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BTC IREN shares plunged more than 8%, after AI business transformation earnings report showed huge losses.
The company, transformed from a Bitcoin miner to an AI data center operator, fell more than 8% after releasing its 2026 fiscal results. The report showed that the company lost as much as $684 million. In after-hours trading on Thursday, the stock fell 8.2% to $37.19 after closing at $40.53.
In the quarter ended June 30, revenue from the AI Cloud Services business was US$70.5 million, up from US$33.6 million in the previous quarter. This business segment surpassed Bitcoin mining (revenue of US$66.7 million) for the first time, accounting for 51.4% of IREN's total quarterly revenue.
Mining revenue fell 40% from the previous quarter as IREN converted some of its mining sites for AI purposes. Total revenue fell 5% to $137.2 million. Bernstein analysts expect IREN to phase out Bitcoin mining by 2030 as it replaces mining hardware with graphics processors for AI workloads.
Founder: Demand for AI is booming and the company is facing transformation opportunities
Daniel Roberts, co-founder and co-CEO of IREN, said in a statement: "We founded IREN based on a simple observation: the digital world can expand almost instantaneously, but the physical world cannot. This year, this founding concept became tangible. The exponential growth in AI consumption is driving demand for computing power that far exceeds the supply capacity of existing infrastructure. IREN was born for this moment."
In a separate report, the company said adjusted earnings before interest, tax, depreciation and amortization (EBITDA) fell 68 percent to $19.2 million, from $59.5 million. IREN attributed the decline to increased employee costs and investment spending before the expansion of the AI cloud.
The quarterly loss included $450.4 million in asset impairments, mainly from retired mining hardware, and $127.2 million in impairment losses and losses on equipment for sale or disposed of. For the full year, revenue increased 41% to $707 million, but asset impairments of $638.8 million resulted in IREN's full-year loss of $702.6 million, compared with a profit of $86.9 million in fiscal 2025.
Huge financing and strategic cooperation: Microsoft and Nvidia support
The company reported that its contract annualized operating rate revenue (ARR) was US$4 billion and was expected to be in operation before the end of the year.
IREN received US$6.4 billion in GPU financing, including a US$9.7 billion, five-year AI cloud agreement with Microsoft, with a weighted average interest rate of 6% for US$3.6 billion. This financing, combined with Microsoft's advance payment, covers 96% of the related costs. Another $2.8 billion will be used to deploy facilities for other customers.
In May this year, IREN also signed a US$3.4 billion AI cloud contract with Nvidia. The five-year agreement covers hosted GPU services and aims to deploy up to 5 gigawatts of AI infrastructure as part of a partnership between the two parties.
