Earnings Releases·Nov 5, 2026, 4:03 PM ET

IREN — Q1 FY27 Earnings Summary

Total revenue surged 66% sequentially to $228 million, driven by AI Cloud revenue nearly tripling to $200 million, while Bitcoin Mining revenue declined to $28 million; net loss narrowed to $263 million from $684 million, and Adjusted EBITDA rose to $66 million.
Revenue backlog increased 22% sequentially to $20.3 billion, and operating ARR doubled to $1 billion, though the target for $4 billion in fully contracted and funded ARR was revised to January 2027 (potentially extending to February 2027) due to design changes and supplier timing.
The company secured significant post-quarter contracts, including a five-year agreement at ~$22 million per megawatt with 90% of GPU capex prepaid, and noted contracted pricing rose 11% on 3-year and 12% on 5-year deals.
Total assets grew to $20.6 billion while net debt increased to $4.43 billion; remaining FY27 capex is planned at $15 billion, with $6 billion subject to market conditions, and the company targets 0.8GW of data center capacity by end of 2027.