Home / Business and Economy / AI-Powered Crypto Miner IREN Reports $384.6M Net Income in Q1 2026
AI-Powered Crypto Miner IREN Reports $384.6M Net Income in Q1 2026
7 Nov
Summary
- IREN reported $240.3M revenue and $91.7M adjusted EBITDA in Q1 2026
- Company plans GPU operations transition in British Columbia by end of 2026
- Targeting energization of Sweetwater 1 and 2 substations by Q2 2026 and Q4 2027
In a significant development, IREN (Nasdaq: IREN), a company that started as a Bitcoin miner and has since transformed into an AI-focused operation, has reported impressive financial results for the first quarter of fiscal year 2026. The company announced revenue of $240.3 million and a net income of $384.6 million for the quarter.
IREN also reported an adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $91.7 million, showcasing the company's strong operational performance. Additionally, the company reported EBITDA of $662.7 million, which included unrealized gains.
Alongside the financial updates, IREN listed several operational milestones. The company is accelerating the development of its Childress site and plans to transition to GPU operations at its locations in British Columbia by the end of 2026. Furthermore, IREN is targeting the energization of both Sweetwater 1 and Sweetwater 2 substations by the second quarter of 2026 and the fourth quarter of 2027, respectively.
These results and operational updates demonstrate IREN's successful transformation from a Bitcoin miner to an AI-focused powerhouse, positioning the company for continued growth and success in the rapidly evolving technology landscape.
