IREN Q1 AI Cloud Revenue Exceeds $200M, Mining Income Falls to $28M

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Bitcoin news: IREN, a former miner now focused on AI cloud services, reported Q1 2027 revenue of $228 million, a 66% quarter-over-quarter increase. AI cloud revenue reached $200 million, up 182%, with an 86% gross margin. Bitcoin mining income fell to $28 million from $67 million. The company recorded a net loss of $263 million, compared to $684 million previously. Contract reserves increased 22% to $203 billion. IREN also signed a five-year AI cloud agreement at $22 million per megawatt, with 90% of GPU costs prepaid. Altcoins to watch may include IREN’s token as the company shifts its focus.

ChainCatcher report: IREN, a Bitcoin mining company transitioning into an AI cloud services provider, announced its first-quarter fiscal year 2027 results ending September 30, 2026. Total revenue increased 66% quarter-over-quarter to $228 million. AI cloud revenue surged 182% quarter-over-quarter to $2 billion, with a gross margin of 86%; Bitcoin mining revenue declined from $670 million in the prior quarter to $280 million. The company reported a net loss of $263 million for the quarter, compared to a net loss of $684 million in the previous quarter, and an adjusted EBITDA of $660 million. Contracted revenue backlog increased 22% quarter-over-quarter to $20.3 billion, with over $4 billion in annualized recurring revenue targets already secured by contracts and funding. Due to customer design adjustments and supplier delivery timelines, the expected realization date has been delayed from the end of 2026 to January 2027, and potentially to February. Additionally, following the close of the quarter, the company signed a five-year AI cloud services contract priced at approximately $22 million per megawatt, with the customer prepaying 90% of the GPU capital expenditure.

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