IREN Limited fourth quarter revenue of $137.2M missed estimates amid $684M loss during AI transition

IREN Limited reported fourth quarter revenue of $137.2 million, falling short of the $140.75 million consensus estimate as the company aggressively pivots toward high-performance computing. The results were heavily impacted by $450.4 million in non-cash impairments during the quarter, primarily stemming from the decommissioning of Bitcoin mining hardware as sites are converted to support AI infrastructure.

Key Highlights

• Reaffirmed the fiscal year 2026 contracted annualized recurring revenue (ARR) target of $4.0 billion, with $1.0 billion currently operational as of August 2026.
• AI Cloud Services revenue grew to $70.5 million in the fourth quarter, a sequential increase from $33.6 million, though Bitcoin mining revenue fell to $66.7 million from $111.2 million in the previous period.
• Successfully delivered the 50MW Horizon 1 liquid-cooled deployment to Microsoft and achieved NVIDIA Exemplar Cloud status on the GB300 NVL72 platform.