Overview
- Shares of IREN and CleanSpark fell sharply after quarterly revenue shortfalls on a day when Bitcoin declined more than 11%, pressuring crypto‑exposed equities.
- IREN reported $184.7 million in revenue and a $155.4 million net loss, including $219.2 million in unrealized losses on financial instruments and $31.8 million in mining‑hardware impairments tied to an ASIC‑to‑GPU transition in British Columbia.
- CleanSpark posted $181.2 million in revenue and a $378.7 million net loss, disclosing $458 million in cash, roughly $1 billion in Bitcoin holdings, $1.3 billion in working capital, and about $1.8 billion in long‑term debt at quarter‑end.
- As it builds an AI cloud business, IREN secured $3.6 billion in GPU financing plus a $1.9 billion Microsoft prepayment that management says should cover roughly 95% of GPU capital spending.
- Trading stayed volatile with heavy volume and a partial rebound on Friday, while analysts split on the outlook, with JPMorgan cautious and B. Riley and Compass Point highlighting AI progress and modeling Microsoft‑related revenue to start late in Q2 2026.