IREN Reports Q1 2027 Revenue Growth Driven by AI Cloud Expansion
IREN reported a significant shift in its business model during the Q1 2027 earnings call, transitioning from Bitcoin mining toward high-margin AI cloud services. Total revenue reached $228 million, marking a 66% quarter-over-quarter increase. This growth was primarily fueled by an 182% sequential surge in AI Cloud revenue to $200 million as the company successfully monetized new GPU capacity and data center infrastructure. Despite a net loss of $263 million—driven largely by depreciation, amortization, and stock-based compensation—the company's Adjusted EBITDA margin improved significantly to 29%. IREN is aggressively scaling its operations, reporting an operating Annualized Run Rate (ARR) of $1 billion. The company maintains a massive revenue backlog of $20.3 billion and continues to leverage customer prepayments to fund the capital-intensive deployment of GPU hardware.
Tickers: $IREN
Topics: AI Cloud Revenue Annual Recurring Revenue (ARR) Bitcoin Mining EBITDA Revenue Growth