Investors can always find a silver lining-and a post-earnings selloff sometimes offers an opportunity.

That could be the case with Iren, the emerging so-called neocloud which has shifted its focus from Bitcoin mining into the business of selling artificial-intelligence computing power.

Iren stock dropped 5.8% to $38.20 in premarket trading on Friday after the company late Thursday posted adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, well below Wall Street's expectations.

Total revenue, however, came in above expectations for its fiscal fourth quarter ended June 30. Revenue from AI could services grew 110% sequentially to $70.5 million.

Another bright spot was that Iren's $4 billion annual recurring revenue outlook for fiscal 2026 has been fully contracted. The company also announced a new multi-year AI cloud contract with an unnamed leading frontier AI lab company.

"We view the quarter as a commercial and financing validation ahead of the near-term revenue ramp to $4 billion annual recurring revenue and further contracting for 2027/2028 capacity across an increasingly diversified customer base," B. Riley analyst Nick Giles wrote Friday.

H.C. Wainwright on Friday recommended using the post-earnings selloff as a buying opportunity. The firm said the earnings were generally positive and reiterated a Buy rating on the stock with a $90 price target.

That price target represents 122% upside from the closing price of $40.53 on Thursday.

If H.C. Wainwright's forecast is accurate, Friday could be quite a chance to buy Iren shares.