IREN Limited is expected to report fourth-quarter revenue of $142.32 million and a loss of 49 cents per share after market close Thursday. Revenue would be below $187.30 million reported in last year’s second quarter, while the expected loss compares with earnings of 66 cents per share in last year’s fourth quarter. The company has missed revenue estimates in two consecutive quarters and four of the past six, while missing earnings-per-share estimates in two consecutive quarters and five of the past seven. HC Wainwright raised its price target to $90 while maintaining a Buy rating; Canaccord Genuity maintained a Buy rating with a $79 target, and Macquarie maintained an Outperform rating with a $90 target. IREN shares have fallen 48% from their November 2025 peak and remain 37% below their June 2026 high of $63.17, although they are up more than 70% over the past 52 weeks. The company is expanding its data center business as it transitions from Bitcoin mining to AI infrastructure. Earlier this month, it delivered Horizon 1 to Microsoft Corporation, the first of four planned Texas AI Cloud deployments under a $9.7 billion, five-year agreement. Investors will focus on whether IREN beats revenue or earnings expectations and on updates involving Microsoft and other partnerships. Higher Bitcoin prices in the second quarter could also support Bitcoin-related revenue alongside the company’s faster-growing AI Cloud business.