GPU Cloud Computing

IREN (NASDAQ: IREN) — Q4 FY2026 Post Earnings

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IREN Q4 FT2026 Post Earnings

Operations

Q4 2026
Q4 Revenue ↓ 26.7% YoY $137.2M
Segments
Bitcoin Mining 48.6%
AI Cloud Services 51.4%

Key Earnings Driver

AI Cloud Services Bitcoin Mining revenue declined 63.0% year over year to $66.7M from $180.3M while AI Cloud Services revenue increased 912.7% to $70.5M from $7.0M. Q4 results reflected the transition from Bitcoin Mining to AI Cloud Services. IREN is targeting $4B of AI Cloud Services ARR to be operational by December 31, 2026.

Key Operating Metrics¹

METRIC

STATUS

Bitcoin Mining↓ 63.0%

🟠 Weakening

AI Cloud Services↑ 912.7%

🟢 Scaling

Key Financial Metrics

Gross Margin 75.73% +3.96 pp YoY
Backlog / Revenue N/A
CapEx Intensity 1,441.80% 14.41x Revenue

Sources: IREN FY2026 Earnings Release — Company Website, IREN FY2025 Earnings Release — Company Website, IREN FY2026 10-K — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Nebius Group (NASDAQ: NBIS) — Company Catalyst

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NBIS Nebius Company Catalyst

Company Catalyst

AI Infrastructure Efficiency Nebius’s full stack infrastructure design targets AI compute efficiency to address power constraints as GPU workloads scale. The company’s infrastructure operates at a portfolio PUE of 1.25 versus a 1.54 global industry average, indicating approximately 19% lower total facility energy consumption for the same IT load and providing a measurable efficiency advantage as GPU infrastructure scales.

Sources: Nebius Q1 2026 Shareholder Letter — Company Website, Nebius 2025 Sustainability Report — Company Website

IREN (NASDAQ: IREN) — Q4 FY2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

Q3 2026
Q3 Revenue → 0.0% YoY $144.8M
Segments
Bitcoin Mining 76.8%
AI Cloud Services 23.2%

Key Earnings Driver

AI Cloud Services Bitcoin Mining revenue declined 21.3% year over year to $111.2 million while AI Cloud Services revenue increased 839.3% to $33.6 million. IREN reported that the decrease in Bitcoin Mining revenue was driven by lower average Bitcoin prices and decommissioning mining hardware ahead of GPU installation and billing. Average operating hashrate increased 22.4% year over year to 36.0 EH/s from 29.4 EH/s.

Key Operating Metrics¹

METRIC

STATUS

Bitcoin Mining↓ 21.3%

🟠 Weakening

AI Cloud Services↑ 839.3%

🟢 Scaling

Key Financial Metrics

Gross Margin 72.44% +1.38 pp YoY
Backlog / Revenue N/A
CapEx Intensity 935.93% 9.35x Revenue

Sources: IREN Q3 FY2026 Earnings Release — Company Website, IREN Q3 FY2026 10-Q — SEC Filing, IREN Q3 FY2026 Earnings Release — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Duos Technologies (NASDAQ: DUOT) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations

Q2 2026
Q2 Revenue ↑ 29.5% YoY $6.2M
Segments
Technology Solutions 52.3%
Services and Consulting 47.2%
Hosting 0.5%

Key Earnings Driver

Technology Solutions Technology Solutions revenue increased to $3.23 million from $0, Services and Consulting revenue decreased 38.8% to $2.91 million, and Hosting revenue increased 306.9% to $32,549. The increase in revenue was driven primarily by the increase in Technology Solutions revenue.

