IREN, a cryptocurrency miner that has pivoted to AI cloud services, reported its first-quarter fiscal year 2027 results ending September 30, 2026. The company saw a significant 66% quarter-over-quarter increase in total revenue, reaching $228 million. This growth was primarily driven by its AI cloud segment, which experienced a remarkable 182% surge in revenue to $200 million, boasting a 86% gross margin. In contrast, Bitcoin mining revenue declined to $28 million from $67 million in the previous quarter. The company's net loss for the quarter was $263 million, an improvement from $684 million in the prior period. Adjusted EBITDA stood at $66 million. IREN's contracted revenue backlog grew by 22% to $20.3 billion. The company has secured contracts and funding for its $4 billion annualized recurring revenue (ARR) target, although the anticipated delivery timeline has been pushed back from late 2026 to January or February 2027 due to customer design adjustments and supplier delivery schedules. Post-quarter, IREN signed a five-year AI cloud services contract valued at approximately $22 million per megawatt, with the client prepaying 90% of the GPU capital expenditure.
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npub1cg…nmysr
2026-11-05 22:36:14 UTC
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npub1cg2ejqexhx88llcve0yxts2exv5q9k0a88l69q0vp7y5n0f2xyfscnmysrPublished at
2026-11-05 22:36:14 UTCEvent JSON
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"content": "IREN, a cryptocurrency miner that has pivoted to AI cloud services, reported its first-quarter fiscal year 2027 results ending September 30, 2026. The company saw a significant 66% quarter-over-quarter increase in total revenue, reaching $228 million. This growth was primarily driven by its AI cloud segment, which experienced a remarkable 182% surge in revenue to $200 million, boasting a 86% gross margin. In contrast, Bitcoin mining revenue declined to $28 million from $67 million in the previous quarter. The company's net loss for the quarter was $263 million, an improvement from $684 million in the prior period. Adjusted EBITDA stood at $66 million. IREN's contracted revenue backlog grew by 22% to $20.3 billion. The company has secured contracts and funding for its $4 billion annualized recurring revenue (ARR) target, although the anticipated delivery timeline has been pushed back from late 2026 to January or February 2027 due to customer design adjustments and supplier delivery schedules. Post-quarter, IREN signed a five-year AI cloud services contract valued at approximately $22 million per megawatt, with the client prepaying 90% of the GPU capital expenditure.\n\n#crypto #blockchain #news #BTC #Bitcoin ",
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