Total quarterly revenue reached $228 million, easily exceeding consensus projections behind a massive leap in AI cloud sales to $200 million. The company leases specialized, energy-intensive data centers to enterprises building AI models, supported by major contracts with industry leaders including Microsoft and Nvidia. While long-term targets remain fully funded and contracted, management slightly deferred its operational capacity target from the end of the year to late January.
Key points
Strong artificial intelligence infrastructure demand propelled the company's financial re…: Strong artificial intelligence infrastructure demand propelled the company's financial results and triggered a stock surge of over 9 percent.
Roughly two-thirds of the firm's contracted revenue backlog is secured by investment-grad…: Roughly two-thirds of the firm's contracted revenue backlog is secured by investment-grade business counterparties.
The infrastructure capacity needed to hit a $4 billion annualized revenue run-rate is ful…: The infrastructure capacity needed to hit a $4 billion annualized revenue run-rate is fully funded but faces a slight delay to late January.
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Nov 5 : IREN beat quarterly revenue estimates on Thursday, driven by strong growth in its AI cloud business, sending its shares up more than 9 per cent in extended trading.
Companies such as Iren are building energy-intensive data centers they can eventually rent out to firms developing and running AI models.
AI cloud revenue for the first quarter rose to $200 million, from $71 million in the prior three months.
The company said its target of more than $4 billion in annualized run-rate revenue was fully contracted and funded, with the capacity now expected to become operational by the end of January, later than its previous year-end target.
The company said its assets and revenue are supported by contracts with Nvidia, Microsoft and 13 other customers, with roughly two-thirds of its revenue backlog tied to investment-grade counterparties.
Total revenue rose to $228 million in the quarter ended September 30, compared with analysts' average estimate of $221.28 million, according to data compiled by LSEG.
Facing an unsustainable economic model, the pioneering digital publication is ceasing editorial operations after three decades. Current owner Find.co, which acquired the site in 2023, is closing the magazine amid industrywide pressures tied to artificial intelligence tools and declining search referral traffic. The decision brings an end to one of the earliest trailblazers of independent online journalism.
Australian airline Qantas expects to face increased fuel costs during the first half of fiscal year 2027. The carrier has not yet provided further details regarding the projected financial impact or the specific drivers behind the anticipated rise in expenses.
Mounting subsidised Chinese exports have driven the European trade deficit to 1 billion euros daily, triggering widespread manufacturing closures. Experts warn that industrial decline in major economies like Germany threatens to spark social unrest and accelerate the rise of far-right political movements. Consequently, European leaders are preparing aggressive defensive trade mechanisms to protect vulnerable domestic markets from foreign distortions.