Key Operating Metrics¹

METRIC

STATUS

Technology Solutions

🟢 Scaling

Services and Consulting↓ 38.8%

🟡 Watch

Sources: Duos Technologies Q2 2026 Earnings Release — Company Website, Duos Technologies Q2 2026 Form 10-Q — SEC filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Duos Technologies (NASDAQ: DUOT) — Q2 2026 Pre Earnings

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Operations

Q1 2026
Q1 Revenue ↓ 45.0% YoY $2.7M
Segments
Technology Systems 1.6%
Technology Solutions 20.7%
Services and Consulting 19.6%
Services and Consulting — Related Parties 57.0%
Hosting 1.1%

Key Earnings Driver

Hydra Host GPUaaS Technology Solutions generated $562K in Q1 versus $0 in Q1 FY2025. The $176M Hydra Host GPUaaS agreement is expected to contribute approximately $26M of revenue in H2 2026, supporting the company’s expectation for 2026 revenue to exceed $50M, with a significant portion anticipated in the second half. Services and Consulting revenue declined 45.3%, and Services and Consulting — Related Parties revenue declined 60.3%.

Key Operating Metrics¹

METRIC

STATUS

Technology Solutions

Hydra Host GPUaaS

🟡 Execution phase

Services and Consulting↓ 45.3%

🟡 Watch

Services and Consulting — Related Parties↓ 60.3%

🟡 Watch

Sources: Duos Technologies Q1 2026 Financial Results — Company Website, Duos Edge AI Five-Year 10 MW Colocation Agreement — Company Website, Duos Technologies March 2026 GPU-as-a-Service Contract — SEC Filing, Duos Technologies Sale of Duos Technologies, Inc. — Company Website, Duos Technologies June 2026 GPU Financing — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

HIVE Digital Technologies (NASDAQ: HIVE) — Q1 FY2027 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

Q4 2026
Q4 Revenue ↑ 130.5% YoY $71.8M
Segments
Digital Currency Mining 93.5%
High Performance Computing Hosting 6.5%

Key Earnings Driver

High Performance Computing Hosting High Performance Computing Hosting revenue increased 54% year over year to $4.64M from $3.01M. FY2026 HPC revenue reached a record $19.5M, up 94% from $10.0M in FY2025, driven by deployment of the NVIDIA H200 GPU cluster and strong demand on the GPU marketplace. Digital Currency Mining revenue increased 42.6% year over year, but declined 23.9% sequentially from Q3.

Key Operating Metrics¹

METRIC

STATUS

Digital Currency Mining↑ 42.6%

High Performance Computing Hosting↑ 54.0%

🟢 Scaling

Source: HIVE Digital Technologies 2026 Annual Report — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Nebius Group (NASDAQ: NBIS) — Q2 2026 Post Earnings

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Post earnings note company quarterly analysis

Operations¹

Q2 2026
Q2 Revenue ↑ 454.0% YoY $582.3M
Segments
Nebius AI cloud 98.1%
Avride 0.2%
TripleTen 1.7%

Key Earnings Driver

Nebius AI Cloud Nebius AI cloud revenue increased 514% to $574.9M representing 98% of group revenue. Management attributed revenue growth to capacity added in Q1, higher utilization, and high margin revenue from Token Factory and recent acquisitions.

Key Operating Metrics²

METRIC

STATUS

Nebius AI Cloud↑ 513.6%

Token Factory

🟢 Scaling

Key Financial Metrics

Gross Margin 77.10% +6 pp YoY
Backlog / Revenue N/A
CapEx Intensity 971.56% 9.71x Revenue

Sources: Nebius Q2 2026 Shareholder Letter — Company Website

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

Nebius Group (NASDAQ: NBIS) — Q2 2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations¹

Q1 2026
Q1 Revenue ↑ 683.9% YoY $399M
Segments
Nebius AI cloud 96.9%
Avride 0.2%
TripleTen 2.9%

Key Earnings Driver

Nebius AI Cloud Nebius AI cloud revenue increased 841% to $389.7M. Management attributed group revenue growth to capacity scaling, supported by pricing and utilization.

Key Operating Metrics²

METRIC

STATUS

Nebius AI Cloud↑ 841.3%

🟢 Scaling

Key Financial Metrics

Gross Margin 74.00% +23 pp YoY
Backlog / Revenue N/A
CapEx Intensity 619.77% 6.19x Revenue

Sources: Nebius Q1 2026 Operating and Financial Review — SEC Filing

Operations¹: Total revenue is after inter-segment elimination. Division revenue percentages are before inter-segment elimination.

Key Operating Metrics²: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.