SummaryIREN shares fell 8% during Friday pre-market after its fiscal fourth-quarter results which showed the near-term cost of transforming the company from a bitcoin miner into an AI cloud provider. Adjusted EBITDA fell 68% quarter over quarter to $19.2 million, while IREN recorded a $684 million net loss, including a $450.4 million non-cash impairment.AI cloud revenue more than doubled to $70.5 million, surpassing bitcoin mining revenue of $66.7 million for the first time.IREN IREN$37.92·At close shares fell 8% during Friday pre-market after its fiscal fourth-quarter results which showed the near-term cost of transforming the company from a bitcoin miner into an AI cloud provider. Total quarterly revenue fell 5% from the previous quarter to $137.2 million, while adjusted EBITDA dropped 68% to $19.2 million amid rising employee costs and investment ahead of the AI cloud ramp. The figures were also 85% and 93% lower than the equivalent quarter a year ago.IREN also reported a $684 million net loss, including a $450.4 million non-cash impairment primarily related to decommissioning bitcoin mining hardware. The company is converting mining sites to support AI infrastructure, creating substantial costs before the associated cloud revenue is fully recognized.IREN said it has $4 billion of contracted annualized run-rate revenue tied to its 2026 capacity, but only $1 billion is currently operational. However, the results marked an important milestone in IREN’s transformation. AI cloud revenue more than doubled quarter over quarter to $70.5 million, overtaking bitcoin mining revenue of $66.7 million for the first time.AI cloud services contributed 51.4% of quarterly revenue, while mining generated 48.6%. Mining revenue fell 40% from the previous quarter as IREN redirected power and infrastructure toward its rapidly expanding AI business.AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.Related StocksMarket Closed12345678910Anvil: The Missing Collateral LayerAnvil: The Missing Collateral LayerAnvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Jul 29, 2026Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.Why it matters:Anvil is a shared on-chain collateral layer built on a programmable letter of credit: reserve assets as a guarantee -no loan, no interest, keep custody & yield.View Full Report