For the fourth quarter of the 2026 fiscal year, which ended on June 30, IREN reported that its revenue from cloud AI services reached $70.5 million, surpassing the $66.7 million earned from Bitcoin mining for the first time. This information was disclosed in a company announcement.

During this transition, IREN recorded a net loss of $684 million, significantly impacted by a non-cash asset impairment of $450.4 million, primarily due to the decommissioning of mining equipment as facilities were repurposed for AI Cloud services.

The company's total quarterly revenue fell to $137.2 million, marking a decline of about 5% compared to the previous quarter. Revenue from AI cloud services doubled from $33.6 million, while earnings from Bitcoin mining dropped nearly 40%, down from $111.2 million.

Adjusted EBITDA plummeted by 68%, decreasing from $59.5 million to $19.2 million. IREN attributed this decline to increased personnel costs and investments in the platform in anticipation of scaling its AI Cloud services.

Following the release of its financial results, the company's stock experienced a downturn in pre-market trading.

Source: Google Finance.

TeraWulf's Performance

TeraWulf reported revenue of $44.8 million for the second quarter, with $31.9 million (approximately 71%) coming from high-performance computing (HPC) capacity rentals. The company earned $12.8 million from digital assets, down from $47.6 million in mining revenue the previous year.

As of the end of June, the Lake Mariner campus had 81 MW of critical IT capacity generating revenue. This figure increased to 102 MW following the launch of another building on July 6.

Despite HPC becoming a primary revenue source, TeraWulf has not yet turned profitable. Its adjusted EBITDA stood at -$18.3 million, compared to $14.5 million the year before.

The net loss attributable to TeraWulf reached $939.9 million, largely due to a non-cash change in the fair value of warrants amounting to $755.7 million, alongside $56.4 million in interest expenses.

Cipher and Riot Reports

Cipher Digital's new infrastructure did not generate revenue in the second quarter, with the company reporting total earnings of $24.8 million solely from Bitcoin mining.

Adjusted EBITDA was -$30 million, with a net loss of $267.5 million, influenced by a $150.5 million revaluation of warrant liabilities and $66.7 million in interest expenses.

The first capacities of the Black Pearl data center were only delivered to the customer in August, when rental payments also commenced.

Riot Platforms has begun to recognize revenue from its data centers, although it still lags behind its mining income. In the second quarter, the company's total revenue was $174.2 million, which included:

  • Bitcoin mining: $113.7 million;
  • Data centers: $23.2 million;
  • Engineering: $37.3 million.

The data center segment accounted for about 13% of total revenue, with only $4.9 million coming directly from rental payments and $18.3 million from infrastructure preparation services for the tenant.

Source: IREN, TeraWulf, Cipher Digital, Riot Platforms, ForkLog.

It is worth noting that in June, public Bitcoin miners intensified their shift towards AI infrastructure, a trend that became particularly evident amid rising capital expenditures in the AI sector and increased demand for facilities with access to electricity.