IREN's AI cloud revenue grew 182% in the first quarter, while Bitcoin mining revenue fell to $28 million.

Bitcoin mining company Iren reported its first quarter 2027 financial results, with total revenue increasing 66% quarter-over-quarter to $228 million. AI cloud revenue grew 182% quarter-over-quarter to $200 million, with a gross margin of 86%; Bitcoin mining revenue decreased to $28 million from $67 million in the previous quarter. The company's net loss narrowed to $263 million, and adjusted EBITDA was $66 million. Daniel Roberts, co-founder and co-CEO of IREN, said that the over $4 billion ARR target has been fully contracted and funded, but the achievement timeline has been postponed from the original end of 2026 to January 2027 due to customer-requested design changes and supplier time adjustments.