Key facts
- IREN reported a $684 million loss for fiscal 2026, including $450.4 million in asset impairments.
- AI cloud revenue reached $70.5 million in the fiscal fourth quarter, surpassing Bitcoin mining revenue of $66.7 million.
- Mining revenue fell 40% from the prior quarter due to conversion of sites for AI use.
- Total revenue declined 5% to $137.2 million.
- Adjusted EBITDA fell 68% to $19.2 million.
- IREN shares fell over 8% in after-hours trading.
IREN shares fell more than 8% in after-hours trading following the company's fiscal 2026 results, which showed a significant quarterly loss and the first instance of AI cloud revenue surpassing Bitcoin mining revenue. The company reported a $684 million loss for the fiscal year, including $450.4 million in asset impairments, largely from retired mining hardware. In the fiscal fourth quarter, AI cloud services generated $70.5 million, exceeding Bitcoin mining revenue of $66.7 million. This shift comes as IREN converts mining sites for AI use, leading to a 40% decrease in mining revenue from the previous quarter. Total revenue declined 5% to $137.2 million. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) fell 68% to $19.2 million, attributed to higher employee costs and investments in AI cloud expansion. The company has secured $6.4 billion in GPU financing, including a substantial agreement with Microsoft and a contract with Nvidia, to support its AI infrastructure buildout. Bernstein analysts anticipate IREN will phase out Bitcoin mining by 2030.