IREN Ltd
IREN · Finance Services · 357.4M shares · EDGAR filings ↗
Reference price $33.13 · est. market cap ~$11.8B — last insider sale, 2025-09-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70IREN — bitcoin miner that has reached profitability, expanding into AI/HPC.
Strengths
- Net margin 17% (88th pct), ROA (85th), strong operating cash margin (92nd) and cash (88th)
- Owned low-cost renewable-powered data centers; AI/HPC buildout
Risks
- Large negative free cash flow (heavy capex); crypto-price dependence
- Execution on AI-cloud diversification
Notable findings
- Cash burnNegative free cash flow (-327.6M)
- Strong balance sheetStrong balance sheet — $776M cash & investments, ~10 quarters of runway
- Revenue declineRevenue -21.6% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
68.3%
Operating margin
3.5%
Net margin
17.4%
Return on equity
4.8%
Return on assets
3.0%
Revenue growth (QoQ)
-21.6%
Current ratio
4.3×
Free cash flow
-$328M
EBITDA
$198M
Tangible book value
$1.8B
Cash & investments
$776M
Cash runway
10q
Stock comp / revenue
8.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2025-09-11 | Roberts Daniel John | Sell | 1.0M | $33.13 |
| 2025-09-11 | Roberts William Gregory | Sell | 1.0M | $33.13 |
| 2025-07-01 | Guzowski Christopher | Grant | 39K | — |
| 2025-07-01 | Roberts William Gregory | Grant | 1.8M | — |
| 2025-07-01 | Bartholomew David James | Grant | 49K | — |
| 2025-07-01 | Roberts Daniel John | Grant | 1.8M | — |
| 2025-07-01 | Parasuraman Sunita | Grant | 39K | — |
| 2025-07-01 | ALFRED MICHAEL | Grant | 39K | — |
| 2025-07-01 | Nucifora Belinda | Grant | 64K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-01 | Material agreementDebt obligation | filing ↗ |
| 2026-05-26 | Material agreementReg FDExhibits | filing ↗ |
| 2026-05-14 | Material agreementDebt obligation3.02OtherExhibits | filing ↗ |
| 2026-05-12 | OtherExhibits | filing ↗ |
| 2026-05-11 | OtherExhibits | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-05-08 | ResultsExhibits | filing ↗ |
| 2026-03-04 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-01 | 2026-05-29 | 0001140361-26-023427 ↗ |
| 8-K | 2026-05-26 | 2026-05-19 | 0001878848-26-000030 ↗ |
| 8-K | 2026-05-14 | 2026-05-11 | 0001140361-26-021285 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001140361-26-020669 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001140361-26-020370 ↗ |
| 8-K | 2026-05-11 | 2026-05-08 | 0001878848-26-000028 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001878848-26-000026 ↗ |
| 8-K | 2026-05-08 | 2026-05-07 | 0001878848-26-000025 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001140361-26-007905 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001140361-26-007919 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001878848-26-000014 ↗ |
| 10-Q | 2026-02-05 | 2025-12-31 | 0001878848-26-000015 ↗ |