Iren Misses Q4 Revenue Projections Amid Shift to AI Cloud

Iren Limited's shares declined by 7.23% in extended trading after the company reported Q4 revenue of $137.2 million, falling short of Wall Street's projection of $157.14 million.

The net loss for the quarter was $684 million, primarily due to non-cash write-downs related to the phase-out of bitcoin mining activities.

However, AI Cloud operations generated $70.5 million during the quarter, accounting for 51.4% of overall quarterly revenue and marking a milestone where AI Cloud comprised the majority of Iren's business.