Analysts cut IREN Ltd.’s fiscal year 2026 consensus earnings estimate on July 21. The forecast dropped 22%, with expected losses per share widening from $0.64 to $0.78. This adjustment reflects the high costs of the company’s strategic shift from Bitcoin mining to AI cloud services.
The lowered expectations follow IREN’s recent announcement of $2.8 billion in new AI cloud contracts. The company also raised its 2026 revenue target to more than $4 billion. Heavy capital investment and non-cash impairment charges from retiring old mining hardware are weighing on near-term profitability.