The digital infrastructure firm reported lower-than-expected Q3 revenue due to declining bitcoin prices impacting its mining operations.
IREN reported Q3 revenue below expectations, driven by a weaker bitcoin price that reduced profitability in its mining segment. The company’s expansion plans remain on track despite the miss, focusing on scaling infrastructure capacity.
Analysts had anticipated stronger performance, with prior quarters showing resilience amid crypto market volatility. Bitcoin’s price decline in Q3 weighed on revenue, contrasting with earlier gains in the year.
Shares edged lower in pre-market trading as investors digested the revenue shortfall and assessed the impact of ongoing expansion costs.