IREN reported quarterly revenue of $228 million, up 66% from the prior quarter and ahead of analyst estimates. Its AI cloud business generated $200 million, while Bitcoin mining contributed $28 million. However, the company recorded a $263 million net loss and pushed its target of more than $4 billion in annualized revenue, initially expected in 2026, to at least January at a customer’s request. Its backlog reached $20.3 billion, with roughly two-thirds coming from investment-grade clients, while its five-year Microsoft contract is worth $9.7 billion. The first deliveries from phases of the company’s Childress, Texas site are expected in December 2026.
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