IREN Reports Q1 FY27 Results
Key Highlights
- ➤AI Cloud revenue $200 million, up 182% sequentially
- ➤Total revenue $228 million, up 66% sequentially
- ➤Revenue backlog $20.3 billion, up 22% sequentially
- ➤More than $4 billion ARR target fully contracted and funded
- ➤Five-year contract priced at approximately $22 million per IT-MW, 90% GPU capex prepaid
Expert Statements
Daniel Roberts, Co-Founder and Co-CEO of IREN
“This quarter Horizon 1 went into service for Microsoft with NVIDIA Exemplar status, AI Cloud revenue nearly tripled to $200 million, and operating ARR doubled to a billion.”
Daniel Roberts, Co-Founder and Co-CEO of IREN
“The more than $4 billion of contracted ARR is funded and now targeted for January, after a customer-requested design change and supplier timing moved it from year-end; it may extend to the end of February.”
Daniel Roberts, Co-Founder and Co-CEO of IREN
“Since quarter-end we have signed a five-year contract at about $22 million per megawatt with 90% of the GPU capex prepaid by the customer, and a short-term contract at $40 million per megawatt.”
Daniel Roberts, Co-Founder and Co-CEO of IREN
“We own the land, the power and the data centers under all of it, which gives us more ways to fund growth and lets us set its pace.”
Summary: * Total quarterly revenue increased 66% sequentially to $228 million * AI Cloud quarterly revenue increased 182% sequentially to $200 million(1) * AI Cloud segment gross margin of 86%, in line with prior quarter(2) * Revenue backlog increased 22% sequentially to $20.3 billion; approximately two-thirds with investment-grade counterparties(3) * More than $4 billion ARR(4) target is fully contracted and fully funded(5) * Expanded contract with Leading Frontier AI Lab post-quarter end NEW YORK, Nov. 05, 2026 (GLOBE NEWSWIRE) -- IREN (NASDAQ: IREN) today reported financial results for the three months ended September 30, 2026, and provided an update on its AI Cloud business and growth plans.
“This quarter Horizon 1 went into service for Microsoft with NVIDIA Exemplar status, AI Cloud revenue nearly tripled to $200 million, and operating ARR doubled to a billion,” said Daniel Roberts, Co-Founder and Co-CEO of IREN. “The more than $4 billion of contracted ARR is funded and now targeted for January, after a customer-requested design change and supplier timing moved it from year-end; it may extend to the end of February. Since quarter-end we have signed a five-year contract at about $22 million per megawatt with 90% of the GPU capex prepaid by the customer, and a short-term contract at $40 million per megawatt. We own the land, the power and the data centers under all of it, which gives us more ways to fund growth and lets us set its pace.”
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