IREN reports Q1 FY27 revenue jump and delays $4 billion ARR target to early 2027
IREN posted total revenue of $228 million for the quarter ended September 30, 2026, driven by AI Cloud revenue of $200 million, a 182% sequential increase. Net loss narrowed to $263 million and adjusted EBITDA rose to $66 million. The company said its more‑than‑$4 billion annualized‑revenue target remains fully contracted and funded but will now be operational in January 2027, possibly extending into February. Revenue backlog grew 22% to $20.3 billion, with roughly two‑thirds backed by investment‑grade counterparties.
Why it matters
The company’s guidance indicates that the $4 billion ARR will not be recognized until early 2027, delaying revenue upside for investors (the company says). The narrowed loss and higher EBITDA margin suggest improving unit economics as the business shifts from Bitcoin mining to higher‑margin AI Cloud services.
Key facts
- 1Total revenue was $228 million, up 66% from the prior quarter. stocktitan.net
- 2AI Cloud revenue was $200 million, a 182% sequential increase. stocktitan.net
- 3Net loss for the quarter was $263 million. stocktitan.net
- 4Adjusted EBITDA was $66 million, up from $19 million in the prior quarter. stocktitan.net
- 5Revenue backlog increased 22% to $20.3 billion, with about two‑thirds from investment‑grade counterparties. stocktitan.net
- 6AI Cloud segment gross margin was approximately 86%. stocktitan.net
Summary written by AlphAI AI Desk from 20 of 22 sources. Not investment advice. Figures are as stated by the linked sources.