Operations
As of August 27, 2026
Q3
Total Revenue
$144.8M
Divisions
Bitcoin Mining
76.8%
AI Cloud Services
23.2%
Key Earnings Driver: AI Cloud Services
IREN’s Q3 revenue was $144.8 million, flat year over year, while AI Cloud Services revenue increased 833% to $33.6 million. Bitcoin Mining revenue fell 21.3% year over year to $111.2 million. IREN reported that the decrease in Bitcoin Mining revenue was driven by lower average Bitcoin prices and decommissioning mining hardware ahead of GPU installation and billing.
Key Operating Metrics¹
METRIC
STATUS
AI Cloud Services
🟢 Scaling
Bitcoin Mining
🟠 Weakening
Hash Rate
🟢 Scaling
Key Financial Metrics
Gross Margin
72.42%
↑
+1.38 pp YoY
Free Cash Flow Conversion
N/A
Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.