IREN (NASDAQ:IREN) Shares Down 11.5% on Disappointing Earnings

IREN Limited (NASDAQ:IREN)’s share price traded down 11.5% during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $38.90 and last traded at $39.79. 60,418,480 shares changed hands during mid-day trading, an increase of 35% from the average session volume of 44,828,805 shares. The stock had previously closed at $44.94.

The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.07) by ($0.45). IREN had a net margin of 56.59% and a negative return on equity of 10.59%. The company had revenue of $184.69 million during the quarter, compared to analyst estimates of $229.64 million. The business’s revenue for the quarter was down 23.1% on a year-over-year basis.

More IREN News

Here are the key news stories impacting IREN this week:

• Positive Sentiment: Large, low‑cost financing secured — IREN announced a $3.6 billion delayed‑draw term facility (tied to its AI buildout) plus strong cash and a Microsoft prepayment, reducing near‑term dilution risk and funding GPU purchases needed to execute the AI strategy. IREN Earnings Were Ugly—Is a Beautiful Future Already Funded?
• Positive Sentiment: Strategic AI validation — IREN’s pivot toward AI cloud services (including the large Microsoft contract and related prepayment) supports a transition from volatile bitcoin revenue to recurring, lease‑style AI income. This is the main structural reason bulls remain interested. The Great Pivot: Bitcoin Miners Are Becoming AI’s Landlords (IREN)
• Neutral Sentiment: Operational timeline and assets — management reiterated large secured power capacity (multi‑GW portfolio), new campus developments (e.g., Oklahoma) and an energization timetable (Sweetwater) that, if met, enable faster GPU deployments but create execution risk. IREN Earnings Were Ugly—Is a Beautiful Future Already Funded?
• Neutral Sentiment: Company disclosure resources — the full Q2 presentation and earnings‑call transcript are available for investors to audit management’s guidance and timing on GPU deployment. IREN Q2 2026 Earnings Call Transcript
• Negative Sentiment: Q2 headline miss — IREN reported revenue of ~$184.7M (down ~23% Q/Q) and a wider loss; results missed analyst revenue and EPS expectations and included large non‑cash charges (derivative revaluations, impairments) that hurt the print and triggered short‑term selling. IREN’s Q2 Loss Wider Than Expected, Revenues Decline Q/Q
• Negative Sentiment: Crypto headwinds and market reaction — lower bitcoin revenue and a broader selloff in crypto/A I‑adjacent names amplified the decline; some analysts (and Bernstein commentary) framed the pullback as driven by concerns about AI deal execution and lingering crypto exposure. Bernstein says IREN selloff reflects missing AI deal, not earnings

Analyst Ratings Changes

Several analysts have recently weighed in on IREN shares. The Goldman Sachs Group started coverage on IREN in a report on Thursday, December 18th. They issued a “neutral” rating and a $39.00 target price for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of IREN in a research report on Monday, December 29th. Compass Point reissued a “buy” rating and issued a $105.00 price objective on shares of IREN in a report on Friday, November 7th. JMP Securities set a $80.00 target price on shares of IREN in a research report on Wednesday, November 19th. Finally, Cantor Fitzgerald reduced their price target on shares of IREN to $82.00 and set an “overweight” rating for the company in a research report on Friday. Thirteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, IREN has a consensus rating of “Moderate Buy” and an average price target of $72.29.

Hedge Funds Weigh In On IREN

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Axxcess Wealth Management LLC acquired a new position in IREN in the 4th quarter valued at $622,000. JW Asset Management LLC purchased a new stake in shares of IREN in the fourth quarter valued at about $6,219,000. Global Retirement Partners LLC increased its stake in shares of IREN by 768.3% during the fourth quarter. Global Retirement Partners LLC now owns 4,680 shares of the company’s stock worth $177,000 after acquiring an additional 4,141 shares during the period. Fortis Group Advisors LLC acquired a new position in shares of IREN during the fourth quarter worth about $517,000. Finally, Motco purchased a new position in IREN during the fourth quarter worth about $30,000. 41.08% of the stock is currently owned by hedge funds and other institutional investors.

IREN Stock Performance

The stock’s 50-day moving average is $46.49 and its 200 day moving average is $42.42. The stock has a market cap of $11.86 billion, a price-to-earnings ratio of 31.45 and a beta of 4.27. The company has a debt-to-equity ratio of 0.34, a current ratio of 5.52 and a quick ratio of 5.52.

About IREN

IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.