Operations
Q4 2026
Q4 Revenue
↓ 26.7% YoY
$137.2M
Segments
Bitcoin Mining
48.6%
AI Cloud Services
51.4%
Key Earnings Driver
AI Cloud Services Bitcoin Mining revenue declined 63.0% year over year to $66.7M from $180.3M while AI Cloud Services revenue increased 912.7% to $70.5M from $7.0M. Q4 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
Bitcoin Mining↓ 63.0%
🟠 Weakening
AI Cloud Services↑ 912.7%
🟢 Scaling
Key Financial Metrics
Gross Margin
75.73%
+3.96 pp YoY
Backlog / Revenue
N/A
CapEx Intensity
1,441.80%
14.41x Revenue
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.