IREN Stock Gears Up for a Pivotal Week as Earnings Meet a Bitcoin Rally

IREN (NASDAQ:IREN) stock is stuck in a bear market after falling by over 45% from the year-to-date high. This performance will be put to the test this week as the Nvidia (NASDAQ:NVDA)-backed company publishes its earnings report and as Bitcoin (CRYPTO: BTC) rebounds. 

IREN to Publish Earnings as Neoclouds Growth Continues

IREN, a Bitcoin mining company that is pivoting to AI data centers, will publish its earnings report on August 27. These results will provide more information about the impact of the crypto winter on its business. They will also provide insights into its AI business and the recent acquisition of Mirantis.

IREN’s results are expected to show revenue weakness because of the crypto winter. While the company is known for its AI business today, its Bitcoin mining operations are still responsible for most of its revenue. 

Its most recent results showed that its revenue dropped to $144 million in Q2 from $184 million in the same period last year. This retreat was because of lower Bitcoin prices and the decommissioning of its mining infrastructure. 

Analysts expect the upcoming report to show that its revenue dropped by 25% in the second quarter to $140 million. This retreat will start to turn in Q3 as the company starts recognizing revenue from the $9.3 billion Microsoft (NASDAQ:MSFT) contract.