IREN reported Q2 FY26 revenue of $184.7 million and a net loss of $155.4 million, reflecting lower Bitcoin mining revenue and significant non-cash items, partially offset by growing AI Cloud Services revenue.
Total revenue declined quarter over quarter as Bitcoin mining revenue decreased.
AI Cloud Services revenue increased as capacity continued to shift toward AI workloads.
Net loss was driven by unrealized losses on financial instruments and one-time debt conversion costs.
Adjusted EBITDA remained positive despite significant non-cash charges.
Management highlighted continued progress in expanding AI Cloud capacity and securing long-term financing to support growth.
Analyze how earnings announcements historically affect stock price performance