IREN Limited reported total revenue of $228 million for the three months ended September 30, 2026, up from $137 million in the previous quarter, with AI cloud revenue of $200 million against $71 million and bitcoin mining revenue down to $28 million from $67 million. The net loss narrowed to $263 million from $684 million, and adjusted EBITDA rose to $66 million from $19 million, with an AI cloud segment gross margin of 86 percent. Revenue backlog rose 22 percent sequentially to $20.3 billion, about two thirds of it with investment grade counterparties.
The company said its target of more than $4 billion in annualized run rate revenue is fully contracted and fully funded, but is now targeted for January 2027, and may extend to the end of February, after a customer requested design change and supplier timing moved it from year end 2026. After quarter end it expanded a contract with a leading frontier AI lab and signed a five year contract at about $22 million per megawatt with 90 percent of the GPU capital spending prepaid by the customer. Of $15 billion in remaining fiscal 2027 capital spending, $9 billion is covered by cash and committed GPU financing and prepayments, and $6 billion is to come from target GPU financing, prepayments, data center financing and other corporate sources subject to market conditions.