Market Flux Event
IREN Posts Q1 Revenue Beat as AI Cloud Sales Triple and $4B ARR Target Hits January 2027
Read this in the Market Flux appIREN reported fiscal first-quarter revenue of $228 million, topping analyst expectations of $221 million, though the figure was down 5% year over year. The company posted a net loss of $263 million and adjusted EBITDA of $66 million, missing the $73.6 million consensus estimate. The pretax loss of $261 million was narrower than the expected $282.7 million loss.
AI Cloud was the standout segment, generating $200 million in revenue, a 182% increase, with an 86% gross margin. Bitcoin Mining contributed the remaining $28 million. The company's revenue backlog stood at $20.3 billion, up 22%, with roughly two-thirds of that backlog held by investment-grade customers.
Co-Founder and Co-CEO Daniel Roberts said the company's target of more than $4 billion in annual recurring revenue is fully contracted and fully funded, but the timeline has shifted to January 2027, and potentially as late as February, after a customer-requested design change and supplier timing pushed it from the original year-end target. Since the quarter closed, IREN signed a five-year contract at approximately $22 million per IT-MW with 90% of GPU capital expenditure prepaid by the customer, and a separate short-term contract at $40 million per IT-MW. The company has $15 billion in planned capital expenditure remaining for fiscal year 2027.
© AI-generated summary is provided by Market Flux
Sources
- Wallstengine$IREN Q1’27 EARNINGS HIGHLIGHTS 🔹 Revenue: $228M (Est. $221M) 🟢; -5% YoY Segment Net Revenue: 🔹 AI Cloud: $200M 🔹 Bitcoin Mining: 28 Announcements: 🔹 ARR Target: More than $4B fully contracted and funded; targeted for January 2027 🔹 Five-Year Contract: ~$22M per IT-MW; 90% of GPU capex prepaid 🔹 Short-Term Contract: $40M per IT-MW Other Q1 Metrics: 🔹 AI Cloud Segment Gross Margin: 86% 🔹 Adjusted EBITDA: 66 🔹 Net Income (Loss): (263) Key Updates: 🔹 Unrealized Loss on Financial Instruments: (28) 🔹 Revenue Backlog: $20.3B; approximately two-thirds investment-grade 🔹 FY27 Capex: $15B remaining planned Comments: 🔸 Daniel Roberts, Co-Founder and Co-CEO: “The more than $4 billion of contracted ARR is funded and now targeted for January, after a customer-requested design change and supplier timing moved it from year-end; it may extend to the end of February.” 🔸 Daniel Roberts, Co-Founder and Co-CEO: “Since quarter-end we have signed a five-year contract at about $22 million per megawatt with 90% of the GPU capex prepaid by the customer, and a short-term contract at $40 million per megawatt.”
- Unusual_Whales$IREN earnings: - Revenue: $228 million, est: $221 million _ AI cloud revenue increased 182% - Revenue backlog increased 22%
- FaststocknewssIREN LTD $IREN Q1 REVENUE $228M, ADJ EBITDA $66M MISSES, PRETAX LOSS NARROWER THAN EXPECTED • Revenue: $228M • Adj EBITDA: $66M vs $73.6M est, miss • EBIT: -$186M • Pretax profit: -$261M vs -$282.7M est, beat • Net income: -$263M IREN says its target of more than $4B in annual recurring revenue is fully contracted and fully funded.
- WOLF_FinancialIREN $IREN JUST REPORTED Q1 EARNINGS - Revenue: $228M, beating expectations of $221M 🟢 - AI Cloud: $200M - AI Cloud Segment Gross Margin: 86% - Adjusted EBITDA: $66M Key Updates: - ARR Target: More than $4B fully contracted and funded (targeted for January 2027) - Revenue Backlog: $20.3B (approximately two-thirds investment-grade)
- BenzingaIREN Stock Pops After Q1 AI Cloud Revenue Nearly Triples to $200 Million