Iris Energy reports Q4 revenue of $137M, misses estimates as Bitcoin mining gives way to AI

IREN Limited, the company formerly known as Iris Energy, posted fiscal Q4 2026 revenue of $137.2 million, falling short of analyst estimates of roughly $140 million. The result also marked a 26.8% decline from the prior quarter’s $144.8 million.

Where the money came from, and where it went

The revenue split tells the real story. AI cloud services brought in $70.5 million during the quarter, while Bitcoin mining generated $66.7 million. That means AI is now the majority of IREN’s top line.

For the full fiscal year 2026, IREN pulled in $707 million in total revenue. The company has secured $2.8 billion in GPU financings to cover more than 90% of the capital expenditures needed for its AI infrastructure buildout.

But the bottom line paints a grimmer picture. IREN recorded a net loss of $702.6 million for the fiscal year. Nearly all of it, roughly $638.8 million, came from non-cash impairment charges tied to the decommissioning of Bitcoin mining hardware.

The AI bet in numbers

IREN’s contracted annualized run-rate revenue for 2026 stands at $4 billion, though only about $1 billion of that is currently operational. The company operates its data centers using 100% renewable energy.

A sector-wide identity crisis

Revenue dipped quarter-over-quarter even as the company’s AI segment grew, suggesting that mining revenue is declining faster than AI revenue is scaling up. IREN’s $2.8 billion in GPU financings should provide a cushion, but the company will need its contracted ARR to convert into actual billings on schedule.

The $702.6 million net loss will dominate the earnings headlines, but the non-cash nature of those impairments means IREN’s actual cash position may be healthier than the GAAP numbers suggest.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.