IREN reported FY26 revenue of $707M, below the $740M estimate, and adj. EBITDA of $245.7M, missing consensus. Q4 adj. EBITDA of $19.2M was well below the $41.1M estimate. The company posted a net loss of $702.6M, largely from non-cash impairments. AI Cloud revenue rose to $128.8M. IREN also announced a new multi-year AI Cloud contract with a leading frontier AI lab, with 2026 capacity largely sold out and $4B in contracted ARR. Shares fell more than 10%.
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