Bitcoin miner IREN generated $578.2 million in mining revenue out of $707 million total for fiscal 2026, accounting for 81.8% of its revenue, even while pivoting to artificial intelligence. The company recorded a $638.8 million non-cash impairment related to decommissioning its mining operations to accommodate AI infrastructure. IREN reported a net loss of $702.6 million, affected by this impairment. Its AI cloud revenue stands at only $1 billion in annualized run rate against $4 billion of contracted revenue, with the gap depending on delivery, commissioning and customer acceptance. Microsoft and NVIDIA together represent a substantial majority of IREN’s contracted revenue.
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