IREN reported $200 million in quarterly AI Cloud revenue for the quarter ended September 30, 2026, compared with $71 million in the previous quarter. Bitcoin mining revenue fell from $67 million to $28 million, although total revenue increased from $137 million to $228 million. The company recorded a net loss of $263 million, while adjusted EBITDA rose from $19 million to $66 million. Its backlog reached $20.3 billion, with about two-thirds associated with investment-grade counterparties, but the commissioning of some capacity was delayed to January 2027 or February because of a customer-requested design change and supplier timing. These results illustrate the company’s rapid shift toward AI infrastructure, without establishing that Bitcoin’s overall network hashrate is weakening or that shareholders will receive durable returns.
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