Concept of multiple internal rate of return

When projects are having non-conventional cashflows, the project will end up with that many negative cash flows, that no of IRRs.  It is referred to as Multiple IRR..

To make it easy, look at details like this way,

 year ,10k   year 2, (5k) negative cf year 3, 25k  here u find year 2 blessed with negative CF besides the initial CF being outflow.  This project will end up with 2 IRR, then it is a case a project with multiple IRR.  Project is blessed with non-conventional CF