IREN Ltd Earnings Per Share Disclosure
| Years ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Stock options | 4,381,787 | 8,906,840 | 8,906,839 | ||||||||||||||
| Restricted stock units | 15,508,896 | 6,616,342 | 3,623,867 | ||||||||||||||
| Convertible notes | 6,454,464 | — | — | ||||||||||||||
| Total | 26,345,147 | 15,523,182 | 12,530,706 | ||||||||||||||
| (in USD thousands. except share and per share amounts) | Years ended June 30, | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income (loss) | $ | 86,941 | $ | (28,920) | $ | (171,827) | |||||||||||
| Numerator for diluted net income (loss) per share of Ordinary shares | $ | 86,941 | $ | (28,920) | $ | (171,827) | |||||||||||
| Denominator: | |||||||||||||||||
| Basic weighted-average shares used in computing net income (loss) per share of Ordinary shares | 214,586,767 | 99,640,920 | 54,775,771 | ||||||||||||||
Effects of dilutive securities: | |||||||||||||||||
| Options | 2,054,372 | — | — | ||||||||||||||
| Restricted stock units | 6,604,512 | — | — | ||||||||||||||
Dilutive potential Ordinary shares | 8,658,884 | — | — | ||||||||||||||
| Diluted weighted-average shares used in computing net income (loss) per share of Ordinary shares | 223,245,651 | 99,640,920 | 54,775,771 | ||||||||||||||
| Basic net income (loss) per share of Ordinary shares | $ | 0.41 | $ | (0.29) | $ | (3.14) | |||||||||||
| Diluted net income (loss) per share of Ordinary shares | $ | 0.39 | $ | (0.29) | $ | (3.14) | |||||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.