What to Know IREN reported an 88% annual decline in Bitcoin mining revenue to $28 million as mining production dropped to 402 BTC. AI cloud revenue surged 182% to approximately $200 million,
IREN has reported an 88% annual decline in Bitcoin mining revenue as the company redirects its data center operations toward artificial intelligence. The Nasdaq-listed firm generated $28 million from mining during the September quarter, compared with $233 million a year earlier.
According to IREN’s latest 10-Q filing, declining mining revenue reflects reduced operational capacity as the company expands its AI cloud infrastructure. IREN mined 402 Bitcoin during the September quarter, compared with 2,039 BTC during the corresponding period in 2025.
The reduction accompanied a substantial decline in computing power dedicated to cryptocurrency mining. Average operating hashrate dropped from 45.3 exahashes per second to 8.8 EH/s as the company redirected resources toward artificial intelligence.
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Meanwhile, quarterly Bitcoin mining revenue fell 58% from $67 million in the preceding three months. The company also reported holding no Bitcoin on its balance sheet as of September 30.
IREN sells its mined Bitcoin daily rather than maintaining cryptocurrency reserves. Its regulatory filing also outlined plans to complete most of the data center transition by December 31, 2026.
Management expects only immaterial Bitcoin mining operations to remain throughout 2027. This timeline follows the company’s March 2025 decision to stop expanding its Bitcoin mining operations.
Since that announcement, IREN has prioritized AI cloud computing and high-performance data center infrastructure. Other publicly traded miners, including MARA Holdings and CleanSpark, have also expanded into AI infrastructure.
IREN’s growing artificial intelligence business helped offset declining Bitcoin mining revenue during the September quarter. Total company revenue reached $228 million, representing a 66% increase from the preceding quarter.
AI cloud services contributed approximately $200 million, marking a 182% quarterly increase. This performance established artificial intelligence services as the company’s largest reported revenue contributor.
Despite stronger revenue, IREN recorded a net loss of $263 million during the quarter. The result represented an improvement from the $684 million loss reported during the previous three months.
Additionally, adjusted earnings before interest, taxes, depreciation, and amortization increased from $19 million to $66 million. The improvement accompanied expanding AI cloud operations and higher overall company revenue.
IREN reported total assets of $20.6 billion, including approximately $6 billion in data center assets. Its customer relationships include Nvidia, Microsoft, and 13 additional clients. These agreements support the company’s expansion into AI infrastructure as management reallocates computing resources previously dedicated to Bitcoin mining.
IREN shares declined approximately 17% during Thursday’s trading session, closing at $18.03 on November 5. The decline coincided with broader selling across technology and artificial intelligence stocks.
The stock market reaction came despite substantial quarterly growth in the company’s AI cloud business. Investors also received financial results showing significant Bitcoin mining reductions and another quarterly net loss.
IREN’s financial report highlighted the scale of its operational transition, with AI cloud revenue substantially exceeding Bitcoin mining income. Its December transition target remains a key milestone in the company’s restructuring plans.
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