Iris Energy (US:IREN) 247Wallst·2026-02-13 18:52Core Insights - IREN's Q2 revenue fell to $184.7 million, missing estimates by 20% compared to the consensus of $229.65 million [1] - Bitcoin mining revenue dropped significantly to $167.4 million from $232.9 million, as the company shifts focus to AI infrastructure [1] - The stock price of IREN declined by 14% following the earnings report, reflecting negative retail sentiment and discussions on social media platforms [1] Financial Performance - IREN reported Q2 FY26 earnings of $184.7 million, which is a 20% miss from the expected $229.65 million [1] - The company's Bitcoin mining revenue decreased by 28% from Q1 to Q2, falling from $232.9 million to $167.4 million [1] - IREN has a $9.7 billion contract with Microsoft, aiming for an annualized revenue of $3.4 billion from AI cloud services by the end of 2026 [1] Market Sentiment - Retail sentiment around IREN has soured, with a drop in Reddit's sentiment score from 42 to 39, and further to 8 on February 6 [1] - Discussions on social media platforms are polarized, with some traders expressing skepticism about the company's pivot to AI [1] - Despite the negative sentiment, there is some stabilization in discussions, with 170 comments debating the company's valuation by February 12 [1] Stock Volatility - IREN's stock has a high beta of 4.28, indicating significant volatility in the market [1] - After a sharp decline on February 6, the stock rebounded by 13% on February 9 but subsequently lost those gains, closing around $42 on February 13 [1] - The stock is currently trading 46% below its November high of $76.87, raising questions about its ability to execute its strategy effectively [1]