On September 1, IREN Ltd fell 5.16% in regular trading to $35.37 per share, with turnover of $226 million, extending the sell-off that began following its Q4 earnings release.

The company reported Q4 revenue of $137.2 million, down 26.75% from $187 million a year ago, missing the analyst consensus estimate of $142.32 million. Adjusted EPS came in at -$0.74, significantly worse than the -$0.49 estimate, representing a 51% miss. The sharp earnings shortfall has continued to pressure the stock despite the company having delivered its first Microsoft AI cloud facility, Horizon 1, and achieving NVIDIA Exemplar Cloud certification.

Adding to investor concerns, a $2.4 billion debt financing led by Blue Owl Capital and backed by PIMCO was finalized, comprising $1.2 billion in senior secured notes and $1.2 billion in a master financing agreement at a fixed 9% annual rate over two and a half years. The proceeds are earmarked for purchasing NVIDIA Blackwell Ultra GPUs for its Mackenzie data center in British Columbia, Canada. While the company noted its capacity through the current year is largely sold out, the heavy debt burden and revenue contraction remain key overhangs.

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