IREN Reports Disappointing Quarterly Results
IREN recently released its Q2 FY2026 financial results, covering the period ending December 31, 2025. The company's revenue dropped to $184.7 million, down from $240.3 million in the previous quarter. More concerning was the net loss of $155.4 million, a stark contrast to the $384.6 million net profit recorded in the prior quarter.
CleanSpark Also Falls Short of Expectations
CleanSpark's quarterly report was similarly underwhelming. While revenue increased year-over-year to $181.2 million, the company posted a net loss of $378.7 million, compared to a profit in the same period last year.
Losses Linked to Market Volatility
CleanSpark attributed the losses to non-cash items related to Bitcoin price fluctuations and asset revaluations. Despite the setback, the company ended the quarter with $458 million in cash, $1 billion in Bitcoin holdings, and $1.3 billion in working capital, though it also carries $1.8 billion in long-term debt.
Broad Market Sell-Off Adds Pressure
The earnings reports came amid a broader sell-off in the crypto market, with Bitcoin plunging more than 11% on the day, further fueling investor concerns.