IREN Swings to FY26 Net Loss on Bitcoin Hardware Write-Downs, Revenue Misses
IREN sits 86% above its 52-week low of $22.04.
Summary
IREN reported FY26 revenue of $707 million, missing the $740.30 million consensus, and swung to a net loss driven by non-cash impairments from decommissioning Bitcoin mining hardware as sites convert to AI Cloud. The loss is a direct consequence of the company's strategic pivot to AI Cloud Services, which has been the focus of recent 8-K filings including $2.8 billion in new AI cloud contracts and the $9.7 billion Microsoft Horizon 1 deployment. Despite the miss, management highlighted $4 billion in contracted ARR for 2026 with capacity largely sold out, and late-stage discussions for 2027 capacity, targeting 0.3GW IT delivery in 2026 and 0.8GW in 2027. Fourth-quarter revenue was $137.2 million. The market will weigh the near-term earnings hit from hardware write-downs against the strong AI cloud backlog and pricing momentum.
At the time of this announcement, IREN was trading at $41.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $14.5B. The 52-week trading range was $22.04 to $76.87. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.