Although IREN announced Q4 revenue of $184.7 million, a 59% year-over-year increase, and an adjusted EBITDA of $75.3 million, its stock price still fell 23.8% in February. The decline in stock price is attributed to the company's strategic shift from Bitcoin mining to artificial intelligence infrastructure, as well as the decrease in Bitcoin prices, leading to quarter-over-quarter declines in these metrics. Investors' disappointment stems from the fact that, after reaching an agreement with Microsoft in November last year, the company has not announced any new large-scale "New Cloud" projects. However, CEO Daniel Roberts stated that the company is engaged in "multiple in-depth negotiations" for larger deployments, and the company has secured an additional 1.6 gigawatts of capacity in Oklahoma, bringing its total installed capacity to 4.5 gigawatts.