IREN Limited Sees Revenue Decline Amid Pivot to AI Cloud Services

IREN Limited, formerly Iris Energy, reported a significant decline in its Q4 revenue. The company's revenue fell by 26.8% from the previous quarter to $137.2 million, missing estimates.

The shift towards AI cloud services is becoming increasingly evident as it now generates more revenue than Bitcoin mining for IREN. In Q4, AI cloud services brought in $70.5M, surpassing Bitcoin mining's $66.7M.

Despite securing $2.8 billion for AI infrastructure and generating $707 million in full-year revenue, the company posted a net loss of $702.6 million due to $638.8 million in non-cash impairment charges on mining hardware.