IREN quarterly AI cloud revenue increased to 200 million USD, while mining revenue decreased to 28 million USD

Bitcoin mining company turned AI cloud computing service provider IREN announced its first quarter results for the fiscal year 2027 ending September 30, 2026, with total revenue increasing by 66% quarter-over-quarter to $228 million. Among this, AI cloud business revenue grew by 182% quarter-over-quarter to $200 million, with a gross margin of 86%; Bitcoin mining revenue fell from $67 million in the previous quarter to $28 million. The net loss for the quarter was $263 million, compared to $684 million in the previous quarter, with adjusted EBITDA at $66 million.

The company's contract revenue backlog increased by 22% quarter-over-quarter to $20.3 billion, with contracts and funding support already secured for the annual recurring revenue target of over $4 billion. Due to customer design adjustments and supplier delivery timelines, the expected realization time has been postponed from the end of 2026 to January 2027, and it may extend to February. Additionally, after the end of the quarter, the company signed a five-year AI cloud service contract, priced at approximately $22 million per megawatt, with the customer prepaying 90% of the GPU capital expenditures.