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Get filing alertsIREN swings to $702.6M FY26 net loss on $638.8M Bitcoin mining impairments; signs new AI Cloud contract
Filed August 27, 2026 · Period ending August 27, 2026 · ~1 min read
Key Changes
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IREN reported FY26 revenue of $707.0M, up from $501.0M, driven by AI Cloud Services growth to $128.8M from $16.4M.
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Net loss of $702.6M vs. net income of $86.9M in FY25, primarily due to $638.8M non-cash impairments from decommissioning Bitcoin mining hardware.
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Signed a new multi-year AI Cloud contract with a leading frontier AI lab; $4B contracted annualized run-rate revenue for 2026 capacity.
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Secured $2.8B in new GPU financings, including a $2.4B facility at 9.0% fixed rate led by Blue Owl and PIMCO.
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Adjusted EBITDA declined to $245.7M from $269.7M, attributed to higher employee costs and platform investment ahead of AI Cloud ramp.
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Summary
IREN reported fiscal 2026 results showing strong revenue growth but a large net loss driven by non-cash impairments. Revenue rose 41% to $707.0 million, with AI Cloud Services surging from $16.4 million to $128.8 million.
However, the company swung to a net loss of $702.6 million from a profit of $86.9 million a year earlier, as it took $638.8 million in impairments related to decommissioning Bitcoin mining hardware to convert sites for AI Cloud use.
The company also announced a new multi-year AI Cloud contract with a leading frontier AI lab, adding to a customer list that includes Cohere, Prometheus, Perplexity, Figure AI, Fal AI, and Higgsfield AI. IREN reported $4 billion in contracted annualized run-rate revenue for 2026 capacity and $1 billion in operating ARR today. To fund growth, it secured $2.8 billion in GPU financings, including a $2.4 billion facility at a 9.0% fixed rate led by Blue Owl and PIMCO. For retail holders, the key concern is the scale of the impairment charges, which reflect a strategic pivot away from Bitcoin mining toward AI Cloud. While the new contracts and financing support the transition, the non-cash write-downs signal the cost of abandoning mining hardware. Investors should watch whether AI Cloud revenue growth can offset the loss of mining income and whether the high-cost financing at 9.0% weighs on future profitability.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
IREN reported Q4 and fiscal year 2026 financial results via press release furnished as Exhibit 99.1.
Added in current filing · verify on EDGAR →
On August 27, 2026, IREN Limited (the “Company”) reported its financial results for the fourth quarter and fiscal year ended June 30, 2026.
The company announced its financial results for the fourth quarter and full fiscal year ended June 30, 2026. The press release containing the detailed results is furnished as Exhibit 99.1 and incorporated by reference.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Total Revenue 707.0 501.0
IREN reported total revenue of $707.0 million for fiscal year 2026, up from $501.0 million in fiscal 2025. The increase was driven by growth in AI Cloud Services revenue, which rose to $128.8 million from $16.4 million, while Bitcoin Mining revenue increased to $578.2 million from $484.6 million.
Added in current filing · view on EDGAR →
Signed a new multi-year AI Cloud contract with a leading frontier AI lab
IREN announced it signed a new multi-year AI Cloud contract with a leading frontier AI lab, alongside other recent signings including Cohere, Prometheus, Perplexity, Figure AI, Fal AI and Higgsfield AI. The company reported $4 billion in contracted annualized run-rate revenue for 2026 capacity and $1 billion in operating ARR today.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 30, 2026 · How we verify