IREN Posts $684M Loss Amid Bitcoin Mining Exit, AI Cloud Revenue Growth

IREN Limited reported a $137.2 million revenue in Q4 but posted a net loss of $684 million, largely due to its accelerated exit from Bitcoin mining.

The company's shift towards AI cloud computing appears promising, with new contract economics exceeding $20 million per IT megawatt and ongoing negotiations nearing $25 million per megawatt.

IREN's operating Annual Recurring Revenue (ARR) reached about $1 billion after Horizon 1, with over $4 billion already contracted. Customer prepayments and financing now cover 90-96% of GPU capital expenditures, significantly reducing the need for equity funding.