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IREN Drops After $639M Mining Rig Writedown Clouds AI Cloud Growth

IREN (Iris Energy) logoIREN (Iris Energy)
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TeraWulf logoTeraWulf
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Total revenue rose 41.1% to $707 million, but adjusted EBITDA fell 8.9% to $245.7 million. In the June quarter, adjusted EBITDA was $19.2 million versus $59.5 million in March. AI Cloud revenue climbed to $128.8 million from $16.4 million for the year, while Bitcoin mining revenue rose 19.3% to $578.2 million as the mining fleet was retired. Management said it secured contracts targeting $4 billion in annualized capacity revenue by year end.

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