IREN, the Nasdaq-listed company once known mainly as a Bitcoin miner, reported $228 million in quarterly revenue for its first quarter of fiscal 2027 on November 5, 2026. Most of that revenue came from its AI Cloud business rather than Bitcoin mining.
AI Cloud Drives Results
The AI Cloud segment brought in $200 million, up 182% from the prior quarter, and posted an 86% gross margin. Total revenue rose 66% quarter-over-quarter and beat revenue consensus estimates, according to the research findings cited.
Bitcoin mining revenue fell sharply to $28 million, now a small slice of the company’s top line.
Profitability Still Developing
IREN narrowed its net loss to $263 million, while adjusted EBITDA came in at $66 million. Adjusted EBITDA strips out items such as depreciation, which matters for a company spending heavily on hardware and facilities, while the net loss captures the full cost of that buildout.
Backlog and ARR Growth
IREN’s revenue backlog climbed 22% to $20.3 billion, with roughly two-thirds tied to investment-grade counterparties. Operating annualized recurring revenue doubled to $1 billion.
The company is targeting more than $4 billion in ARR, which it describes as fully contracted and funded. However, the timing has slipped from year-end 2026 to January or potentially February 2027.
The delay is due to a customer-mandated network reconfiguration tied to frontier AI models, specifically involving Microsoft. Microsoft is a major customer, with multi-year agreements contributing to IREN’s revenue.
Co-CEO Daniel Roberts also pointed to new business signed after the quarter closed, including five-year commitments priced at approximately $22 million per megawatt and short-term contracts at $40 million per megawatt.
