IREN AI Cloud Revenue Jumps as $4 Billion Target Slips

IREN Limited reported a 66% sequential increase in fiscal first-quarter revenue to $228 million, driven by a near tripling of AI Cloud revenue, while shifting its target of more than $4 billion in annualized revenue to early 2027. The company reported a net loss of $263 million for the quarter ended September 30, narrower than the $684 million loss in the previous quarter.

AI Cloud revenue rose 182% from the prior quarter to $200 million, compared with $71 million in the June quarter. Bitcoin mining revenue fell to $28 million from $67 million. The company has been removing mining equipment to make room for AI computing hardware, and said small mining operations would continue through 2027.

IREN’s revenue backlog increased 22% sequentially to $20.3 billion, according to the company. About two-thirds of the backlog was associated with investment-grade counterparties. The figures reflect company reporting, and do not establish how much of the backlog will ultimately be recognized as revenue or when.

The company moved its more-than-$4 billion annualized-revenue target from December 2026 to January 2027, with February also described as possible. Chief Executive Co-CEO Daniel Roberts...