IREN's third quarter 2026 results highlight a new $3.4B NVIDIA contract and $3.1B in contracted ARR.

IREN reported third quarter fiscal 2026 revenue of $144.8 million and adjusted EBITDA of $59.5 million. The results reflect the company's ongoing strategic transition, with AI Cloud services revenue increasing to $33.6 million while Bitcoin mining revenue declined to $111.2 million as hardware is decommissioned for GPU installations.

Key Highlights

• A significant development this quarter was the signing of a $3.4 billion, five-year AI Cloud contract with NVIDIA to support its internal workloads.
• The company increased its Annualized Recurring Revenue (ARR) under contract to $3.1 billion, remaining on track for its target of $3.7 billion by the end of calendar 2026.
• AI Cloud services revenue grew to $33.6 million from $17.3 million in the prior quarter, demonstrating progress in the company's strategic pivot.
• Total secured power capacity was increased to five gigawatts, supported by an expansion into Europe through the acquisition of Nostrum Group in Spain.