IREN AI Cloud Revenue Jumps 182% as Bitcoin Mining Falls to $28M

IREN’s AI cloud business generated $200 million in fiscal first-quarter revenue as Bitcoin (BTC) mining revenue fell to $28 million, marking a sharp shift in the company’s revenue mix.

Total revenue climbed 66% from the previous quarter to $228 million for the three months ended Sept. 30. AI cloud revenue rose 182% quarter over quarter and had an 86% gross margin. Bitcoin mining revenue was down from $67 million in the prior quarter.

IREN posted a $263 million net loss, compared with $684 million a quarter earlier, and adjusted EBITDA of $66 million. Its contracted revenue backlog increased 22% to $20.3 billion.

The company now expects to exceed $4 billion in annual recurring revenue in January 2027, with February also possible. Customer design changes and supplier delivery schedules pushed the timing back from the end of 2026; contracts and funding support the target.

After the quarter closed, IREN signed a five-year AI cloud services contract priced at about $22 million per megawatt. The customer will prepay 90% of GPU capital costs.