IREN stock jumps as FQ1 net loss narrows, AI cloud revenue nearly triples (IREN:NASDAQ)

IREN reported a 58% decline in Bitcoin mining revenue to $28M, while AI cloud revenue surged 182% to $200M. Total revenue rose 66% to $228M, but net loss was $263M. The company plans to wind down mining by 2026. Shares fell 17%.

IREN Ltd reported Q1 2027 earnings with AI cloud revenue nearly tripling to $200M. Net loss was $263M due to high operating expenses. The company delayed its $4B operating ARR target to January or February due to supplier timing and customer-requested changes. Bitcoin mining revenue fell to $28M as hardware is decommissioned. Supply chain challenges may delay GPU deployments and increase costs. CapEx for 2027 was reduced due to a selective capital markets environment.

IREN Limited reported Q1 FY2027 earnings, highlighting new multiyear contracts and a revenue backlog exceeding $20 billion, with two-thirds from investment-grade customers, according to Co-Founder Daniel Roberts.

Iren reported strong earnings, exceeding expectations despite Microsoft-related challenges. The company plans to cut capital expenditures to $25 billion and secured a deal with Anthropic. Analyst Matthew Sigel noted the strategic pivot may attract investor interest.

IREN reported $228M in Q1 2027 revenue, with $200M from AI Cloud (up 182% QoQ) and $28M from Bitcoin mining. Revenue beat estimates, gross margin was 86%, and net loss narrowed to $263M. Backlog grew 22% to $20.3B, ARR doubled to $1B, but the $4B ARR target was delayed to early 2027 due to customer reconfigurations.

IREN, an AI data center firm, delayed some Microsoft infrastructure deliveries due to design changes, pushing its $4B revenue target timeline. Despite a 17% drop during a broader selloff, IREN beat quarterly revenue estimates with strong AI cloud growth, reporting $228M in revenue. The company plans $15B in spending and has significant contracts with Nvidia and Microsoft.