Bitcoin Mining

IREN (NASDAQ: IREN) — Q4 FY2026 Post Earnings

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IREN Q4 FT2026 Post Earnings

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 Bitcoin Mining revenue declined 63% year over year to $66.7M from $180.3M while AI Cloud Services revenue increased 907% 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%

🟠 Weakening

AI Cloud Services↑ 907%

🟢 Scaling

Key Financial Metrics

Gross Margin 75.73% +3.96 pp YoY
Backlog / Revenue N/A
CapEx Intensity 1,441.80% 14.41x Revenue

Sources: IREN FY2026 Earnings Release — Company Website, IREN FY2025 Earnings Release — Company Website, IREN FY2026 10-K — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

IREN (NASDAQ: IREN) — Q4 FY2026 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

As of August 27, 2026
Q3 Revenue ↓ 1.4% YoY $144.8M
Divisions
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 833% 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↑ 833%

🟢 Scaling

Key Financial Metrics

Gross Margin 72.44% +1.38 pp YoY
Backlog / Revenue N/A
CapEx Intensity 935.93% 9.35x Revenue

Sources: IREN Q3 FY2026 Earnings Release — Company Website, IREN Q3 FY2026 10-Q — SEC Filing, IREN Q3 FY2026 Earnings Release — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.

HIVE Digital Technologies (NASDAQ: HIVE) — Q1 FY2027 Pre Earnings

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Pre earnings note company quarterly analysis

Operations

As of August 14, 2026
Q4 Revenue ↑ 130.5% YoY $71.81M
Divisions
Digital Currency Mining 93.5%
High Performance Computing Hosting 6.5%

Key Earnings Driver

High Performance Computing Hosting High Performance Computing Hosting revenue increased 54% year over year to $4.64M from $3.01M. FY2026 HPC revenue reached a record $19.5M, up 94% from $10.0M in FY2025, driven by deployment of the NVIDIA H200 GPU cluster and strong demand on the GPU marketplace. Digital Currency Mining revenue increased 42.6% year over year, but declined 23.9% sequentially from Q3.

Key Operating Metrics¹

METRIC

STATUS

Digital Currency Mining↑ 42.6%

High Performance Computing Hosting↑ 54%

🟢 Scaling

Source: HIVE Digital Technologies 2026 Annual Report — SEC Filing

Key Operating Metrics¹: Core operating metrics relevant to revenue, sourced from website and/or SEC filings for Q, with status based on reported data.