Perhaps this will explain the recent selling pressure - please indicate otherwise - this is from GROK;
Iris Energy (IREN) appears to have missed their $225M AI Cloud ARR target by the end of 2025. The guidance was initially provided in October 2025 for ARR from GPU deployments in British Columbia (primarily at Prince George), including contributions from an initial batch of 1,200 GB300 GPUs as part of a broader 9,000 Blackwell GPU expansion. However, the company's Q1 FY26 results announcement on November 6, 2025, omitted any update on this specific target, focusing instead on a much larger $3.4B AI Cloud ARR goal by the end of 2026, driven by a $9.7B multi-year Microsoft contract and expansions to 140k GPUs. Critics, including short seller James Chanos, highlighted the omission as an implicit drop or miss, and no subsequent press release or confirmation has been issued as of December 31, 2025. Some investors argue the target was conservative or updated via GPU contract disclosures, but the lack of explicit confirmation suggests it was not achieved.The significance for the share price is moderate in the short term but likely limited long-term. It has fueled skepticism from shorts about execution credibility, contributing to volatility and a ~11% decline in the stock from $42.07 on December 23 to $37.465 at today's close—potentially amplified by broader tech sector sell-offs and negative sentiment on X. However, IREN's overall trajectory remains strong, with Q1 FY26 revenue up 355% YoY to $240.3M, net income of $384.6M, and massive growth from the Microsoft deal and site expansions (e.g., Childress, Sweetwater). The stock is up ~258% YTD from $10.46 on January 2, reflecting optimism in AI infrastructure despite the miss. If larger targets are met, this could be viewed as a minor hiccup; otherwise, repeated misses might erode investor confidence further.
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