IREN reported fiscal first-quarter 2027 revenue of $228 million after the U.S. market close on November 5, up 66% from the prior quarter. AI Cloud revenue nearly tripled to $200 million, up 182% quartIREN reported fiscal first-quarter 2027 revenue of $228 million after the U.S. market close on November 5, up 66% from the prior quarter. AI Cloud revenue nearly tripled to $200 million, up 182% quart

IREN Q1 FY2027 Earnings: AI Cloud Revenue Up 182%, $4 Billion ARR Target Pushed to 2027

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Author: MEXC Editorial Team

2026/11/06 11:37

The company also moved its target of more than $4 billion in operating annualized run-rate revenue (ARR) from year-end 2026 to January 2027, and said it may extend to the end of February 2027.

IREN shares closed the regular session at $18.03, down 16.95% during the broad AI selloff, before the report. After the release, the stock ended the after-hours session at $19.93, up 10.54%. The IRENSTOCK_USDT futures on MEXC were at 20.55 USDT at about 9:20 p.m. ET, up 13.9% from their 4:00 p.m. price.

IREN Q1 FY2027 Results vs Estimates

Revenue: $228 million vs $219.95 million Zacks consensus (beat), per IREN's Q1 FY2027 earnings release. Estimates varied by provider and ranged up to $229.81 million.
EPS: loss of $0.66 per share vs a $0.72 loss expected, per MarketBeat. Other EPS estimates ranged from -$0.68 to -$0.72.
AI Cloud revenue: $200 million, up from $71 million in the prior quarter
Net loss: $263 million, narrower than the $684 million loss in the prior quarter
Adjusted EBITDA: $66 million, a 29% margin, up from $19 million

Key Takeaways

AI Cloud revenue rose 182% quarter over quarter and reached 88% of total revenue.
Total revenue rose 66% from the prior quarter but was down about 5% from $240.3 million a year earlier, as bitcoin mining revenue shrank.
Revenue backlog grew 22% to $20.3 billion, according to the company.
The more-than-$4 billion ARR target moved to January 2027 and may extend to the end of February 2027.
The stock fell 16.95% in the regular session before the report, then rose 10.54% after hours.

What Stood Out in IREN's Q1 FY2027 Report?

The quarter showed how far IREN has moved from bitcoin mining. Bitcoin mining revenue fell to $28 million from $67 million in the prior quarter, while AI Cloud revenue reached $200 million.

AI Cloud revenue came from $135 million in AI Cloud Services and $65 million in AI Cloud Lease, a new line this quarter. The release put the AI Cloud segment's gross margin at 86%.

The timing change was the main negative. The CEO said the ARR milestone moved "after a customer-requested design change and supplier timing moved it from year-end." The release does not name that customer.

Deployment for Microsoft continued. IREN said Horizon 1 "went into service for Microsoft with NVIDIA Exemplar status," and that Horizons 2 through 4 are in late-stage construction.

IREN also described new contracts signed after quarter-end. One is a five-year contract at about $22 million per IT-MW, "with 90% of the GPU capex prepaid by the customer." The customer was not named.

IREN Q1 FY2027 Revenue Mix

AI Cloud Services: $135 million, up from $71 million
AI Cloud Lease: $65 million, a new revenue line
Bitcoin mining: $28 million, down 58% from $67 million
Total: $228 million, up from $137 million

IREN's ARR Target, Backlog and Funding

Operating ARR: about $1 billion today, which the CEO said had doubled
ARR target: more than $4 billion, which IREN describes as fully contracted and fully funded, now targeted for January 2027
Revenue backlog: $20.3 billion, with about two-thirds from investment-grade counterparties, per the company
Customers: contracts with NVIDIA, Microsoft and 13 other customers
Remaining planned FY2027 capex: $15 billion, with $9 billion expected from cash and committed GPU financing and prepayments, and $6 billion targeted from further financing, subject to market conditions

Backlog and ARR targets are company statements about contracted future revenue, not revenue already recognized. Net debt rose to $4.43 billion from $216 million in the prior quarter.

How Does This Compare With IREN's Past Earnings Reactions?

Next-day closing moves after the previous seven reports:

August 2026: -12.5%
May 2026: +7.7%
February 2026: +5.1%
November 2025: -6.8%
August 2025: +14.9%
May 2025: -2.8%
February 2025: +0.5%

The stock rose the next day four times and fell three times. The average move was 7.2% in either direction, by our calculation.

The Q1 FY2027 reaction is not yet known because the November 6 session had not traded at the time of writing. After-hours prices can differ from the next regular-session open.

How IREN Futures Reacted on MEXC

The IRENSTOCK_USDT perpetual futures on MEXC kept trading after the U.S. extended session closed. Figures below come from MEXC's public futures API (hourly candles).

Price: IREN futures closed the 3:00–4:00 p.m. ET hour at 18.04 USDT. In the release hour they ranged from 17.47 (-3.2%) to 20.45 (+13.4%) and closed at 18.84 (+4.4%). They were at 20.00 (+10.9%) at 8:00 p.m. and 20.55 (+13.9%) at about 9:20 p.m. ET.
Turnover: about 781,000 USDT in the release hour, 9.1 times the average hourly turnover of the prior 24 hours, a period that already included heavy selling during the regular session.
Premium to index: after the release, hourly closes stayed within about 25 basis points of the index price.
Funding: funding settles every 8 hours. The rate was 0.0133% at 16:00 UTC on November 5 and 0% at the first settlement after the release, at 00:00 UTC on November 6.

The futures followed the stock through the day. They fell to 17.42 USDT in the 10:00–11:00 a.m. ET hour during the selloff, then recovered above 20 USDT by the evening, close to the stock's $19.93 after-hours close.

MEXC IRENSTOCK_USDT hourly closes and turnover from 7:00 a.m. to about 9:20 p.m. ET on November 5, 2026. Source: MEXC public futures API.

Following IREN Through MEXC

The IRENSTOCK_USDT perpetual futures offer a market to follow IREN around earnings and outside Nasdaq hours. Settled in USDT, they can be traded long or short; see how to trade stock futures on MEXC.

Eligible users can buy U.S.-listed shares through MEXC RealStocks, which works with licensed broker partners.

Perpetual futures do not give shareholder rights, and they carry funding, leverage and liquidation risk.

FAQ

Did IREN beat earnings expectations in Q1 FY2027?

Revenue of $228 million beat the $219.95 million Zacks consensus, and the $0.66 loss per share was narrower than the $0.72 loss expected by MarketBeat's consensus. Estimates varied across providers.

How much did IREN's AI Cloud revenue grow?

AI Cloud revenue rose 182% quarter over quarter to $200 million, 88% of total revenue.

Why did IREN delay its $4 billion ARR target?

IREN said a customer-requested design change and supplier timing moved the target from year-end 2026 to January 2027, possibly extending to the end of February 2027.

Is IREN still a bitcoin miner?

Bitcoin mining still contributes revenue, but it fell to $28 million in Q1 FY2027, while AI Cloud brought in $200 million.

Why did IREN stock fall on November 5?

The 16.95% regular-session drop came before the report, during a broad selloff in AI stocks. After the report, the stock rose 10.54% in after-hours trading.

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