IREN reported a $247.8 million net loss for the period, widening from $155.4 million in the previous quarter. Adjusted EBITDA fell to $59.5 million, while Bitcoin-related revenue declined 22%. Lower mining activity reduced energy expenses by $25.9 million, but that relief was outweighed by impairment charges and unrealized losses.
The company booked $140.4 million in non-cash asset impairment charges during the quarter, largely tied to the decommissioning of older crypto mining hardware. It also recorded $23.7 million in unrealized losses. Management said weaker average Bitcoin prices versus the prior period, along with delays in deploying new hardware investments, were the main sources of pressure.
NVIDIA deal shifts focus toward AI infrastructure
IREN also set out a bigger push into AI and data center services. The company signed a five-year cloud services agreement with NVIDIA valued at $3.4 billion. Under the deal, NVIDIA air-cooled Blackwell GPUs will be installed at IREN’s existing 60 MW data center facility in Childress, Texas. Customer deployment and revenue are expected to begin in 2027.
Through the arrangement, IREN is aiming to scale NVIDIA-designed data center capacity to as much as 5 GW. NVIDIA was also granted the right to buy 30 million IREN shares at $70 each over five years. If fully exercised, that would bring in up to $2.1 billion.
Co-founder and co-CEO Daniel Roberts said, “The main limitation globally is usable data center and GPU capacity.”
Microsoft contract continues as shares rise
In the same financial report, IREN said its $9.7 billion cloud services contract with Microsoft remains in progress, backed by newly activated facilities. During the quarter, IREN shares climbed 10% to $62.50, while NVIDIA shares were largely unchanged.
Spain acquisition adds power capacity and development pipeline
For international growth, IREN acquired Spanish data center developer Ingenostrum SL, also known as Nostrum. The deal gives the company access to 490 MW of connected power and a development portfolio of more than 1 GW. IREN said Spain offers opportunities tied to renewable energy, grid connectivity, and AI-related regulatory policy.
With that European platform, contracted annual revenue now stands at $3.1 billion, and IREN is targeting $3.7 billion by the end of 2026. The company is also investing to lift total capacity to 1,210 MW by 2027. Its major projects in Australia are said to be nearing completion.
IREN added that the acquisition of Mirantis will strengthen its cloud services portfolio through expanded software offerings, customer support, and operating tools. The company said it will use $2.6 billion in cash reserves, along with raised funds and credit lines, to finance its investment and growth plans.