IREN FY26 swings to net loss on bitcoin hardware decommissioning

IREN

27/08/2026 21:23

Overview
US AI Cloud platform's FY26 revenue rose but missed analyst expectations
Net income for FY26 was negative, impacted by non-cash impairments from Bitcoin hardware decommissioning
Company signed major multi-year AI Cloud contract and completed acquisitions to expand platform

Outlook
IREN sees $4 bln contracted ARR for 2026 capacity, with 2026 capacity largely sold out
Company in late-stage discussions for 2027 capacity with new customers
IREN targeting cumulative delivery of 0.3GW (IT) in 2026 and 0.8GW (IT) in 2027

Result Drivers
AI CLOUD CONTRACTS - Co said new multi-year contracts and renewals with AI labs and enterprises drove growth in AI Cloud Services revenue
BITCOIN HARDWARE IMPAIRMENTS - Co said net income was impacted by non-cash impairments from decommissioning Bitcoin mining hardware as sites are converted to support AI Cloud growth
HIGHER CONTRACTED PRICING - Co said contracted pricing for AI Cloud Services increased, driving more value per megawatt

Company press release: ID:nGNX2qD7dR

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
FY Revenue
Miss
$707 mln
$740.30 mln (16 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"
Wall Street's median 12-month price target for IREN Limited is $81.00, about 104.6% above its August 26 closing price of $39.58

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)