IREN posts $684 million loss after decommissioning bitcoin mining hardware
Business
IREN, once focused on Bitcoin mining, just reported a $684 million loss for the last quarter, quite a turnaround from last year's $176.9 million profit.
Most of this hit came from decommissioning of bitcoin mining hardware as the company shifts gears toward AI cloud services.
Revenue down 27% but secures $2.8B
Revenue fell 27% to $137.2 million, and shares slid after the news.
Still, there's some good news: IREN secured $2.8 billion in funding and signed a new multi-year contract with a frontier AI lab.
Their computing power for 2026 is nearly sold out already, and demand for their AI services is heating up for 2027 too.