IREN stock rebounded by 5% on Friday as bitcoin prices recovered from their lowest point since early October 2024. The miner and artificial intelligence company reported a net loss of $155.4 million in its fiscal Q2 2026, missing estimates of a net loss of $88 million. Despite this, IREN’s revenue increased to $184.7 million, driven by a surge in bitcoin mining revenue that rose almost 47% to $167.4 million.
The company also announced strong demand for its AI cloud services, with revenue increasing from $2.7 million last year to $17.3 million in the quarter. IREN secured funding of $9.2 billion so far this fiscal year and has a target of reaching $3.4 billion in annual recurring revenue by the end of 2026.
The company’s cash and cash equivalents stood at $2.8 billion as of January 31, and its co-CEO noted that the strongest demand environment is being met by proven execution capabilities. IREN stock has fallen more than 48% from its 2025 high, but the recent rebound suggests a possible turnaround in the company’s fortunes.
Source: https://www.investors.com/news/iren-earnings-q2-2026-bitcoin-miner-ai-artificial-intelligence-iren-stock