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

Bitcoin mining firm turned AI cloud computing service provider IREN has released its Q1 FY2027 results, covering the period ending September 30, 2026. Total revenue rose 66% quarter-over-quarter to $228 million, with AI cloud business revenue surging 182% QoQ to $200 million and boasting an 86% gross margin. Bitcoin mining revenue fell from $67 million in the prior quarter to $28 million. The quarter recorded a net loss of $263 million, down from a $684 million net loss in the previous quarter. Adjusted EBITDA came in at $66 million. The company’s contract backlog grew 22% QoQ to $20.3 billion; over $4 billion in annual recurring revenue (ARR) targets have secured contracts and funding, but due to client design adjustments and supplier delivery timelines, the expected delivery timeline has been pushed back from late 2026 to January 2027, and may be further delayed to February. Separately, after the quarter ended, IREN signed a five-year AI cloud services contract worth roughly $22 million per megawatt, with the client prepaying 90% of the GPU capital expenditures.