On August 28, IREN Ltd fell 8.22% in pre-market trading, trading at $37.23/share, with turnover of $2.5518 million. The decline was triggered by the company's fiscal Q4 earnings report released after market close on August 27.

IREN reported Q4 revenue of $137.2 million, representing a 26.75% year-over-year decline from $187.3 million and missing the analyst consensus estimate of $142.32 million by approximately 3.6%. While the figure exceeded FactSet's $132.3 million estimate, the sharp year-over-year revenue contraction and widening per-share losses weighed heavily on investor sentiment.

Prior to the earnings release, institutional sentiment was overwhelmingly bullish with 100% buy-side coverage maintaining positive ratings, fueled by optimism around AI cloud delivery milestones. The company had recently completed delivery of its Horizon 1 data center facility to Microsoft as part of a five-year, $9.7 billion cloud services contract, and achieved NVIDIA Exemplar Cloud certification for its GB300 NVL72 deployment. However, the magnitude of the revenue decline intensified short-term selling pressure, as actual results fell short of elevated market expectations.

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