IREN's Bitcoin Mining Revenue Drops to 81.8% Amid AI Cloud Shift

IREN's shift from Bitcoin mining to AI cloud services has resulted in significant revenue changes. According to its fiscal 2026 results, filed on August 27, Bitcoin mining generated $578.2 million of IREN's $707 million in annual revenue, accounting for approximately 81.8%.

The company reported a non-cash impairment of $638.8 million primarily due to decommissioning miners as data center sites were converted for AI workloads.

IREN's transition to AI cloud services has also led to a net loss of $702.6 million, which was affected by the impairment and other items.

The company targets an operating annualized run-rate revenue (ARR) of $4 billion by December 31, but currently has only $1 billion in ARR against contracted capacity.