IREN FY26 swings to net loss on bitcoin hardware decommissioning
IREN•Outlook
- IREN sees $4 bln contracted ARR for 2026 capacity, with 2026 capacity largely sold out
- Company in late-stage discussions for 2027 capacity with new customers
- IREN targeting cumulative delivery of 0.3GW (IT) in 2026 and 0.8GW (IT) in 2027
Overview
- US AI Cloud platform's FY26 revenue rose but missed analyst expectations
- Net income for FY26 was negative, impacted by non-cash impairments from Bitcoin hardware decommissioning
- Company signed major multi-year AI Cloud contract and completed acquisitions to expand platform
Result drivers
- AI cloud contracts - Co said new multi-year contracts and renewals with AI labs and enterprises drove growth in AI Cloud Services revenue
- Bitcoin hardware impairments - Co said net income was impacted by non-cash impairments from decommissioning Bitcoin mining hardware as sites are converted to support AI Cloud growth
- Higher contracted pricing - Co said contracted pricing for AI Cloud Services increased, driving more value per megawatt
