IREN Stock Plunges 5.75% on $684M Loss, Despite Strong AI Cloud Growth

IREN Limited's (NASDAQ: IREN) stock price slid 5.75% to $38.20 during premarket trading on August 28, after the company reported a $684 million loss.

The loss is largely attributed to a noncash impairment of $450.4 million related to retired mining equipment, primarily in AI Cloud revenue at 51.4%, which surpassed Bitcoin mining's contribution of 48.6% to total revenue.

Despite this decline, IREN's annual recurring revenue reached $4 billion, with contracted ARR valued at $1 billion being operational, and the company disclosed $7.62 billion in cash and restricted cash.