Iren Shares Surge 20% Following Robust AI Cloud Revenue Growth
Iren (IREN) shares rose 20% after the company reported significant growth in its fiscal 2027 first quarter, driven primarily by a 182% surge in AI cloud revenue to $200 million. Total revenue for the quarter reached $228 million, representing a 66% sequential increase. The neocloud operator is benefiting from rising demand for AI compute, allowing it to command higher prices on long-term contracts. The company's financial health showed marked improvement as net losses narrowed significantly to $263 million from $684 million in the previous quarter, while EBITDA rose to $66 million. To support a massive 35GW project pipeline and an expanding revenue backlog of $20.3 billion, Iren plans to invest $15 billion in capital expenditures during fiscal 2027. The company noted that two-thirds of its backlog is comprised of investment-grade clients, including Nvidia and Microsoft.
Topics: AI Cloud Revenue Data Center Expansion Fiscal Q1 Earnings Profitability