IREN (IREN) Q4 2026 Earnings Call Transcript

Vice President, Investor Relations - Mike Power

Co-Founder and Co-Chief Executive Officer - Daniel Roberts

Operator: Good day, and thank you for standing by. Welcome to IREN FY 2026 Results Call. [Operator Instructions] Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Mike Power, Vice President, Investor Relations. Please go ahead.

Mike Power: Thank you, operator. Good afternoon, and welcome to IREN's FY 2026 Results Presentation. I'm Mike Power, VP of Investor Relations. And with me on the call today are Daniel Roberts, Co-Founder and Co-CEO; Anthony Lewis, CFO; and Kent Draper, Chief Commercial Officer. Before we begin, please note that this call is being webcast live with a presentation. For those dialed in by phone, you can elect to ask a question through the moderator after our prepared remarks. I would like to remind everyone that certain statements made during this call may constitute forward-looking statements. Those statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially.

Please refer to Slide 2 of the accompanying presentation and our SEC filings for more information in that regard. With that, I will turn the call over to Dan Roberts.

Daniel Roberts: Thanks, Mike, and thanks, everyone, for joining us. So Will and I started this business on a pretty simple observation. The digital world scales almost instantly, the physical world does not. Power, land, data centers, these things take years to permit, finance and build. And this was the year that stopped being a thesis and became the defining constraint of the whole industry. So if we look at the chart on the screen across 8 models tracked by OpenRouter, weekly token usage across large language models increased nearly 17x in 8 months. Every one of those tokens runs on physical infrastructure. It is very difficult to serve demand shape like that with infrastructure on 3-year lead times.

And this is the start of the cycle, not the end. Cheaper compute doesn't make existing things more efficient. It makes new things economic. Infrastructure enables applications, applications create demand for more infrastructure. Every build-out in history has worked this way, and that's the structural disconnect and it's only getting wider. So let me walk through how we're set up against that backdrop. So we operate across 3 layers from the bottom up. So first of all, the data centers, the land, the power, the substations, the cooling, arguably the hardest layer to build, and that's where the shortage begins. Then the compute, the GPUs, storage, networking that go inside the data centers.