IREN Q1 FY27: AI Cloud Revenue Triples to $200M, Backlog Reaches $20.3B
IREN is trading near its 52-week low of $17.155 (3.2% above the low) on elevated volume (2.4× avg).
Summary
IREN reported Q1 FY27 revenue of $228M (up 66% sequentially), with AI Cloud revenue nearly tripling to $200M and backlog at $20.3B, though the >$4B ARR target slipped to January 2027.
Key Events · Earnings and Guidance · IREN
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AI Cloud Revenue Nearly Triples
AI Cloud revenue rose 182% sequentially to $200M ($135M services + $65M lease) from $71M, lifting total revenue 66% to $228M versus $137M in the June quarter.
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Loss Narrows, EBITDA Triples
Net loss narrowed to $263M from $684M as the prior quarter's $450M impairment did not repeat; Adjusted EBITDA rose to $66M from $19M, a 29% margin.
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ARR Target Slips to January 2027
The more than $4B ARR target moved from year-end 2026 to January 2027, possibly February, after a customer-requested design change and supplier timing; management says it is fully contracted and fully funded.
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Post-Quarter Contract Wins
Since quarter-end IREN signed a five-year deal at ~$22M per IT-MW with 90% of GPU capex prepaid by the customer, a short-term contract at $40M per IT-MW, and contracted H100 GPUs at double prior pricing.
Analysis · IREN · Crypto Assets
The pivot from Bitcoin mining to AI cloud is now visible in the numbers: AI Cloud revenue jumped 182% sequentially to $200M, total revenue rose 66% to $228M, and segment gross margin held at 86%. The net loss narrowed to $263M from $684M as last quarter's $450M impairment did not repeat, while Adjusted EBITDA more than tripled to $66M. One blemish is timing: the more than $4B ARR target slipped from year-end 2026 to January 2027 (possibly February) on a customer-requested design change and supplier timing, pushing the revenue ramp out by a month or two. With the stock trading near its 52-week low of $17.16, the report offers concrete evidence that the AI business is scaling, but $15B of remaining FY27 capex and $4.43B of net debt mean the funding plan still hinges on $6B of financing 'subject to market conditions'.
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At the time of this filing, IREN was trading at $17.70 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $7.3B. The 52-week trading range was $17.16 to $76.87. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.