IREN reported revenue of $228 million for the first quarter of fiscal 2027, which ended on September 30, 2026. This figure represents a 66% increase compared to the previous quarter. The AI cloud segment generated $200 million, while Bitcoin mining contributed $28 million to the total.
Despite revenue growth, the company recorded a net loss of $263 million for the quarter. IREN also announced that its target of $4 billion in annualized recurring revenue has been postponed to at least January. The delay, which was requested by a customer, is also attributed to design changes and supply issues.
The company maintains a revenue backlog of $20.3 billion, marking a 22% increase from the prior quarter. IREN holds a five-year contract with Microsoft valued at $9.7 billion. Deliveries for the project at the Childress, Texas site are expected to commence by December 2026.
Shares of IREN experienced a 55% decline over the past month. On November 5, 2026, the stock price fell by 18–20% following reports of delays linked to the Microsoft contract.
