Live: Can IREN LTD (IREN) Continue To Its Surge After Earnings Tonight?

IREN shares have surged over 120% year-to-date with earnings reactions up to 60% in a week, reflecting a hybrid business of low-cost Bitcoin mining and emerging AI data centers. Wall Street consensus for fiscal Q4 2025 forecasts revenue of $187.5 million and GAAP EPS of $0.22, implying +226% year-over-year revenue growth and FY2026 revenue of $941.3 million with EPS $1.74. Hash rate reached 29.4 EH/s in Q3 with a 50 EH/s target by June, while mining expansion is capped as capital shifts to AI projects like Horizon 1 (50MW) and Sweetwater (2GW). GPU utilization is near-full with segment revenue up 33% quarter-over-quarter and ~97% hardware-level margins. The balance sheet shows $160M cash and a projected ~$250M 2025 funding need, primarily debt-financed, while enterprise demand for AI capacity already exceeds initial Horizon 1 limits.

Bitcoin miners have had a wild ride this year, and IREN Ltd ( NASDAQ: IREN) has been no exception. Shares are up more than 120% year-to-date, but earnings reactions have been explosive, with moves as large as 60% in a single week. The volatility reflects IREN's dual identity: one of the lowest-cost Bitcoin miners, but also a fast-emerging AI data center operator.

Tonight's report will test whether IREN can balance mining cash flows with heavy AI infrastructure buildout. Here's what analysts are expecting. What to Expect Wall Street consensus for fiscal Q4 2025: Revenue: $187.5 million EPS (GAAP): $0.22 FY 2025 Revenue: $510.5 million FY 2025 EPS: $0.25 FY 2026 Revenue: $941.3 million FY 2026 EPS: $1.74 That implies +226% YoY revenue growth.

AI Infrastructure Pivot- Mining expansion capped at 50 EH/s as capital is redirected to AI. Horizon 1 (50MW) expected in Q4 2025; Sweetwater (2GW hub) targeted for April 2026. AI Cloud Utilization- GPU fleet at near-full utilization; segment revenue up +33% QoQ with ~97% hardware-level margins. Balance Sheet & Funding- $160M cash balance; management projects ~$250M funding need for 2025, primarily debt-financed to avoid equity dilution.

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