IREN Limited (Ticker: IREN) is a vertically integrated data-center and digital infrastructure company traded on the Nasdaq. Headquartered in Sydney, Australia, it develops, owns and operates large-scale, renewable-powered data centers across North America that support Bitcoin mining, AI cloud services, and high-performance computing workloads. Originally known as Iris Energy Limited before rebranding in 2024, IREN combines its energy infrastructure and computing platforms to generate revenue from cryptocurrency mining and increasingly from GPU-powered AI cloud offerings. The company has secured significant power capacity and major customer contracts as it pivots toward AI data-center growth while maintaining its legacy mining business.
| Revenue (TTM) | $707.01M |
| Gross Profit (TTM) | $487.30M |
| EBITDA | $38.35M |
| Operating Margin | -102.50% |
| Return on Equity | -23.40% |
| Return on Assets | -2.53% |
| Revenue/Share (TTM) | $2.24 |
| Book Value | $11.01 |
| Price-to-Book | 2.30 |
| Price-to-Sales (TTM) | 10.32 |
| EV/Revenue | 16.75 |
| EV/EBITDA | 28.06 |
| Quarterly Earnings Growth (YoY) | 42.90% |
| Quarterly Revenue Growth (YoY) | -26.70% |
| Shares Outstanding | $404.61M |
| Float | $385.78M |
| % Insiders | 6.52% |
| % Institutions | 61.20% |
Volatility is currently expanding
A customer just agreed to fund nearly all of IREN's chips upfront, yet cash is draining and debt is climbing fast. Why would anyone pay that much early, and what does it reveal about the $6 billion gap still unfunded?
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Revenue backlog grew to over $20 billion, with two-thirds from investment-grade customers. AI cloud revenue nearly tripled quarter over quarter to $200 million.
IREN sees surging AI cloud demand and a backlog exceeding $20B, but deployment delays push its $4B ARR target into early 2027 amid tighter spending plans.
IREN Limited is executing on massive ARR growth with $4B targeted by just January 2027. The neocloud has secured over 5 GW of power and a $20B backlog. IREN has signed recent short-term contracts at $40M/MW and long-term deals at $22M/MW, highlighting significant upside, with FY28 revenue targeted at $7.4B and FY29 at $15B.
IREN Limited remains a Sell as dilution and debt risks intensify despite recent price declines. IREN's Q3 saw strong AI cloud revenue growth and high segment margins, but net loss reached $263MM, and Opex is rising. Delays from Microsoft and supply issues pushed the $4B ARR target to next year, with revenue lagging cost escalation.
IREN stock surged more than 17% in premarket trading on Friday after the Bitcoin miner-turned-neocloud company reported a narrower quarterly loss and a sharp increase in artificial intelligence cloud revenue, offering investors some reassurance amid a severe selloff in AI infrastructure stocks. The rebound followed a particularly difficult month for the company, whose shares had plunged more than 55% over the past month, including a 17% decline during Thursday's session alone.
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.
IREN Limited (IREN) Q1 2027 Earnings Call Transcript
Quarterly AI Cloud Revenue Nearly Triples to $200 Million Summary: Total quarterly revenue increased 66% sequentially to $228 million AI Cloud quarterly revenue increased 182% sequentially to $200 million1 AI Cloud segment gross margin of 86%, in line with prior quarter2 Revenue backlog increased 22% sequentially to $20.3 billion; approximately two-thirds with investment-grade counterparties3 More than $4 billion ARR4 target is fully contracted and fully funded5 Expanded contract with Leading Frontier AI Lab post-quarter end NEW YORK, Nov. 05, 2026 (GLOBE NEWSWIRE) -- IREN (NASDAQ: IREN) today reported financial results for the three months ended September 30, 2026, and provided an update on its AI Cloud business and growth plans. “This quarter Horizon 1 went into service for Microsoft with NVIDIA Exemplar status, AI Cloud revenue nearly tripled to $200 million, and operating ARR doubled to a billion,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.
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