Iren Sets May 7 Q3 Report After 43.8% Revenue Growth Forecast
iren is set to report fiscal third-quarter 2026 results on May 7, with revenue expected to rise 43.8% to $213 million. The stock setup hinges on whether AI cloud expansion is starting to offset a business mix still pressured by weaker bitcoin mining.
18 cents a share is the consensus loss for the quarter, versus 11 cents of earnings a year earlier, and that estimate has not changed over the past 30 days. For shareholders, that leaves the headline question less about growth alone and more about whether the company can narrow the gap between expansion spending and reported profit.
150,000 GPUs and Microsoft
150,000 graphics processing units now sit in IREN’s fleet, after the company expanded its AI cloud capacity and signed a purchase agreement for more than 50,000 NVIDIA B300 GPUs. Management said on its fiscal second-quarter 2026 earnings call that about $2.3 billion of annualized revenue run rate was under contract, including the Microsoft deal and about $0.4 billion of contracted revenues at Prince George's.
$9.3 billion of funding has flowed in over the past eight months through customer prepayments, convertible notes, GPU leasing and GPU financing. In the second quarter alone, IREN secured $3.6 billion in GPU financing and received $1.9 billion from Microsoft in customer prepayments, covering about 95% of the GPU-related capital spending tied to the Microsoft contract.
23% revenue decline, 28.2% mining drop
23% was the sequential decline in total revenue in the second quarter of fiscal 2026, while bitcoin mining revenue fell 28.2% from the prior quarter. Those figures show why the May 7 report matters: the company is shifting power and infrastructure away from mining and toward AI workloads, but the legacy business is still shrinking fast enough to pressure the near-term earnings profile.
IREN has missed the Zacks Consensus Estimate in each of the trailing four quarters and delivered an average negative earnings surprise of 205% over that span. Its Earnings ESP is 0.00% and its Zacks Rank is #3, so the upcoming print will do more than update a quarter; it will test whether the AI buildout is translating into a cleaner path for revenue quality, or whether expenses keep the bottom line pinned below expectations.
May 7 is the point when that split shows up in one set of numbers. If the revenue line and contract-backed AI demand keep advancing while mining keeps falling, the report should tell investors whether IREN’s shift is gaining enough scale to change the earnings pattern that has defined the last four quarters.
