Q1 2027 Quarterly Results:
Revenue: $228 million, up 66% from the previous quarter ($137 million)
AI Cloud: $200 million, +182%, gross margin 86%
Bitcoin mining: $28 million (previous quarter: $67 million)
Adjusted EBITDA: $66 million ($19 million in the prior quarter)
Net loss: $263 million, including $148 million in depreciation and amortization and $106 million in stock-based compensation
Order backlog: $20.3 billion, +22%, with approximately two-thirds from customers with investment-grade ratings
Since the end of the quarter, IREN has signed a five-year contract worth approximately $22 million in revenue per megawatt . The customer pays 90% of the GPU costs in advance.
In addition, there is a short-term contract worth $40 million per megawatt.
H100 GPUs are being leased at twice the previous price, and a new contract has been signed with an unnamed leading AI lab.
In addition to $NVDA (-9.68%) and $MSFT (-4.58%) IREN now counts 13 additional customers.
Horizon 1 has been running for Microsoft since this quarter, and Horizon 2 through 4 are in the late stages of development. The targeted ARR of more than $4 billion will no longer by the end of the year, but in January 2027—possibly not until the end of February. IREN cites a design change requested by a customer and delivery times as the reasons.
Regarding financing, the figure is $15 billion in planned investments for the remainder of the fiscal year $9 billion secured; the remaining $6 billion still outstanding.
It remains to be seen whether the timeline will remain as of January and under what conditions the outstanding $6 billion will be secured.
Unlike the stock price, demand for AI remains strong.
Source: https://iren.com/investor/news
