IREN Stock Slides More Than 10% After Swinging To Loss In Q2

The company posted a net loss of $155.4 million during the second quarter 2026 compared to a profit of $384.6 million it reported in the first quarter.

IREN Ltd. (IREN) stock slumped after-hours on Thursday after it posted a decline in its second quarter-revenue (Q2) 2026 on a sequential basis.

The company posted a net loss of $155.4 million during the second quarter compared to a net income of $384.6 million it reported in the first quarter. 

The company said its second-quarter (Q2) results reflected continued progress in the transition from Bitcoin mining to AI Cloud, with capacity increasingly allocated to higher-value AI workloads and AI Cloud revenues accelerating as deployments ramped.

“Last quarter marked meaningful progress across capacity expansion, customer engagement, and capital formation, reflecting IREN’s progress as a scaled AI Cloud platform,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.

At the time of writing, the stock was down 10%.