IREN says Bitcoin mining revenue fell 58% as AI cloud sales surged

IREN, which is shifting from a Bitcoin mining company to an AI cloud services provider, announced $228 million in revenue for the first quarter of fiscal 2027, covering July through September 2026, up 66% from the previous quarter. Of that total, AI cloud revenue rose 182% to $200 million. Bitcoin mining revenue, by contrast, fell about 58% to $28 million from $67 million in the previous quarter.