IREN reported quarterly revenue of $228 million, up 66% quarter over quarter, for its first quarter of fiscal 2027. Its AI Cloud business generated $200 million, an 182% increase, while Bitcoin mining revenue fell to $28 million. The AI Cloud division posted an 86% gross margin, but the company still recorded a $263 million net loss despite generating $66 million in adjusted EBITDA. Its revenue backlog grew 22% to $20.3 billion, and annualized recurring revenue doubled to $1 billion. IREN nevertheless delayed its goal of more than $4 billion to January or February 2027 because of a customer-mandated network reconfiguration involving Microsoft.
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