IREN reports Q1 FY27 revenue up 66% to $228 million
AI Cloud revenue nearly tripled to $200 million at an 86% gross margin, while revenue backlog rose 22% to $20.3 billion and its $4 billion ARR target is fully contracted and funded.
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iren.comLast updated
In short: IREN signed $2.8 billion in AI Cloud contracts and secured Badajoz construction approval.
AI Cloud revenue nearly tripled to $200 million at an 86% gross margin, while revenue backlog rose 22% to $20.3 billion and its $4 billion ARR target is fully contracted and funded.
Results will be available on November 5, 2026, with a conference call at 5:00 PM ET accessible via the investor relations website.
The company secured a major AI cloud contract, achieved $4 billion in contracted revenue, and completed two strategic acquisitions while advancing global infrastructure projects.
The combination of IREN's data centers and compute with Mirantis' software layer gives customers greater control in deploying and scaling AI workloads.
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