Monitor the timing of the $4B+ ARR target (now January 2027, may extend to February) and the pace of Horizon 2-4 commissioning. The shift from Bitcoin mining to AI Cloud revenue is accelerating; watch for further contract announcements and GPU financing execution.
How the stock moved after the report
BULLISH VIEWSTOCK BELOW ENTRY AT T+1- T+0 · Nov 6 $21.64entry
- T+1 · yesterday −1.06%α −3.43% · $21.41
- T+2 · todayOpen
- T+5 · in 2d Pending
- T+20 · in 26d Pending
- T+60 · in 3mo Pending
Price Chart
How similar events traded
Executive Summary
IREN reported Q1 FY27 revenue of $228M, up 66% sequentially, with AI Cloud revenue nearly tripling to $200M. The company's $4B+ ARR target is fully contracted and funded, now targeted for January 2027. Net loss improved 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 $20.3B, up 22% sequentially
- More than $4B ARR target fully contracted and funded, targeted for January 2027
- Adjusted EBITDA $66M vs $19M prior quarter
- Net loss $263M vs $684M prior quarter
- Operating cash flow $529M
- Total assets $20.6B, including $6B data center assets
- Expanded contract with Leading Frontier AI Lab post-quarter end
Financial Impact
Revenue $228M, AI Cloud revenue $200M, adjusted EBITDA $66M, net loss $263M
Segment Breakdown
| Segment | Revenue |
|---|---|
| AI Cloud | $200.0M |
| Bitcoin Mining | $28.0M |
Risk Factors
- Timing of ARR target may slip to February 2027
- Heavy capex requirements ($15B remaining FY27) subject to market conditions for $6B of targeted financing
- Net debt increased to $4.43B from $216M in prior quarter
- Customer concentration with Microsoft, NVIDIA and 13 other customers
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3397020 |
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 10 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 No price data
- Nov 5, 20265d ago Press Release Bullish 6/10 Viewing 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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