IREN Q1 revenue jumps sequentially on AI Cloud strength
IREN•IREN’s fiscal first-quarter revenue was $228 million, while AI Cloud revenue nearly tripled sequentially to $200 million. Adjusted EBITDA was $66 million, below the $73.56 million consensus estimate, and the company expects its fully contracted and funded $4 billion ARR target to be operational by January 2027, possibly February.
1. AI Cloud growth
IREN’s fiscal first-quarter AI Cloud revenue nearly tripled sequentially to $200 million, driven by new service launches and expanded contracts. Total revenue was $228 million, and net loss was $263 million.
2. ARR target and spending
The company said its $4 billion ARR target is fully contracted and funded, and it targets more than $4 billion ARR operational by January 2027, with timing possibly extending to February. IREN expects to fund the remaining $15 billion of FY27 capital expenditures through cash, financing and prepayments. Adjusted EBITDA was $66 million, below the $73.56 million analyst consensus.
