IREN posts $702.6M net loss despite $4B in AI cloud contracts
- —IREN's net loss for fiscal 2026 reached $702.6 million, including $638.8 million in non-cash impairments
- —AI cloud revenue rose to $128.8 million from $16.4 million a year earlier
- —Bitcoin mining generated $578.2 million, a larger share than AI services
- —Of the $4 billion ARR from AI contracts, only $1 billion was operational as of August 26
Why it matters: The case highlights the gap between miners' announced AI contracts and actual revenue, pressuring valuations across the sector.
Source: Cryptonews.net