IREN posts $228M revenue as AI Cloud sales jump 182%

The former Bitcoin miner now earns most of its money renting out AI compute, while mining revenue slid to $28 million IREN, the Nasdaq-listed company once known mainly as a Bitcoin miner, reported $228 million in quarterly revenue. Most of that came from a business that has nothing to do with hashing blocks. Its AI Cloud segment brought in $200 million, up 182% from the prior quarter. Bitcoin mining, the company’s original identity, contributed $28 million. The miner has become a landlord for AI workloads, and the rent is very good. The numbers behind the pivot The results cover IREN’s first quarter of fiscal 2027, reported on November 5, 2026. Total revenue rose 66% quarter-over-quarter, and the research findings note it beat revenue consensus estimates. The AI Cloud segment did the heavy lifting. It posted an 86% gross margin, which means the company keeps most of every dollar after the direct costs of delivering the service. Bitcoin mining moved the other way. Revenue from that segment fell sharply to $28 million, now a small slice of the company’s top line. Profitability is still a work in progress. IREN narrowed its net loss to $263 million, while adjusted EBITDA came in at $6...