IREN Reports Disappointing Financial Results, Stock Drops 6%
IREN (NASDAQ: IREN) reported financial results that disappointed investors, leading to a 6% drop in its stock price. The Australian-based company posted a quarterly loss of $0.41 per share, slightly better than the expected $0.50, but revenue came in at $137.2 million—below Wall Street's forecast of $157.14 million and down 5% from the previous quarter. Despite this decline, IREN noted a significant increase in AI cloud revenue, which rose by 110% to $70.5 million and now accounts for over half (51.4%) of total revenue. However, Bitcoin mining revenue fell sharply due to intentional fleet retirements as the company shifts focus toward AI data centers powered entirely by renewable energy. IREN confirmed that it has secured $4 billion in annual recurring revenue for 2026 and ended Q2 with $7.6 billion in cash on hand. The firm also outlined plans for capital expenditures of between $25 billion to $30 billion this year as it expands its liquid-cooled data centers.
Tickers: $IREN
Topics: ai_cloud_revenue crypto_miner data_centers stock_drop