IREN's fiscal year 2026 fourth-quarter revenue was $137.2 million, broadly in line with expectations; adjusted EBITDA was $19.2 million, approximately 53% below expectations. AI cloud services revenue increased sequentially from $33.6 million to $70.5 million, while bitcoin mining revenue declined from $1.112 billion to $667 million. The company currently has an annual recurring revenue (ARR) of approximately $1 billion, with nearly all 2026 capacity sold out, corresponding to contracted ARR of approximately $4 billion, and has signed a multi-year contract with a new frontier AI lab. Recent three-year contracts have generated over $20 million in revenue per IT MW, with some negotiated prices reaching approximately $25 million. IREN plans to increase its cumulative IT capacity from approximately 0.3 GW in 2026 to approximately 0.8 GW in 2027; current cash, committed GPU financing, and customer prepayments total approximately $14 billion.
IREN Q4 FY2026 Revenue Meets Expectations; AI Cloud Revenue Doubles
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Summary
IREN's Q4 FY2026 revenue reached $137.2 million, in line with forecasts, while AI and crypto news saw a significant boost as AI cloud revenue doubled to $70.5 million from $33.6 million. Bitcoin news also shifted as mining revenue declined to $66.7 million from $111.2 million. Adjusted EBITDA came in at $19.2 million, a 53% decrease from estimates. The company now generates $1 billion in annual recurring revenue (ARR), with 2026 capacity nearly fully utilized and a multi-year agreement signed with a leading AI lab.
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