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IREN (NASDAQ: IREN) dropped 15% last week after quarterly results missed expectations, yet the company heads into the back half of 2026 largely sold out of capacity and carrying $4 billion in annualized run rate revenue.
The tension is that the financial print looks bad while the forward book looks good, and which one the tape decides to price is the question worth sitting with. The June 30 quarter was genuinely messy.
AI cloud services revenue more than doubled sequentially to $70.5 million, but total revenue slid 5% to $137.2 million as the company continued unwinding its cryptocurrency mining operations.
Adjusted EBITDA dropped 68% to $19.2 million. Those are real numbers, not noise. What's changed is the pricing environment for the forward book.
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