IREN tops quarterly revenue estimates, delays some Microsoft AI infrastructure deliveries
IREN•IREN reported quarterly revenue of $228 million, above the $221.28 million analyst estimate, as AI cloud revenue rose to $200 million from $71 million in the prior quarter. It pushed back some Microsoft infrastructure deliveries and shifted part of its more than $4 billion annualized run-rate revenue target timeline to January, potentially extending to February.
1. Revenue beats estimates
IREN reported total revenue of $228 million for the quarter ended September 30, compared with analysts’ average estimate of $221.28 million. AI cloud revenue rose to $200 million from $71 million in the prior three months.
2. Microsoft delivery changes
IREN said it was pushing back delivery dates for some infrastructure for Microsoft after the software company requested changes to the network design. IREN said it would not face financial penalties for delays resulting from those changes.
3. Target timeline shifts
The delays pushed back part of the timeline for making operational IREN’s more than $4 billion annualized run-rate revenue target to January from year-end; the timing could extend to the end of February. IREN said its assets and revenue were supported by contracts with Nvidia, Microsoft and 13 other companies, with roughly two-thirds of its revenue backlog tied to investment-grade counterparties.
