IREN Stock Rises in Pre-Market as Market Awaits Q4 Earnings

IREN Ltd. shares moved higher on Thursday, as investors positioned ahead of the company's fourth-quarter results, which are due after the closing bell today.

IREN's stock showed a firm upward trend. What is driving the rally?

IREN Reports Earnings After Consecutive Misses

Analysts expect IREN to post a loss of 49 cents per share for the fourth quarter, on revenue of $142.32 million. The company has missed revenue estimates in the past two quarters and in four of the last six quarters; it has also missed EPS estimates in the past two quarters and in five of the last seven quarters.

If IREN beats on both metrics today, it would break the recent pattern of underperformance and could signal that the company's pivot from Bitcoin mining to AI cloud computing is starting to show up more clearly in the financials, rather than just in guidance and contract announcements.

A revenue beat would be especially meaningful, as it would indicate that AI cloud revenue is accelerating as new GPU capacity comes online. A smaller-than-expected loss would also ease concerns about the pressure that large-scale construction is putting on near-term profitability. Given the recent string of misses, a strong print today could play a key role in rebuilding investor confidence and setting the stage for the next phase of expansion.

IREN Signed Major NVIDIA Agreement Last Quarter

In the most recent quarter, IREN announced two significant NVIDIA-related deals: a five-year, $3.4 billion agreement to supply air-cooled Blackwell GPUs starting in early 2027, and a 5-gigawatt collaboration to deploy NVIDIA-based technology across IREN's global data center footprint. As part of the transaction, NVIDIA received a five-year option to purchase up to 30 million shares of IREN at $70 per share, which would be worth up to $2.1 billion if fully exercised.

On the financial side, the quarter reflected IREN's ongoing transition away from Bitcoin mining. Revenue fell from $184.7 million in the prior quarter to $144.8 million, while the net loss widened to $247.8 million, driven primarily by non-cash impairment charges related to the retirement of older mining equipment.

IREN Stock Moves Higher

As of the time of writing on Thursday, IREN shares were up 4.02%, trading at $41.17.