performance from Bitcoin mining and growing AI-cloud activity.
- The company plans to pause further mining expansion and prioritize AI infrastructure.
- Horizon 1 and Sweetwater are central to the next phase of growth, with execution and financing still important.
- Management highlighted debt, equipment leasing, cash flow, and potential joint-venture structures as funding avenues.
Management priorities
- Expand AI data-center capacity and GPU utilization.
- Secure anchor customers and strategic partners for AI colocation.
- Fund AI projects with a mix of operating cash flow, debt, leasing, and potential joint ventures.
- Maintain low-cost mining operations while transitioning reporting to U.S. GAAP.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$26.99Current
$6Low
$65.29Average
$100High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 17, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| B. Riley Securities | Buy | Buy | Maintain | Sep 29, 2026 |
| JP Morgan | Overweight | Underweight | Upgrade | Sep 14, 2026 |
| BTIG | Buy | Buy | Maintain | Sep 14, 2026 |
| Freedom Capital Markets | Buy | Buy | Maintain | Sep 2, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Aug 28, 2026 |
| HC Wainwright & Co. | Buy | Buy | Maintain | Aug 28, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 28, 2026 |
| Canaccord Genuity | Buy | Buy | Maintain | Aug 28, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Jul 6, 2026 |
| Roth Capital | Buy | Buy | Maintain | Sep 23, 2025 |
| Jones Trading | Hold | Buy | Downgrade | Sep 2, 2025 |
| Needham | Hold | Hold | Maintain | Feb 13, 2025 |
| Compass Point | Buy | Buy | Maintain | Aug 30, 2024 |
| Cowen & Co. | Market Perform | Outperform | Downgrade | Sep 23, 2022 |
| Citigroup | Buy | Buy | Maintain | Sep 15, 2022 |
Named analyst price targets
Upside is calculated against the persisted current price $26.99. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Redburn Partners | Alex Haissl | $40 | $46.68 | +48.2% | Sep 21, 2026 |
| Northland Securities | Nehal Chokshi | $99 | $43.48 | +266.8% | Sep 18, 2026 |
| BTIG | Gregory Lewis | $80 | $43.83 | +196.4% | Sep 14, 2026 |
| Compass Point | Michael Donovan | $85 | $37.23 | +214.9% | Aug 28, 2026 |
| Bernstein | Gautam Chhugani | $100 | $43.67 | +270.5% | Aug 13, 2026 |
| H.C. Wainwright | Mike Colonnese | $90 | $41.29 | +233.5% | Jul 22, 2026 |
| Jefferies | Jonathan Petersen | $79 | $58.11 | +192.7% | Jun 18, 2026 |
| Bernstein | Analyst unavailable | $96 | $59.88 | +255.7% | Jun 4, 2026 |
| Macquarie | Paul Golding | $90 | $65.48 | +233.5% | Jun 3, 2026 |
| Canaccord Genuity | Joseph Vafi | $79 | $66.6 | +192.7% | Jun 3, 2026 |
| Cantor Fitzgerald | Brett Knoblauch | $99 | $67.84 | +266.8% | May 28, 2026 |
| Goldman Sachs | Michael Ng | $50 | $67.84 | +85.3% | May 27, 2026 |
| Goldman Sachs | Michael Ng | $44 | $63.52 | +63.0% | May 8, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $61 | $37.06 | +126.0% | Apr 9, 2026 |
| Macquarie | Paul Golding | $70 | $43.81 | +159.4% | Feb 6, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $82 | $39.99 | +203.8% | Feb 6, 2026 |
| H.C. Wainwright | Mike Colonnese | $80 | $50.54 | +196.4% | Jan 13, 2026 |
| Goldman Sachs | Analyst unavailable | $39 | $33.78 | +44.5% | Dec 18, 2025 |
| JMP Securities | Greg Miller | $80 | $48.85 | +196.4% | Nov 19, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $136 | $61.26 | +403.9% | Nov 7, 2025 |
| Compass Point | Michael Donovan | $105 | $60.73 | +289.0% | Nov 7, 2025 |
| Roth Capital | Analyst unavailable | $94 | $67.75 | +248.3% | Nov 3, 2025 |
