BTIG reiterated its Buy rating and $80 price target for IREN Limited after the company reported fiscal fourth-quarter 2026 results. Adjusted EBITDA was approximately $19 million, below BTIG’s $35 million estimate, while revenue of about $137 million exceeded the firm’s $132 million forecast. BTIG attributed part of the EBITDA shortfall to weaker Bitcoin prices as IREN continues reducing its Bitcoin mining operations. A new multi-year agreement with a frontier AI lab adds to approximately $2.8 billion in previously announced AI cloud contracts, raising IREN’s 2026 annual recurring revenue (ARR, recurring yearly revenue) target to about $4 billion from roughly $1 billion currently. IREN is nearly sold out of its 2026 capacity, with management reporting progress on capacity for 2027 and 2028. BTIG expects further three- to five-year contracts at higher pricing. Management guided fiscal 2027 capital expenditures to $25 billion-$30 billion to support the ARR target. IREN ended the quarter with approximately $5.9 billion in unrestricted cash and $1.7 billion in restricted cash, largely designated for Microsoft-related capacity deployments. Financing tied to the Microsoft contract contributed approximately $3.6 billion, while $2.8 billion was raised against contracts with non-investment-grade customers. Customer prepayments have funded about 50% of GPU-related capital expenditures, according to management, and IREN has not raised debt against its data center infrastructure. BTIG values the company at about nine times its fiscal 2027 EBITDA estimate of $2.1 billion, while the $80 target reflects roughly 10 times its fiscal 2028 EBITDA estimate of $3.8 billion, which remains under review. IREN shares were down 13.71% at $34.98 on Friday at publication, according to Benzinga Pro data.