Operations
As of August 31, 2026
Q4 Revenue
↓ 26.7% YoY
$137.2M
Divisions
Bitcoin Mining
48.6%
AI Cloud Services
51.4%
Key Earnings Driver: AI Cloud Services
IREN’s Q4 revenue was $137.2M, with AI Cloud Services revenue increasing 907% year over year to $70.5M from $7.0M, while Bitcoin Mining revenue declined 63% YoY to $66.7M from $180.3M. IREN’s results reflected the transition from Bitcoin Mining to AI Cloud Services. IREN is targeting $4B of AI Cloud Services ARR to be operational by December 31, 2026.
Key Operating Metrics¹
METRIC
STATUS
AI Cloud Services
🟢 Scaling
Bitcoin Mining
🟠 Weakening
Key Financial Metrics
Gross Margin
75.73%
+3.96 pp YoY
Backlog / Rev.
N/A
CapEx Intensity
1,441.80%
Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from IREN website and/or SEC filings for Q4, with status based on reported data.