IREN Sees Path to $4B ARR as Bitcoin Mining Business Gives Way to AI Cloud

IREN Limited (NASDAQ:IREN) shares fell 5.90% in premarket trading on Thursday after reporting weaker-than-expected fourth quarter fiscal 2026 results.

The company posted an adjusted loss per share of 74 cents, missing the analyst estimate of a loss of 49 cents. Revenue was $137.2 million, which missed the consensus estimate of $142.32 million.

IREN's revenue declined by $7.6 million sequentially as the company decommissioned mining hardware ahead of GPU installations.

The company reported a $684 million net loss, largely due to non-cash impairments related to mining hardware decommissioning and a decline in the fair value of mining hardware held for sale.