IREN stock falls 17% as Bitcoin mining revenue drops 58%

IREN has reported a 58% quarterly decline in Bitcoin mining revenue to $28 million as the Nasdaq-listed company prepares to substantially complete its move away from cryptocurrency mining by December 31, 2026. Summary IREN’s Bitcoin mining revenue fell 58% to $28 million as the company reduced mining operations. AI cloud revenue surged 182% to $200 million, accounting for most of IREN’s quarterly revenue. IREN plans to substantially complete its Bitcoin mining transition by December, with limited operations continuing. IREN shares closed at $18.03 on November 5, falling 16.95% during the trading session that day. Microsoft’s requested infrastructure changes pushed IREN’s $4 billion annual recurring revenue target into early 2027. The company’s November 5 earnings release showed that AI cloud revenue climbed 182% to $200 million during the three months ended September 30, up from $71 million in the previous quarter. Total revenue reached $228 million, an increase of 66% from $137 million in the June quarter. New multi-year contracts. Disciplined capital allocation. Flexibility to set our own pace of growth. Value at every layer of the platform.Last quarter, AI Cloud revenue nearly t...