# IREN Limited Ordinary Shares (IREN) — Stock CV

IREN Limited is a $13.9B financial services company. Revenue grew 41.1% over the last year, and it currently loses money.

> IREN owns data centers powered by renewable energy in Canada and the US for bitcoin mining and AI cloud infrastructure. The company is in the process of converting its existing bitcoin capacity for AI purposes and securing new power and land supply to expand its data center operation.

## Identity

- **Ticker**: IREN
- **Sector**: Financial Services
- **Industry**: Finance Services
- **Headquarters**: SYDNEY
- **Employees**: 685
- **Website**: https://www.iren.com
- **Market cap**: $13.9B
- **Last price**: $35.22
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $707M
- **Net income**: -$703M
- **Free cash flow**: -$898M
- **Revenue growth (YoY)**: 41.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 10 |
| Growth | 25 |
| Profitability | 0 |
| Health | 28 |
| Quality | 5 |
| Moat | 25 |

## Qualifications (beginner checklist) — 3 of 9 passed

- [x] Revenue growing — +41.1% YoY
- [ ] Profitable — -$703M TTM
- [ ] Profit growing — -908.2% YoY
- [ ] Generates cash — -$898M TTM
- [x] Debt under control — current ratio 3.55
- [x] Established company — $13.9B market cap
- [ ] Not printing shares — +91.6% shares over ~5y
- [ ] Proven track record — 1/5 profitable years
- [ ] Financially stable — Altman Z 0.9 — distress

## Experience (career milestones)

- **FY2025** — Turned profitable: $86.9M net income after a loss year
- **FY2025** — Best year on record: $86.9M net income
- **Jul 1, 2010** — Iren was formed on July 1, 2010, through the merger of Enìa S.p.A. and Iride S.p.A
- **2006** — Iride S.p.A., for its part, was a merger in 2006 between Azienda Energetica Metropolitana Torino (AEM Torino) from…

## Strengths

- High gross margin (68.9%)
- Revenue growing 41.1% year over year

## Watch-outs

- Not profitable — 99.4% net margin
- Negative free cash flow (-$897.6M)
- Altman Z-Score 0.86 — elevated financial-distress risk
- Thin interest coverage (-9.9×)
- Loss-making in 4 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $59.0M | -$420M | -$332M |
| FY2023 | $75.5M | -$172M | -$110M |
| FY2024 | $187M | -$28.9M | -$428M |
| FY2025 | $501M | $86.9M | -$328M |
| FY2026 | $707M | -$703M | -$898M |

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Source: https://stockcv.com/IREN — derived from company filings; may be delayed or incomplete. Information, not investment advice.