For the first time ever, IREN made more money from its cloud AI services than from Bitcoin mining. In the fourth quarter of fiscal 2026, which ended June 30, revenue from AI Cloud hit $70.5 million, edging out Bitcoin mining's $66.7 million. Total revenue for the quarter landed at $137.2 million—about 5% lower than the previous quarter.

What Happened

This revenue shift shows IREN's pivot toward AI-driven business. By the end of the quarter, cloud AI services had become the company’s top money-maker, overtaking Bitcoin mining as the main source of cash flow for the first time.

Financials and One-Off Hits

As IREN transforms its business, it posted a net loss of $684 million for the quarter. The loss was heavily impacted by a non-cash asset impairment of $450.4 million, mostly tied to retiring mining hardware as sites were retooled for AI Cloud operations.

Revenue Breakdown

For the quarter, AI Cloud brought in $70.5 million, while Bitcoin mining generated $66.7 million. Combined revenue reached $137.2 million—roughly 5% below last quarter’s numbers. The company says it’s shifting priorities toward cloud AI services as part of its current operating model.