IREN shares surged about 20.02% on Friday, November 6, 2026, closing at $21.64 after reporting fiscal first-quarter 2027 results. Its AI cloud business generated $200 million in quarterly revenue, an 182% increase from three months earlier, while total revenue rose 66% to $228 million. The AI cloud segment posted an 86% gross margin, supported by expanded contracts with major customers, as revenue backlog reached $20.3 billion and annual recurring revenue doubled to $1 billion. IREN nevertheless recorded a $263 million net loss and postponed its goal of exceeding $4 billion in annual recurring revenue until early 2027 because of a design change requested by Microsoft and related equipment delays. Meanwhile, Bitcoin mining revenue fell from $67 million to $28 million as the company shifted capacity toward AI workloads.
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