IREN, Q1 FY27 실적 발표

Quarterly AI Cloud Revenue Nearly Triples to $200 Million

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.”

Q1 FY27 Financial Results

US$ Million

Quarter ended Quarter ended

September 30, 2026 June 30, 2026

Revenue

Total AI Cloud Revenue 1 200 71

Bitcoin Mining Revenue 28 67

Total Revenue 228 137

Net income (loss) (263 ) (684 )

Adjusted EBITDA 2 66 19

Q1 FY27 Business Highlights

Demand and contracting

More than $4 billion ARR 4 target is fully contracted and fully funded 5

Contracted pricing continues to rise: +11% on 3-year deals and +12% on 5-year deals 6

After quarter-end: Expanded existing contract with Leading Frontier AI Lab

Signed short-term contract for $40 million per IT-MW of revenue 7

Approximately $22 million per IT-MW on a five-year contract including customer prepayment covering 90% of associated GPU capex 7

Contracted H100 GPUs at double previous pricing 7

The more than $4 billion ARR 4 target, previously year-end 2026, is now targeted for January 2027 following a customer-requested change and supplier timing, and may extend to February 2027

Development and platform updates

>30,000 acres of land secured 8 supporting: >5GW of secured power

>35GW development pipeline 9

Advanced development, construction, and commissioning across multiple campuses, including: 2GW Sweetwater Hub conditional inclusion in ERCOT’s Batch Zero process as base load

Horizon 1 delivered to Microsoft, Horizon 2-4 progressed to late-stage construction

Air-cooled retrofits continued in Childress and Mackenzie

Liquid-cooled data center construction well underway at Sweetwater 1

New liquid-cooled data centers commenced construction at 100MW Mackenzie site

Civil works license secured for 300MW development in Badajoz, Spain

Early-stage development work at Sweetwater 2, Kiowa and Bundey

Achieved NVIDIA Exemplar Cloud status for NVIDIA GB300 NVL72 systems at Horizon 1

Advanced IREN AI Cloud with Mirantis k0rdent AI, an NVIDIA Certified Hypervisor

Balance sheet and funding

$20.6 billion of total assets, including $6 billion of data center assets with 20-year useful lives 10

Assets and revenue underpinned by customer contracts with NVIDIA, Microsoft and 13 other customers (two-thirds of revenue backlog with investment-grade counterparties 3 )

$15 billion 11 remaining planned FY27 capex expected to be met by: $9 billion of cash and committed GPU financing and prepayments 5

$6 billion of target GPU financing, prepayments, data center financing and other corporate level sources subject to market conditions, to drive future capacity targets 1 2

Q1 FY27 Results Webcast & Conference Call

IREN will host an audio webcast of the conference call to discuss the results for the quarter ended September 30, 2026, on Thursday, November 5, 2026 at 5:00 p.m. Eastern time. A live audio webcast of the conference call can be accessed at IREN’s Investor Relations website: iren.com/investors .

A replay of the webcast will be accessible shortly after the call at https://iren.com/investor/events-and-presentations

About IREN

IREN is a vertically integrated AI Cloud platform, delivering data centers, compute and software for AI training and inference. IREN’s platform is underpinned by its expansive portfolio of land and grid-connected power in renewable-rich regions across North America, Europe and APAC.

Contacts

Investors

ir@iren.com

Media

media@iren.com

Assumptions and Notes

Total AI Cloud Revenue comprises AI Cloud Services Revenue of $135m and AI Cloud Lease Revenue of $65m (prior quarter: $71m and nil, respectively), per our unaudited condensed consolidated statements of operations.

Adjusted EBITDA and Total segment gross profit are non-GAAP financial measures. AI Cloud segment gross margin is AI Cloud segment gross profit (Total AI Cloud revenue less AI Cloud cost of revenue, excluding depreciation and amortization and before site-level costs) divided by Total AI Cloud revenue. Refer to the reconciliations at the end of this press release to the most directly comparable GAAP financial measures.

Revenue backlog includes remaining performance obligations plus remaining lease arrangements plus other amounts we estimate may be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements. Investment-grade share is based on the credit ratings of counterparties or their guarantors as of September 30, 2026.