IREN reported $137.2 million in revenue for the fourth quarter of fiscal 2026, broadly in line with expectations, while adjusted EBITDA came in at $19.2 million, about 53% below expectations. Within its business lines, AI cloud services revenue increased quarter over quarter from $33.6 million to $70.5 million, while bitcoin mining revenue fell from $111.2 million to $66.7 million. The company said its current operating annual recurring revenue, or ARR, is about $1 billion, and that its 2026 capacity is largely sold out, representing contracted ARR of about $4 billion. IREN also said it signed a new multi-year contract with a frontier AI lab. In addition, recent three-year contracts have generated more than $20 million in revenue per IT MW, with some ongoing discussions around pricing near $25 million. The company plans to expand cumulative IT capacity from about 0.3GW in 2026 to about 0.8GW in 2027, supported by roughly $14 billion in existing cash, committed GPU financing, and customer prepayments.
According to ChainCatcher, IREN reported $137.2 million in revenue for the fourth quarter of fiscal 2026, broadly in line with expectations. Adjusted EBITDA was $19.2 million, about 53% below expectations.
By segment, AI cloud services revenue rose quarter over quarter from $33.6 million to $70.5 million. Bitcoin mining revenue fell from $111.2 million to $66.7 million.
IREN said its current operating annual recurring revenue, or ARR, is about $1 billion. Its 2026 capacity is largely sold out, corresponding to about $4 billion in contracted ARR, and it has signed a new multi-year agreement with a frontier AI lab.
The company also said recent three-year contracts have delivered more than $20 million in revenue per IT MW, while some negotiations are taking place at around $25 million. IREN plans to raise cumulative IT capacity from about 0.3GW in 2026 to about 0.8GW in 2027. Existing cash, committed GPU financing, and customer prepayments total about $14 billion.
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