IREN’s Bitcoin Mining Revenue Falls as AI Cloud Sales Nearly Triple
Summary
IREN reported $200 million in AI Cloud revenue for the quarter ended September 30, 2026, up from $71 million in the prior quarter, while Bitcoin mining revenue fell to $28 million from $67 million. Total revenue rose to $228 million. Despite an 86% AI Cloud segment gross margin and adjusted EBITDA of $66 million, the company posted a $263 million net loss. Its $20.3 billion revenue backlog is largely forward-looking, and a customer design change and supplier timing pushed a target of more than $4 billion in annual recurring revenue to January 2027, possibly February. The results highlight IREN’s rapid shift toward AI infrastructure and the associated delivery, spending and financing risks.
