IREN earnings: AI cloud revenue nearly triples to $200 million

The numbers. For the three months to September 30, 2026, IREN reported revenue of $228 million, up 66% from $137 million in the prior quarter. AI cloud revenue was $200 million, up from $71 million. Bitcoin mining revenue fell to $28 million from $67 million. The net loss was $263 million, against $684 million a quarter earlier. Adjusted EBITDA, a measure that leaves out some costs and is not a standard accounting number, rose to $66 million from $19 million. Investing.com cites an analyst consensus of $230.45 million for revenue, so sales came in slightly below that.

What changed. IREN says the AI cloud segment had a gross margin of 86%. Its revenue backlog, the contracted work still to be delivered, grew 22% to $20.3 billion, and about two thirds of it is with counterparties rated investment grade. The company also says a target of more than $4 billion in ARR is fully contracted and funded. ARR is annualized run-rate revenue: today's contracted GPU prices multiplied out over a year. It is not booked revenue, and IREN notes that real revenue may be materially lower.

The slip. The ARR target was set for the end of 2026. IREN now targets January 2027 and says it may extend to February. It blames a customer-requested design change and supplier timing. After the quarter ended, IREN signed a five-year contract at about $22 million per megawatt, with the customer prepaying 90% of the GPU capex, and a short-term contract at $40 million per megawatt.

The Microsoft report. Before the results, Yahoo Finance, citing Stocktwits, wrote that The Information reported, citing unnamed sources, that IREN faced delays at its Childress, Texas site and that Microsoft delayed some spending as a result. Microsoft's finance chief said last week that some third-party capacity expected in the quarter was delayed. The report said it was unclear how much IREN's delay contributed. We could not confirm the link from IREN's release, which does not mention it. The release does say Horizon 1 went into service for Microsoft.

The bill. IREN says $15 billion of capex remains for fiscal 2027. About $9 billion is covered by cash, committed GPU financing and customer prepayments. The other $6 billion is a target and depends on market conditions. Investors will watch how that gap is filled.

Where to look. What well-known traders think: https://freekonomist.com/en/crowd/ . Bitcoin: https://freekonomist.com/en/crypto/btc/ . This is a news summary, not advice.

Fatos confirmados

• For the three months ended September 30, 2026, IREN reported revenue of $228 million, up 66% from $137 million in the prior quarter.^[1]
• AI cloud revenue was $200 million (prior quarter $71 million) and bitcoin mining revenue was $28 million (prior quarter $67 million).^[1]
• The net loss was $263 million, against $684 million in the prior quarter.^[1][3]
• Adjusted EBITDA, a non-GAAP measure, was $66 million, against $19 million in the prior quarter.^[1]
• AI cloud segment gross margin was 86%, in line with the prior quarter.^[1]
• Revenue backlog rose 22% sequentially to $20.3 billion, about two thirds with investment-grade counterparties.^[1]
• IREN says its target of more than $4 billion in ARR is fully contracted and fully funded, and is now targeted for January 2027 instead of year-end 2026, possibly extending to February 2027, after a customer-requested design change and supplier timing.^[1]
• After quarter end IREN signed a five-year contract at about $22 million per IT megawatt with a customer prepayment covering 90% of the GPU capex, and a short-term contract at $40 million per IT megawatt.^[1]
• IREN says $15 billion of capex remains for fiscal 2027, of which $9 billion is covered by cash, committed GPU financing and prepayments and $6 billion is a target subject to market conditions.^[1]
• Investing.com cites an analyst consensus of $230.45 million for quarterly revenue.^[3]
• IREN shares fell 11.4% in Wednesday's regular session, and Investing.com shows a fall of 16.95% in Thursday's regular session, to $18.03.^[2][3]
• The Information reported, citing unnamed sources, that IREN faced delays at its Childress, Texas data center and Microsoft delayed spending it had slated for the September quarter; it is unclear how much IREN's delay contributed.^[2]
• Microsoft CFO Amy Hood said capital expenditures were $45.2 billion as some third-party capacity deliveries expected in the quarter were delayed.^[2]
• IREN's release says Horizon 1 went into service for Microsoft; it does not mention the report about a spending delay.^[1]

Implicações

• ConfirmadoAI cloud is now the main source of IREN's revenue, and bitcoin mining is a small and shrinking part.
• Nossa leituraThe later timing of the ARR target is a delay, and it shows how sensitive the plan is to construction and supplier schedules. This is our view.
• Nossa leituraFunding the remaining capex is a key test for the company. This is our view.

Ainda não se sabe

• Whether the Microsoft report is accurate and how much IREN's delay affected Microsoft's spending
• Whether IREN reaches the $4 billion ARR target by January or February 2027
• How the remaining $6 billion of target funding will be raised

Quem é afetado

United States, Australia, World. People who follow IREN or AI infrastructure stocks and bitcoin miners that moved into AI

Fontes

1. GlobeNewswire (IREN): IREN Reports Q1 FY27 Results 5 de novembro de 2026 · oficial
2. Yahoo Finance (Stocktwits): IREN Stock Drops After Report Says It's Behind Microsoft's AI Spending Delay, As Investors Turn To Earnings 5 de novembro de 2026 · mídia
3. Investing.com Deutsch: IREN verbucht Quartalsverlust trotz fast verdreifachtem KI-Cloudumsatz 5 de novembro de 2026 · mídia
4. TIKR: IREN Sinks 20% on Report It's Behind Microsoft's AI Spending Delay Ahead of Earnings 5 de novembro de 2026 · mídia