IREN · Iris Energy Limited
AI read · Good for IREN
The AI's read
IREN is heading into an earnings print expected to show clear Q2 revenue weakness as Bitcoin headwinds hit, even as the company pivots into AI and inks large deals. The report will clarify how much of today’s business is crypto versus AI revenue. Analysts already model a ~25% Q2 drop to $140m, so near-term pain is largely explicit. The stock is down ~2% on the news and RSI sits neutral, so price action is only modestly negative so far. We lean bearish for the immediate read because the Q2 weakness is spelled out and the market is in a downtrend, amplifying downside risk. If Microsoft-related revenue lands in Q3 as expected, the thesis can flip quickly, so post-earnings cadence matters most.