IREN Mining Revenue Falls 88% to $28 Million in Quarterly Filing

Mining Revenue Slides 88% in SEC Filing

Bitcoin mining has become a side business at IREN Limited (IREN), whose quarterly filing with the U.S. Securities and Exchange Commission reports mining revenue of $28 million for the three months ended September 30. That figure sits 88% below the $233 million the segment generated a year earlier and 58% below the previous quarter's $67 million. Output tracked the same curve: the company produced 402 BTC over the quarter against 2,039 BTC a year ago, and average operating hash rate fell from 45.3 EH/s to 8.8 EH/s. Both declines stem from the same decision, as power that once ran mining machines is redirected toward data center capacity serving AI customers. The balance sheet ended September holding no Bitcoin at all, the mechanical result of a policy that sells each day's mined coins rather than banking them. The other side of the business carried the period. Artificial intelligence cloud revenue came in near $200 million, up 182% quarter over quarter, and lifted total revenue 66% from the prior quarter to $228 million. Net loss narrowed to $263 million from $684 million, and adjusted EBITDA climbed to $66 million from $19 million. Total assets stood at $20.6 billion, of which $6 billion is data center capacity underpinned by agreements with NVIDIA, Microsoft and 13 other customers. The company, previously listed under the Iris Energy name, expects to substantially complete the move from mining to AI cloud by December 31, 2026, keeping only minimal mining activity through 2027. Investors marked the results after a bruising session: the stock fell 17% to $18.03 on Thursday, November 5, during a broad selloff in AI and technology shares.

The market has already repriced part of that risk: COINOTAG data puts IREN at $21.58, a gain of 4.71% over the past 24 hours within a $20.18 to $22.49 range, well above Thursday's $18.03 close. COINOTAG's composite scoring rates $22.87 as the strongest resistance, at 96/100, with $20.21 the strongest support, at 87/100. Daily RSI reads 36.4 and the daily trend is sideways. Derivatives positioning stays light: the perpetual funding rate is -0.0498% per interval and open interest stands at $6.23 million. A close above $22.87 would clear the strongest scored overhead level; losing $20.21 would hand back the recovery.

Terawulf Posts $76 Million Quarter

The same economics are visible across the sector. Terawulf, a United States digital infrastructure provider, reported total revenue of $76.2 million for the third quarter in results released on November 6, with high performance computing leasing contributing $63 million, about 83% of the total. Its operating loss nevertheless widened to $88.2 million from $24.7 million a year earlier, and total costs and expenses more than doubled to $164.5 million from $75.3 million. The company's own release ties the pressure to surging selling, general and administrative expenses as it scales corporate operations and hires technical and electrical staff for multi-gigawatt developments, alongside higher interest expense from convertible notes issued to fund the buildout. The capital plan is large. The Lake Mariner facility held 102 megawatts of IT operating capacity as of September 30, with 336 megawatts under construction at a projected cost of $8 million to $10 million per megawatt. At the Justified site, Terawulf signed a 20-year lease with Anthropic carrying roughly $19 billion in contracted revenue, with project financing supported by credit guarantees from Google. The Muskie campus in Kentucky is being expanded to 1 gigawatt of contracted power capacity. Liquidity backs the plan: about $2.4 billion in cash, cash equivalents and restricted cash at quarter end, $250 million of upfront proceeds from the sale of a 50.1% stake in the Abernathy joint venture, and a revolving credit facility raised to $400 million.

Read together, the two filings describe an industry paying up front for revenue that arrives later. IREN's loss is narrowing, but it still covers a quarter in which the fastest-growing line item is also the most capital hungry, and 8.8 EH/s of hash rate leaves very little mining worth keeping. Terawulf shows the cost side of the identical trade, with its operating loss expanding even as leased compute revenue takes over the top line. The decisive date is already written down: IREN's filing targets December 31, 2026 for substantially completing the shift, with mining reduced to a residual through 2027. What settles the next quarter is execution, not sentiment: whether contracted data center revenue keeps compounding faster than the interest and administrative costs attached to it.