IREN 8-K
EarningsNew guidanceImpairment / charge
Bitcoin hardware retirements drove impairments as sites convert to AI Cloud; capacity ramp hinges on commissioning and customer acceptance.
Filed 2026-08-27 16:13 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
FY2026 results with operating and capacity targets. IREN reported a full-year net loss as it shifted from Bitcoin mining toward AI Cloud Services; AI Cloud revenue rose to $128.8M from $16.4M. It signed a new multi-year AI Cloud contract with a leading frontier AI lab and reported $4B of contracted ARR for 2026 capacity, with $1B of ARR operating as of 8/26/2026. The $4B target depends on commissioning, testing and customer acceptance, and recognized revenue may be materially lower.
Key Figures
| Metric | Q4 2026 | Q3 2026 | Q/Q |
|---|---|---|---|
| Revenue | $137M | $145M | -5.2% |
| Operating loss | $(620)M | $(234)M | n/m |
| Net loss | $(684)M | $(248)M | n/m |
| Adjusted EBITDA, non-GAAP | $19.2M | $59.5M | -68% |
| Operating cash flow | $1.81B | $75.3M | 2,310% |
| Metric | FY2026 | FY2025 | Y/Y |
|---|---|---|---|
| Revenue | $707M | $501M | 41% |
| Operating loss (income) | $(1.05)B | $17.3M | n/m |
| Net loss (income) | $(703)M | $86.9M | n/m |
| Adjusted EBITDA, non-GAAP | $246M | $270M | -8.9% |
| Operating cash flow | $2.10B | $246M | 754% |
- AI Cloud Services revenue: Q4 $70.5M vs $33.6M in Q3; FY2026 $129M vs $16.4M. Bitcoin Mining revenue: Q4 $66.7M vs $111M; FY2026 $578M vs $485M.
- Non-cash asset impairments were $450.4M in Q4 and $638.8M for FY2026, primarily related to retiring Bitcoin mining hardware as sites convert to AI Cloud use. Q4 Adjusted EBITDA fell amid higher employee costs and broader platform investment ahead of the AI revenue ramp.
- FY-end cash, cash equivalents and restricted cash totaled $7.62B; debt carrying value was $7.59B. IREN cited $14B of existing cash, committed GPU financing and customer prepayments. GPU financing included $3.6B for Microsoft at a 6.0% weighted average rate, with prepayments covering 96% of associated GPU capex, and $2.8B for non-investment-grade customer deployments, including a $2.4B Mackenzie financing at a 9.0% fixed rate that funds 90% of associated GPU capex.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Contracted ARR targeted to be operational, operating metric | 12/31/2026 | $4B | — | — |
| Cumulative data center delivery, IT capacity | 2026 | ≈0.3GW | — | — |
| Cumulative data center delivery, IT capacity | 2027 | ≈0.8GW | — | — |
Investor Takeaways
- Watch commissioning, testing and customer acceptance of 2026 capacity against the $4B ARR target; these milestones determine when contracted capacity can become operational and support recognized revenue.
- Horizon 2 commissioning and Horizon 3–4 construction are underway, with delivery targeted for Q4 2026; completion will test IREN’s ability to meet its expansion schedule.
The summary is written by an AI model reading the filing.
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