IREN's bitcoin mining revenue falls 58% as it winds down mining for AI cloud
IREN earned $28 million from bitcoin mining in the quarter to 30 September, down 58% from the prior quarter and 88% year on year, while AI cloud revenue rose 182% to about $200 million. Total revenue was $228 million and the net loss narrowed to $263 million. The company aims to largely finish exiting mining by the end of 2026, but said Microsoft-requested changes push its $4 billion annual revenue run-rate target into early 2027. Its shares fell about 17%.