IREN Projects $4B ARR as AI Cloud Business Replaces Bitcoin Mining

IREN Limited, a company listed on the NASDAQ under the ticker IREN, saw its stock price decline by 5.90% to $38.14 during premarket trading on Friday after releasing weaker-than-expected fourth quarter fiscal 2026 results.

The company reported an adjusted loss per share of 74 cents, missing analyst estimates of a loss of 49 cents, while revenue of $137.2 million fell short of the consensus estimate of $142.32 million.

However, IREN's AI cloud business is gaining momentum, with the company signing multi-year agreements with prominent AI companies such as Cohere, Prometheus, and Perplexity, among others.

The company expects its annual recurring revenue (ARR) to exceed $4 billion by the end of the December quarter, following the deployment of Horizons 2-4, which is expected in the same period.