Monitor the January/February 2027 timeline for the >$4B ARR target and any further customer contract announcements, as the pace of commissioning and customer acceptance will determine revenue recognition. The $15B remaining FY27 capex plan and the company's ability to secure the $6B of target financing are key to future growth.
Price Chart
Executive Summary
IREN reported Q1 FY27 results with total revenue of $228M, up 66% sequentially, driven by AI Cloud revenue nearly tripling to $200M. AI Cloud segment gross margin was 86%, and the company's >$4 billion ARR target is fully contracted and fully funded, though the target date slipped from year-end 2026 to January 2027 (possibly February). Net loss narrowed to $263M from $684M in the prior quarter, and Adjusted EBITDA rose to $66M from $19M.
Key Financial Metrics
Key Facts
- Total revenue $228M, up 66% sequentially from $137M
- AI Cloud revenue $200M, up 182% sequentially from $71M
- AI Cloud segment gross margin 86%, in line with prior quarter
- Revenue backlog increased 22% sequentially to $20.3 billion
- More than $4 billion ARR target fully contracted and fully funded, targeted for January 2027 (may extend to February)
- Adjusted EBITDA $66M vs $19M prior quarter
- Net loss narrowed to $263M from $684M
- Operating cash flow $529M vs $1,811M prior quarter
- Cash and restricted cash $5.78B, net debt $4.43B
- Remaining FY27 capex of $15B expected to be funded by $9B cash/committed financing and $6B target sources
Financial Impact
AI Cloud revenue nearly tripled to $200M, total revenue up 66% sequentially to $228M, Adjusted EBITDA more than tripled to $66M
Segment Breakdown
| Segment | Revenue |
|---|---|
| AI Cloud | $200.0M |
| Bitcoin Mining | $28.0M |
Risk Factors
- ARR target delayed from year-end 2026 to January/February 2027 due to customer-requested design change and supplier timing
- Significant capital expenditure requirements ($15B remaining FY27 capex) with $6B subject to market conditions
- Net debt increased to $4.43B from $216M in the prior quarter
- Bitcoin mining revenue declined to $28M from $67M as focus shifts to AI Cloud
- Operating cash flow decreased to $529M from $1,811M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001878848-26-000065 |
| Document: iren-20261105.htm | 0001878848-26-000065 |
| Document: 0001878848-26-000065-index-headers.html | 0001878848-26-000065 |
| Document: 0001878848-26-000065-index.html | 0001878848-26-000065 |
| Document: 0001878848-26-000065.txt | 0001878848-26-000065 |
| 8-K Data (Synthetic) | 0001878848-26-000065 |
Track record
24 reports on IREN
3 of 10 bullish or bearish reports moved the stock their way by T+20. Best: +29.48% at T+60 after the May 11, 2026 report. 4 of 11 went positive at some point.
Filters
- Nov 10, 2026today SC 13G/A Neutral 4/10 Entry $20.25 Now $21.41 +5.73% settles Dec 10
- Nov 9, 2026today Institutional Cluster Mixed 3/10 Entry $21.48 Now $21.41 −0.33% settles Dec 9
- Nov 5, 20265d ago 8-K Bullish 6/10 Viewing No price data
- Nov 5, 20265d ago Press Release Bullish 6/10 Entry $21.64 Now $21.41 −1.06% settles Dec 7
- Oct 28, 202613d ago SC 13G/A Neutral 2/10 Entry $28.84 Now $21.41 −25.76% settles Nov 25
- Oct 13, 202628d ago DEFA14A Neutral 3/10 Entry $30.56 Now $21.41 −29.94% settles Nov 11
- Oct 13, 202628d ago DEF 14A Neutral 4/10 Entry $30.56 Now $21.41 −29.94% settles Nov 11
- Sep 30, 20265w ago SC 13G Neutral 4/10 Entry $40.65 to $26.25 Now $21.41 −47.33% ▼ −35.42% −36.13% vs SPY
- Aug 27, 202610w ago Press Release Bullish 7/10 Entry $35.45 to $44.13 Now $21.41 −39.61% ▲ +24.47% +23.96% vs SPY
- Aug 13, 202612w ago 8-K Bullish 7/10 Entry $44.76 to $43.83 Now $21.41 −52.17% ▼ −2.08% −0.33% vs SPY
US Market Status
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