IREN Limited (IREN) is a NASDAQ-listed Bitcoin mining and high-performance computing company generating over $400 million in mining revenue over the six months ended 12/31/2025, with operations that are materially dependent on Bitcoin price. Formerly incorporated in Australia as Iris Energy Limited, the company rebranded to IREN Limited and transitioned its financial reporting from IFRS to US GAAP as of 06/30/2025, reflecting its evolution into a large accelerated filer on the Nasdaq Global Select Market. The company is expanding into AI Cloud Services and data center colocation in addition to its core Bitcoin mining operations, with Co-Founders Daniel Roberts and William Roberts serving as Co-Chief Executive Officers.

What is IREN's DredgeCap risk score?

DredgeCap's AI analysis rates IREN at 5.5/10 on the risk scale — Moderate risk. This score reflects dilution exposure, debt toxicity, liquidity position, and going-concern posture as disclosed in SEC filings.

Does IREN have a going concern warning?

No current auditor going-concern warning is flagged in IREN's SEC filings. Risk assessment is based on other filing-disclosed factors.

When did IREN last file with the SEC?

IREN's most recent SEC filing was a 8-K filed 2026-02-05. All filings are available on SEC EDGAR.

← IREN Overview

10-QMay 8, 2026· Quarter Ended March 31, 2026

IREN — 10-Q Filing

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IREN 10-Q Summary

For the quarter ended March 31, 2026, Iren Ltd reported revenue of $144.8M, essentially flat compared to the same quarter one year earlier and down 21.6% from $184.7M in the prior quarter. Operating income swung to a loss of $233.5M from a profit of $29.2M a year earlier; net loss widened to $247.8M from $16.1M in the same quarter last year. Diluted earnings per share came in at -$0.74, compared to -$0.07 in the prior-year quarter. The revenue mix shifted: Bitcoin mining revenue fell 21.3% to $111.2M, while AI Cloud Services revenue grew 839.3% to $33.6M.

IREN Financial Highlights

Metric

Q-End 03/26

Q-End 12/25

Q-End 03/25

Revenue

$144.8M

▼-21.6% QoQ

$184.7M

$144.8M

·-0.0% YoY

Operating Income

-$233.5M

▼-100.6% QoQ

-$116.4M

$29.2M

▼-899.3% YoY

Net Income

-$247.8M

▼-59.5% QoQ

-$155.4M

-$16.1M

▼-1435.1% YoY

EPS (Diluted)

-$0.74

▼-42.3% QoQ

-$0.52

-$0.07

▼-957.1% YoY

EPS (Basic)

-$0.74

▼-42.3% QoQ

-$0.52

-$0.07

▼-957.1% YoY

IREN Revenue by Segment

Segment

Q-End 03/26

Q-End 12/25

Q-End 03/25

Bitcoin mining revenue

$111.2M

▼-33.6% QoQ

$167.4M

$141.2M

▼-21.3% YoY

AI Cloud Services revenue

$33.6M

▲+94.4% QoQ

$17.3M

$3.6M

▲+839.3% YoY

IRENWhat's Driving the Change

Asset impairment

no comparable charge in the prior-year quarter

-$140.4M

Depreciation & amortization

up 156.3% from -$47.3M a year earlier

-$121.2M

▲

Stock-based compensation

down 100.0% from $69.0M a year earlier

$0.0M

▼

Current DredgeCap Risk Profile

Risk Score

5.5/10

ELEVATED

Dilution

6.5

Debt Toxicity

5.0

Going Concern

✓ Not flagged

The risk profile above reflects the latest cached DredgeCap analysis for IREN. For the full filing-by-filing analyst report (red flags, primary risk driver, what moves the stock), open IREN's company page.

What is a 10-Q?

A quarterly report covering the three months just ended. Includes unaudited condensed financial statements (balance sheet, income statement, cash flow), Management Discussion and Analysis (MD&A), and disclosure of material changes since the last annual report. Required for the first three fiscal quarters; the fourth quarter is rolled into the 10-K.

More on IREN

Financial highlights are sourced directly from the 10-Q income statement (three months ended). YoY % compares to the same quarter one year earlier as reported by the issuer; QoQ % compares to the immediately prior quarter (ended December 31, 2025) from DredgeCap's filing cache. Per-segment breakdown is extracted from the 10-Q revenue table; segments are shown in the order the issuer reports them. The plain-language summary above is composed mechanically from the filing's reported numbers — no analysis or opinion. Form-type explainers and 8-K item descriptions are derived from SEC documentation. This page does not constitute investment advice. Always consult the original filing on SEC EDGAR for authoritative content, and consult a licensed financial advisor for investment decisions.