IREN Stock Plunges as Company Reports Heavy Loss Amid Revenue Growth
IREN Limited's stock price took a hit on September 24, 2026, falling 2.23 percent to USD 46 on the Nasdaq exchange.
The company reported a net loss of USD 702.6 million for fiscal year 2026, despite seeing revenue growth of 41.1 percent from the previous year.
The net loss was largely attributed to non-cash asset impairments related to decommissioned Bitcoin mining hardware, totaling USD 638.8 million.
However, AI Cloud Services revenue saw significant growth, reaching USD 128.8 million in fiscal 2026, while Bitcoin Mining revenue reached USD 578.2 million.
The company's transition towards a more diversified business model, with a focus on AI infrastructure, has been ongoing for some time, and the latest quarterly data show that AI Cloud Services generated more revenue than Bitcoin Mining for the first time.