IREN, CleanSpark shares continue selloff after missing revenue estimates

Amid one of the worst single-day selloffs for bitcoin BTC in recent memory, the carnage continued in after-hours trading for two prominent bitcoin miners.

IREN shares closed the session down 11.5% and fell another 13% following the close, while CleanSpark was down about 10% after falling nearly 20% in the regular session.

IREN (NASDAQ: IREN), the largest publicly traded miner by market cap, said total revenue decreased to $184.7 million while net income came in at a loss of $155.4 million compared to a $384.6 million profit last quarter. Estimates called for revenue of around $224 million, according to FactSet.

The firm said its fiscal second-quarter results reflected "continued progress in the transition from Bitcoin mining to AI Cloud, with capacity increasingly allocated to higher-value AI workloads and AI Cloud revenues accelerating as deployments ramped."

IREN saw unrealized losses of over $219 million to prepaid forwards and capped calls associated with convertible notes and a one-time debt conversion inducement expense. The firm also noted mining hardware impairments of $31.8 million related to the ongoing ASIC-to-GPU transition across British Columbia.

"We are seeing the strongest demand environment to date, and importantly, that demand is being met by a proven execution capability," co-founder and co-CEO Daniel Roverts said in the release. "Over several years, we have consistently delivered data center capacity on time and at scale, and that delivery track record continues to resonate with customers who value reliability alongside performance."

CleanSpark (NASDAQ: CLSK) reported quarterly revenues of $181.2 million, up 11.6% from the prior-year quarter but short of the consensus estimate by around $13 million. Its net loss for the quarter was $378.7 million compared to net income of $246.8 million for the same period last year.

The company had working capital of $1.3 billion as of Dec. 31, 2025, according to the release.

"CleanSpark is no longer a single-track business," said President and CFO Gary Vecchiarelli. "We are building an infrastructure platform with multiple, independently valuable earnings streams, all anchored by scarce, utility-grade power. Bitcoin mining generates the cash flow, AI infrastructure monetizes the assets over the long term, and our Digital Asset Management function optimizes capital and liquidity across cycles."