Infrastructure Hosting Archives

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 Financial Metrics

Gross Margin 75.73% +3.96 pp YoY

Backlog / Revenue N/A

CapEx Intensity 1,441.80% 14.41x Revenue

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.