IREN reports AI Cloud revenue jump and delayed ARR target

NewsBTC reported that IREN released its quarterly results on November 5, 2026. The company said AI Cloud revenue reached $200 million, up from $71 million in the prior quarter, while revenue from Bitcoin mining declined, landing at $28 million against $67 million before. Total revenue came in at $228 million compared with $137 million a quarter earlier.

According to the figures, AI Cloud revenue rose 182% from the previous quarter and carried an 86% segment gross margin. IREN posted a net loss of $263 million, narrower than the $684 million loss in the prior quarter, and adjusted EBITDA climbed to $66 million from $19 million. The company also said its revenue backlog grew to $20.3 billion, with about two-thirds tied to investment-grade counterparties.

IREN's timeline for its target of more than $4 billion in ARR has moved to January 2027. The company attributed the delay to supplier timing and to a design change that a customer had asked for, it said. Management indicated that completion could extend into February.

IREN also said the Horizon 1 facility is entering service for Microsoft, which links the schedule update to a named customer.