Crypto
Iren Dives $700m Deeper into AI Cloud as Bitcoin Mining Losses Mount
Iren Limited (NASDAQ: IREN) has pivoted from Bitcoin mining to AI cloud services, reporting a $702.6m loss in its FY26 financial results.
The company's revenue from AI Cloud Services increased approximately eightfold to $128.8m in FY26 compared to $16.4m in the previous year.
Iren's net income (loss) was impacted by non-cash impairments of $638.8m and $450.4m, respectively, primarily related to the decommissioning of Bitcoin mining hardware as sites are converted to support AI Cloud growth.