IREN Q1 AI Cloud Revenue Grows 182% to $200 Million, Bitcoin Mining Revenue Drops to $28 Million

Bitcoin mining company IREN announced its Q1 results for the fiscal year 2027, ending September 30, 2026, with total revenue increasing by 66% quarter-over-quarter to $228 million. AI cloud revenue surged by 182% to $200 million, with a gross margin of 86%; however, Bitcoin mining revenue fell from $67 million to $28 million. The company's net loss narrowed to $263 million, with adjusted EBITDA at $66 million. IREN co-founder and CEO Daniel Roberts stated that the target of over $4 billion in ARR has been fully contracted and funded, originally set for the end of 2026, now postponed to January 2027. After the quarter-end, the company signed a five-year contract at approximately $22 million per megawatt, with customers prepaying 90% of GPU capital expenditures, and signed a short-term contract at $40 million per megawatt. IREN owns over 30,000 acres of land, has over 5 GW of secured power, and a 35 GW development pipeline.

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