IREN Limited reported financial results for the fiscal year ended June 30, 2026, marking a strategic transition from Bitcoin mining to AI Cloud Services. FY26 total revenue reached $707.0 million, with AI Cloud Services revenue surging eightfold to $128.8 million compared to $16.4 million in the prior year. The company reported a net loss of $702.6 million, driven by $638.8 million in non-cash impairments related to decommissioning Bitcoin mining hardware. Adjusted EBITDA was $245.7 million. IREN secured a new multi-year contract with a leading frontier AI lab and announced $2.8 billion in GPU financings at 9.0% fixed rate, which funds 90% of associated capital expenditures. The company also completed the acquisitions of Mirantis and Nostrum Group to expand its software capabilities and European presence. IREN operates as a vertically integrated AI Cloud platform delivering data centers, compute, and software for AI training and inference.
