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IREN’s Stock Drops 6% As Financial Results Disappoint

The stock of IREN (NASDAQ: $IREN) is down 6% after the crypto miner and data centre operator reported financial results that disappointed Wall Street.

The Australian based company reported a quarterly loss of -$0.41 U.S. per share, which was better than the loss of -$0.50 U.S. expected among analysts.

However, quarterly revenue of $137.2 million U.S. fell well short of the $157.14 million U.S. expected on Wall Street. Sales were down 5% from the previous quarter.

IREN also reported that its artificial intelligence (A.I.) cloud revenue surged 110% sequentially to $70.5 million U.S. and now comprises 51.4% of the company’s total revenue.

However, revenue from Bitcoin (CRYPTO: $BTC) mining declined sharply to $66.7 million U.S. from $111.2 million U.S. in the previous quarter.

IREN has been intentionally retiring its Bitcoin mining fleets as it pivots to operating A.I. data centres.

Based in New South Wales, Australia, IREN increasingly operates data centres that are run entirely with renewable energy sources.

In terms of guidance, management at IREN confirmed that $4 billion U.S. in annual recurring revenue (ARR) for 2026 is fully contracted.

The company ended the year’s second quarter with $7.6 billion U.S. of cash on hand.

Management said they expect capital expenditures in the current year of $25 billion U.S. to $30 billion U.S. as the company continues to build its liquid-cooled data centres.

Prior to today (Aug. 28), IREN stock had risen 75% over the past 12 months to trade at $40.53 U.S. per share.