IREN has been treated as a pure play on artificial intelligence infrastructure, a stock priced for long run growth rather than clean quarterly profits. That made today’s drop of about 12.5% after earnings land with extra force. The headline is simple. Revenue in the June quarter came in at US$137.2m while the company reported a net loss of US$684m as it pushed hard into the transition from crypto mining to full stack AI data centers.

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Q4 2026 Earnings Summary

• Revenue (Q4 2026 vs Q4 2025): US$137.2m vs. US$180.64m…