- Revenue: $228 million (+66% compared to the previous quarter), of which $200 million came from AI Cloud (nearly tripled) and only $28 million from Bitcoin mining
- Margin: AI Cloud gross margin remained stable at 86%; adjusted EBITDA rose from $19 million to $66 million
- Still a loss: Net loss of $263 million (previous quarter: −$684 million, due to large write-downs at that time)
- Backlog: $20.3 billion (+22%), about two-thirds from customers with investment-grade ratings
- Main headwind: Although the $4 billion ARR target is contractually secured and financed, it is being pushed back from the end of 2026 to January 2027, possibly until the end of February. The reasons are a design change requested by the customer and delivery times
- New contracts signed after the end of the quarter: An expansion with a leading AI lab, a 5-year contract at approximately $22 million/MW (the customer pays 90% of the GPU costs upfront), and a short-term contract at $40 million/MW. Prices are rising by 11–12% for 3- and 5-year contracts
- Financing: $15 billion in Capex is still planned for the remainder of FY27, of which only $9 billion has been secured. Net debt rose from $0.2 billion to $4.4 billion
- Milestone: Horizon 1 is operational at Microsoft
Did it meet expectations? Yes, in terms of revenue—slightly above expectations. Consensus estimates ranged from $219.95 million (Zacks) to $230.45 million, depending on the source, with most at around $221.7 million. At $228 million, IREN is thus at the high end of the range. This is noteworthy because, throughout the 2026 fiscal year, revenue had missed the consensus every quarter.
The press release does not specify earnings per share, so I cannot accurately compare it to the estimates (approximately −$0.49 to −$0.76). The postponement of the ARR target is likely to be received negatively by the market, as the stock was already under significant pressure. On November 4, it closed at $21.71, a new 52-week low.
