- IREN reported $137.2 million of revenue and a $684 million fiscal Q4 GAAP net loss; a $450.4 million non-cash impairment and a $102.1 million fair-value write-down on decommissioned Bitcoin mining hardware drove most of the loss.
- AI Cloud revenue more than doubled sequentially to $70.5 million, while management guided to $4 billion of contracted ARR operational by December 31, 2026, excluding $700 million tied to an NVIDIA contract that ramps in 2027.
- Bernstein analyst Gautam Chhugani set a Street-high $100 Outperform target, implying roughly 182% upside from the reported $35.45 share price, based on IREN’s power access, NVIDIA validation and expected AI cluster operating leverage.
- The execution test is delivery of Horizons 2 through 4 to Microsoft on schedule; Applied Digital and TeraWulf were also cited as deeply discounted AI infrastructure peers with large gaps to consensus targets.
Quotes
“The bull case requires those Horizons landing on time.”
“This scenario creates a "dislocation" where the stock trades significantly below its $80.19 consensus target”