IREN's quarterly AI cloud business revenue grew 182% quarter-over-quarter to $200 million, while Bitcoin mining revenue fell to $28 million.

BlockBeats news, November 6 — Bitcoin mining company turned AI cloud service provider IREN announced its fiscal year 2027 first quarter results for the period ended September 30, 2026, with total revenue up 66% quarter-over-quarter to $228 million, of which AI cloud business revenue grew 182% quarter-over-quarter to $200 million, with a gross margin of 86%; Bitcoin mining revenue fell to $28 million from $67 million in the previous quarter. Net loss for the quarter was $263 million, compared with $684 million in the previous quarter; adjusted EBITDA was $66 million.

The company's contracted revenue backlog grew 22% quarter-over-quarter to $20.3 billion, and its target of more than $4 billion in annual recurring revenue (ARR) has secured contracts and funding support, but due to customer design adjustments and supplier delivery timelines, the expected achievement date has been delayed from the end of 2026 to January 2027, and may be extended to February. In addition, 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 expenditure.