IREN Shares Fall 16.95% to $18.03 Before a Next-Day Rebound

IREN Limited shares fell 16.95% to $18.03 on Nov. 5, then climbed 20.02% the next session to $21.64, just below their Nov. 4 close of $21.71.

Shares opened at $20.70 and traded between $17.16 and $20.98 on Nov. 5. The next day’s gain brought the stock close to, but not above, its earlier closing price.

For the quarter ended Sept. 30, IREN reported $228 million in revenue and a $263 million net loss. Its AI Cloud business generated $200 million in revenue, while Bitcoin (BTC) mining generated $28 million.

IREN also moved its target for more than $4 billion in annualized revenue run rate from year-end 2026 to January 2027. The company said the timing could extend into February after a customer requested a design change and supplier timing affected the schedule. IREN describes the run rate as an operating metric, not GAAP revenue, and says recognized revenue may be materially lower.