IREN (IREN) earnings showed weaker than expected headline results, with the company missing consensus on both revenue and earnings per share (EPS) as it accelerates its transition from bitcoin mining to AI Cloud.
Financially, Q2 revenue declined to $184.7 million, missing expectations and down from $240.3 million in Q1, while the company reported a net loss of $155.4 million, also below consensus.
IREN secured $3.6 billion of GPU financing for its Microsoft contract which together with a $1.9 billion customer prepayment is expected to cover around 95% of GPU related capex.
Tech giant Amazon (AMZ) also missed expectations on EPS but beat on revenue, according to investing.com. Investor focus shifted to management’s plan to spend around $200 billion on capex in 2026, primarily AI related. Amazon shares are down 10%.
Pre-market update
Bitcoin rebounded from around $60,000 to $66,000, driving a broad rally across crypto exposed equities. Strategy (MSTR), the largest publicly traded holder of bitcoin, rose 7% in pre-market trading, mirroring a 7% gain for Galaxy (GLXY) and MARA Holdings (MARA) while Coinbase (COIN) increased by 6%.
