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IREN Tops Quarterly Revenue Estimates, Delays some Microsoft AI Infrastructure Deliveries
AI cloud revenue more than doubled to $200 million, and IREN said more than $4 billion in contracted revenue will slip into early 2027.
- On Thursday, IREN reported quarterly revenue of $228 million, beating analyst estimates, but disclosed that over $4 billion in projected annual recurring revenue has been pushed to January or February.
- Microsoft requested network reconfigurations at one data center in Childress, Texas, to enable 200 megawatts of capacity for frontier AI models, CEO Daniel Roberts said on Thursday's earnings call.
- Despite the delay, IREN reported a revenue backlog of $20.3 billion, with "approximately two-thirds with investment-grade counterparties," while narrowing its quarterly net loss to $263 million from $684 million.
- Following a 26% post-election plunge, IREN shares rebounded in extended trading on Thursday, reflecting broader volatility in AI infrastructure stocks after Democratic gains in Tuesday's midterm elections.
- Microsoft is tightening oversight of third-party "neocloud" projects including Nebius and Nscale, amid growing concerns regarding construction setbacks and power shortages across the sector.
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What IREN (IREN) Said on Its Q1 Earnings Call
IREN (NASDAQ:IREN) reported a nearly threefold increase in AI Cloud revenue for its fiscal first quarter, but pushed back its target for bringing more than $4 billion of annualized operating revenue online, citing a customer-requested design change and supplier timing. Co-Founder and Co-CEO Daniel
·Sioux Falls, United States
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Coverage Details
Total News Sources17
Leaning Left2Leaning Right2Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 25%
C 50%
R 25%
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