IREN Limited (IREN) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

CFO, and Kent Draper, Chief Commercial Officer. Before we begin, please note this call is being webcast live with a presentation. For those that have dialed in via phone, you can elect to ask a question via the moderator after our prepared remarks. Before we begin, I'd like to remind you that certain statements that we make during the conference call may constitute forward-looking statements and iron cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners should not place undue reliance on forward-looking information or statements, and I'd encourage you to refer to the disclaimer on slide two of the accompanying presentation for more information. With that, I'll now turn over the call to Dan Roberts. Thanks, Mike, and thank you all for joining us for IRN's Q1 2026 earnings call. Today we'll provide an overview of our financial results for the first fiscal quarter ending September 30, 2025, highlighting key operational milestones and importantly discuss how our AI cloud strategy is driving strong growth. We'll then open the call for questions at the end. So Q1 FY26 results, fiscal year 2026 is off to a really good start. We delivered a fifth consecutive quarterly increase in revenues and a strong bottom line. Revenue reached $240 million and adjusted EBITDA was 92. Noting, of course, that net income and EBITDA, importantly, reflected an unrealised financial gain on financial instruments. This performance reflects our continued and the team's disengagement the team's disciplined execution, along with the benefits of having a resilient vertically integrated platform. Microsoft and the cloud contract. So earlier...