| H.C. Wainwright | Analyst unavailable | $45 | $62.42 | +66.7% | Oct 29, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $100 | $64.14 | +270.5% | Oct 14, 2025 |
| BTIG | Analyst unavailable | $75 | $64.14 | +177.9% | Oct 14, 2025 |
| Bernstein | Gautam Chhugani | $75 | $48.9 | +177.9% | Sep 25, 2025 |
| Roth Capital | Darren Aftahi | $82 | $41.7 | +203.8% | Sep 23, 2025 |
| Canaccord Genuity | Joseph Vafi | $42 | $37.08 | +55.6% | Sep 16, 2025 |
| BTIG | Analyst unavailable | $32 | $30.19 | +18.6% | Sep 9, 2025 |
| Macquarie | Analyst unavailable | $33 | $26.48 | +22.3% | Aug 29, 2025 |
| H.C. Wainwright | Analyst unavailable | $36 | $26.48 | +33.4% | Aug 29, 2025 |
| Roth Capital | Analyst unavailable | $35 | $26.48 | +29.7% | Aug 29, 2025 |
| Canaccord Genuity | Analyst unavailable | $37 | $26.48 | +37.1% | Aug 29, 2025 |
| Macquarie | Paul Golding | $20 | $7.75 | -25.9% | May 15, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $20 | $7.7 | -25.9% | Mar 7, 2025 |
| Roth Capital | Darren Aftahi | $14 | $7.88 | -48.1% | Oct 2, 2024 |
| B.Riley Financial | Lucas Pipes | $12 | $7.39 | -55.5% | Sep 13, 2024 |
| Macquarie | Paul Golding | $13.5 | $8.52 | -50.0% | Aug 30, 2024 |
| Compass Point | Joe Flynn | $16 | $8.52 | -40.7% | Aug 30, 2024 |
| Canaccord Genuity | Joseph Vafi | $15 | $10.89 | -44.4% | Jul 24, 2024 |
| B.Riley Financial | Lucas Pipes | $18 | $12.52 | -33.3% | Jun 24, 2024 |
| Cantor Fitzgerald | Brett Knoblauch | $23 | $10.31 | -14.8% | Jun 10, 2024 |
| Canaccord Genuity | Joseph Vafi | $12 | $5.2 | -55.5% | May 16, 2024 |
| H.C. Wainwright | Mike Colonnese | $8 | $4.4 | -70.4% | Feb 16, 2023 |
| H.C. Wainwright | Analyst unavailable | $3 | $1.55 | -88.9% | Nov 22, 2022 |
| Citigroup | Analyst unavailable | $6 | $4.22 | -77.8% | Sep 15, 2022 |
Track every rating change on IREN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationIREN Limited, established in 2018 and based in Sydney, Australia, operates a comprehensive, vertically integrated data center business spanning Australia and Canada. The company possesses and manages all essential infrastructure, including its computing hardware, electrical systems, and the data center facilities themselves. A primary undertaking for IREN Limited is the mining of Bitcoin, a scarce digital asset created and exchanged via a decentralized, peer-to-peer computer network utilizing specialized Bitcoin software. The company was previously named Iris Energy Limited, officially adopting IREN Limited in November 2024.
Historical context
All IREN earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| WIT Wipro Limited | FY2027 Q2 · Calendar Q4 2026 | -25.0% | +3.9% | Wipro: AI pipeline expands as Q3 guidance stays narrow |
| TSM Taiwan Semiconductor Manufacturing Company Limited | FY2026 Q3 · Calendar Q4 2026 | +3.4% | -1.8% | TSMC beats Q3 guidance as AI demand drives fab expansion |
| ERIC Telefonaktiebolaget LM Ericsson (publ) | FY2026 Q3 · Calendar Q4 2026 | +28.6% | +11.8% | Ericsson Q3: 7% organic growth, resilient margins and AI-led demand |
| ASML ASML Holding N.V. | FY2026 Q3 · Calendar Q4 2026 | +20.4% | -3.9% | ASML: Record Q3, strong AI demand and broader capacity plans |
Latest beats and misses
Who reports nextBeat on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-05-05T02:15:27.209441+00:00
- Polygon adjusted daily market bars · 2026-10-17T18:10:41.491763+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-17T18:10:41.489082+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-17. For educational purposes only; not investment advice.