TheBlock
IREN's Bitcoin mining revenue fell 58% quarter over quarter to $28 million in the three months ended Sept. 30, from $67 million. The company mined 402 BTC, down from 2,039 a year earlier, as average operating hashrate dropped to 8.8 EH/s from 45.3 EH/s. Mining revenue was down 88% from $233 million a year earlier.
Why it matters
IREN is transitioning data center capacity from Bitcoin mining to AI cloud services. It aims to substantially complete the shift by Dec. 31, 2026, while expecting immaterial mining operations to continue through 2027. The company held no Bitcoin at the end of September and said it liquidates mined Bitcoin daily.
The shift is already changing IREN's revenue mix. AI cloud revenue rose 182% from the previous quarter to around $200 million, driving total quarterly revenue up 66% to $228 million. Fellow miners MARA and CleanSpark have also moved into AI infrastructure.
Market impact
IREN's Nasdaq-listed shares fell 17% on Thursday to close at $18.03, alongside a broader sell-off in AI and technology stocks. The company reported a $263 million net loss, narrower than the previous quarter's $684 million loss, while adjusted EBITDA rose to $66 million from $19 million.
IREN reported $20.6 billion in total assets, including $6 billion in data center assets. Its customer contracts include Nvidia, Microsoft and 13 other customers.
Frequently asked questions
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How much Bitcoin did IREN mine during the quarter?
IREN mined 402 BTC in the three months ended Sept. 30, down from 2,039 BTC in the same quarter a year earlier.
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When does IREN expect to complete its shift away from mining?
IREN aims to substantially complete the transition by Dec. 31, 2026, while expecting immaterial Bitcoin mining operations to continue through 2027.
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How much did AI cloud contribute to IREN's revenue?
AI cloud revenue was around $200 million, up 182% from the prior quarter. Total quarterly revenue rose 66% to $228 million.
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Did IREN hold Bitcoin on its balance sheet at the end of September?
No. IREN held no Bitcoin at the end of September and said it liquidates mined Bitcoin daily.
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How did IREN's quarterly loss and adjusted EBITDA change?
Its net loss narrowed to $263 million from $684 million in the prior quarter. Adjusted EBITDA rose to $66 million from $19 million.
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