Operations
Q3 2026
Q3 Revenue
→ 0.0% YoY
$144.8M
Segments
Bitcoin Mining
76.8%
AI Cloud Services
23.2%
Key Earnings Driver
AI Cloud Services Bitcoin Mining revenue declined 21.3% year over year to $111.2 million while AI Cloud Services revenue increased 839.3% to $33.6 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. Average operating hashrate increased 22.4% year over year to 36.0 EH/s from 29.4 EH/s.
Key Operating Metrics¹
METRIC
STATUS
Bitcoin Mining↓ 21.3%
🟠 Weakening
AI Cloud Services↑ 839.3%
🟢 Scaling
Key Financial Metrics
Gross Margin
72.44%
+1.38 pp YoY
Backlog / Revenue
N/A
CapEx Intensity
935.93%
9.35x Revenue
Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from IREN website and/or SEC filings for Q3, with status based on reported data.