The Iranian team lost to Croatia 86-36 in Heraklion, Greece.
Iran was already defeated against USA (83-53) and Egypt (62-59) in Group A.
Following completion of the preliminary round, all 16 teams advance to the round of 16 that will be played on July 1.
The winners advance to the medal-round quarterfinals on July 3, while the round of 16 losers will compete out for 9th-16th places.
The semifinals are on July 4, and the final is on July 5.