AI Cloud Services revenue more than doubled sequentially to $70.5 million.

  • IREN said it signed a new multi-year contract with a leading AI lab.
  • CEO Daniel Roberts said 2026 capacity is “largely sold out.”
  • Retail sentiment for IREN was ‘extremely bullish.’ 

IREN Ltd. shares tumbled more than 8% in overnight trading late Thursday after the bitcoin miner and AI infrastructure company reported quarterly earnings and revenue below Wall Street expectations, underscoring the costs of its ongoing transition toward AI cloud services.

IREN reported fiscal fourth-quarter revenue of $137.2 million, below the $157.14 million analyst consensus, while adjusted loss came in at $0.41 per share, wider than expectations of a $0.34 per share loss.

The results also showed a sharp shift in IREN’s business mix as the company continues to move away from bitcoin mining and toward AI infrastructure. AI Cloud Services revenue rose to $70.5 million in the quarter from $33.6 million in the sequentially prior quarter, while bitcoin mining revenue fell to $66.7 million from $111.2 million.

IREN’s Q4 Breakdown

The company said it signed a new “multi-year AI cloud contract with a leading frontier AI lab” without disclosing details. Other recent signings include Cohere, Prometheus, Perplexity, Figure AI, Fal AI, and Higgsfield AI, it said.

For the full fiscal year, AI Cloud Services revenue surged nearly eightfold to $128.8 million, with total revenue rising 41% to $707 million.

The company reported a net loss of $684 million in Q4, compared with a loss of $247.8 million in Q3. IREN said the results were heavily affected by $450.4 million in non-cash impairments, primarily related to decommissioning bitcoin mining hardware as sites are converted to support AI cloud growth.

IREN is headquartered in Australia and, as a foreign private issuer, generally reports its primary financial statements under IFRS rather than U.S. GAAP.

IREN’s AI Opportunity 

Still, management struck a bullish tone on the AI opportunity. “We started IREN with a simple observation: the digital world can scale almost instantly, but the physical world cannot,” said Daniel Roberts, co-founder and co-CEO of IREN. “Exponential AI consumption growth has fueled demand for compute capacity well beyond the available supply of infrastructure.”

Roberts said IREN’s 2026 capacity is “largely sold out,” including Horizon 1, the first of four liquid-cooled GPU deployments delivered to Microsoft this month.

The company said it has broadened its customer base to include hyperscalers, enterprises, AI developers and frontier labs, while securing stronger pricing and more attractive contract terms.

Retail View On IREN

IREN was among the top five trending tickers on Stocktwits at the time of writing. The retail sentiment for IREN climbed over the past week and was ‘extremely bullish’ as of late Thursday.

“$IREN Entire earnings call so far was EXCELLENT and they just got another BIG DEAL! Pullback will not last. It's just standard manipulation so smart money can buy cheaper on an EXCELLENT report,” a trader said.

Year to date, IREN stock is up 7.3%, while shares of comparable neocloud operator Nebius are up 161%.

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