IREN's quarterly AI cloud revenue rose 182% quarter-over-qua
IREN announced results for the first quarter of fiscal year 2027, ended September 30, 2026: total revenue rose 66% quarter-over-quarter to $228 million, AI cloud revenue increased 182% to $200 million, bitcoin mining revenue fell from $67 million to $28 million, and net loss was $263 million. TeraWulf also reported third-quarter results for the same period, with HPC leasing revenue accounting for about 83% of revenue.
Event Timeline
- [11-05 22:36] IREN's quarterly AI cloud business revenue grew 182% quarter-over-quarter to $200 million, while bitcoin mining revenue fell to $28 million (Wu Shuo)
- [11-05 22:36] IREN's quarterly AI cloud business revenue grew 182% quarter-over-quarter to $200 million, while bitcoin mining revenue fell to $28 million (Wu Shuo)
- [11-06 12:10] TeraWulf's third-quarter revenue was $76.2 million, with HPC leasing revenue accounting for about 83% (PANews)
Background and Impact
On November 5, 2026, IREN (NASDAQ: IREN), a bitcoin miner transforming into an AI cloud computing service provider, announced results for the first quarter of fiscal year 2027, ended September 30, 2026. The financial report showed that total company revenue grew 66% quarter-over-quarter to $228 million, of which AI cloud business revenue grew 182% quarter-over-quarter to $200 million, with a gross margin of 86%; bitcoin mining revenue fell from $67 million in the previous quarter to $28 million. Net loss for the quarter was $263 million, compared with $684 million in the previous quarter; adjusted EBITDA was $66 million. The above data was reported by Wu Shuo, and another source published the same content on the same day, with all figures consistent.
Beyond the revenue structure, IREN's contract-side data also drew attention. The company's contracted revenue backlog grew 22% quarter-over-quarter to $20.3 billion, and its target of more than $4 billion in annual recurring revenue (ARR) has been supported by contracts and funding, but due to customer design adjustments and supplier delivery timing, the expected achievement time has been postponed from the end of 2026 to January 2027, and may be extended to February. In addition, after the end of the quarter, the company signed a five-year AI cloud service contract priced at about $22 million per megawatt.
The next day (November 6), another digital infrastructure company that transformed from a bitcoin miner, TeraWulf (WULF), announced its third-quarter 2026 financial report: revenue was $76.2 million, of which HPC leasing revenue was $63 million, accounting for about 83%; affected by non-cash factors such as changes in the fair value of warrants, net profit was about $709.9 million, and adjusted EBITDA was about -$12.8 million. As of September 30, 102 MW of critical IT capacity was in operation at its Lake Mariner campus, with another 336 MW under construction; the contracted power capacity at the Muskie campus was expanded from 500 MW to 1 GW, pending approval by the Kentucky Public Service Commission. During the quarter, the company completed the sale of a 50.1% interest in the Abernathy joint venture, recognizing a gain of $95 million, and held about $2.4 billion in cash and restricted cash at the end of the quarter. Previously, TeraWulf had signed a lease agreement with Anthropic for about 401 MW, a 20-year term, and a total value of about $19 billion. It should be noted that the reporting periods and accounting bases disclosed by the two companies are not the same, and the direction of net profit and adjusted EBITDA is also inconsistent, so they should not be directly compared horizontally.
The common point of the two financial reports is that the revenue focus is tilting toward AI and HPC leasing, and the share of bitcoin mining in revenue has declined accordingly. For the market, such quarterly reports have become a window for observing AI computing power demand and the repricing of miner valuations; however, the expected achievement time of IREN's ARR target has already been postponed, with the company citing customer design adjustments and supplier delivery timing, and the delivery pace remains an observation point for the progress of the transformation, while TeraWulf's negative adjusted EBITDA shows that there is a time lag between the recognition of leasing revenue and upfront investment. Readers who wish to track related U.S. stocks and computing power asset market conditions can obtain market tools and information through methods such as 火币HTX注册APP下载, 芝麻Gate.io注册APP下载, Bitget注册APP下载, 币安binance注册APP下载, and 欧易OKX注册APP下载; the above content does not constitute any investment advice.
Frequently Asked Questions
### When will IREN's $4 billion annual recurring revenue (ARR) target be achieved?
The company said the target has been supported by contracts and funding, but due to customer design adjustments and supplier delivery timing, the expected achievement time has been postponed from the end of 2026 to January 2027, and may be extended to February.
### Can IREN's and TeraWulf's financial data be directly compared?
Direct comparison is not appropriate. IREN disclosed data for the first quarter of fiscal year 2027, ended September 30, 2026, while TeraWulf's is for the third quarter of 2026; in addition, TeraWulf's net profit was affected by non-cash factors such as changes in the fair value of warrants, and the two companies' adjusted EBITDA figures are one positive and one negative.
### Does the decline in bitcoin mining revenue mean IREN is exiting the mining business?
The material only shows that its bitcoin mining revenue fell from $67 million in the previous quarter to $28 million, and describes the company as a bitcoin miner transforming into an AI cloud computing service provider. It does not mention exiting the mining business.