IREN Posts $702.6M FY26 Net Loss on $638.8M Bitcoin Mining Impairments; AI Cloud ARR Hits $4B
IREN sits 85% above its 52-week low of $22.04.
Summary
IREN reported a $702.6M FY26 net loss driven by $638.8M in Bitcoin mining impairments, while AI Cloud revenue grew 8x to $128.8M and contracted ARR reached $4B for 2026 capacity.
Key Events · Earnings and Guidance · IREN
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FY26 Net Loss of $702.6M
A swing from an $86.9M profit in FY25 to a $702.6M net loss in FY26, with Q4 FY26 alone posting a $684.0M loss.
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$638.8M Bitcoin Mining Impairments
Non-cash impairment charges of $638.8M for FY26 ($450.4M in Q4) were primarily tied to decommissioning Bitcoin mining hardware as sites convert to AI Cloud workloads.
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AI Cloud Revenue Grows 8x
AI Cloud Services revenue reached $128.8M in FY26, up from $16.4M in FY25, while Bitcoin Mining revenue rose to $578.2M from $484.6M.
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$4B Contracted ARR for 2026
IREN reports $4B in contracted ARR for 2026 capacity, with $1B operating as of August 26, 2026, and 2026 capacity largely sold out.
Analysis · IREN · Crypto Assets
The full cost of IREN's pivot from Bitcoin mining to AI Cloud Services is laid bare in its FY26 results. A swing from an $86.9M profit in FY25 to a $702.6M loss in FY26 was driven almost entirely by $638.8M in non-cash impairments as the company decommissions Bitcoin mining hardware to convert sites for AI workloads. Against that backdrop, the AI Cloud business is scaling fast — revenue grew roughly 8x to $128.8M, and the company now reports $4B in contracted ARR for 2026 capacity with $1B already operating. The balance sheet shows $5.9B in cash and $14B in committed financing and prepayments, but total liabilities have ballooned to $11.6B. The story is a high-stakes transformation: massive near-term losses and debt-funded capex in exchange for a contracted AI revenue pipeline that is largely sold out through 2026.
How filings like this one have moved
In the 30 days to Aug 27, 2026, 36.8% of the 3372 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, IREN was trading at $40.73 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $14.5B. The 52-week trading range was $22.04 to $76.87. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.