IREN posted a $684 million net loss in its fiscal fourth quarter. It also outlined up to $30 billion in fiscal 2027 capital expenditures. CEO Dan Roberts says most of the loss is a non-cash charge from retiring Bitcoin-mining gear, and the company says customer prepayments and lenders will cover most of the spending.
IREN's fiscal fourth-quarter results showed a $684 million net loss. The company also outlined a plan to spend as much as $30 billion on capital expenditures in fiscal 2027. CEO Dan Roberts says those two numbers, read together, are giving investors the wrong impression.
The loss is mostly non-cash
IREN reported $137 million of fourth-quarter revenue. Of that, roughly $70.5 million came from its AI Cloud business. Revenue is temporarily depressed because the company is retiring Bitcoin-mining equipment and converting that power capacity into AI infrastructure, a transition that drove much of the quarterly loss.
In a post on X, Roberts said the majority of the loss came from non-cash charges tied to retiring Bitcoin miners, including roughly $450 million of impairment costs and fair-value adjustments on equipment held for sale. He added that the underlying AI Cloud business generated roughly 87% gross margins excluding depreciation and amortization. Recent three-year AI Cloud contracts are also priced above $20 million per megawatt of IT load, more than double late-2025 levels.
Capex won't come mostly from new stock
IREN expects fiscal 2027 capital expenditures of $25 billion to $30 billion, but Roberts argues investors are wrongly assuming the company must raise that sum in equity. The company says customer prepayments can finance roughly half of its GPU capex, while lenders can fund most of the remainder.
Over the past 12 months IREN has raised approximately $19 billion. Only about $3 billion of that came from equity. The company also hasn't yet borrowed against its data centers, which doesn't remove financing risk but changes the dilution picture.
Contracted revenue is already on the books
IREN says it already holds approximately $4 billion of contracted annual recurring revenue, with three sites scheduled to commission before the end of 2026. About $1 billion of that ARR is expected to be operational following Microsoft's acceptance of Horizon 1.
A bigger opportunity arrives in 2027, when the Sweetwater site and additional capacity start contributing. Execution remains the central risk — large data-center projects can face construction delays and shifting financing costs, and IREN still has to deliver contracted capacity on schedule. Roberts ended his post on X with a declaration: According to Roberts: "It's delivery time."
Source: 24/7 Wall St.
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