IREN’s power costs equaled 27% of fiscal-2026 revenue; it hedged Microsoft-linked GPU infrastructure against Electric Reliability Council of Texas prices.

IREN reported that power costs represented approximately 27% of total revenue in the fiscal year ended June 30, 2026. A 10% increase or decrease in power costs over that fiscal year would have changed pretax income or loss by approximately $19.1 million.

In May 2026, IREN entered into fixed-price physical electricity-supply hedges linked to the financing of GPU infrastructure supporting its Microsoft agreement. The arrangements reference the Electric Reliability Council of Texas West Hub and run for the term of the financing.

The hedges are intended to fix the cost and quantity of electricity associated with contracted capacity. They concern electricity for GPU infrastructure, not a financial hedge on GPU prices or Microsoft shares.

IREN remains exposed to electricity consumption above the hedged volume. It also retains basis risk between the ERCOT West Hub reference price and prices at its delivery point in the ERCOT West Load Zone, including congestion and transmission costs.