The revised target for early 2026 stems from supplier schedules alongside a client-directed modification, though leadership confirmed the commitments remain funded. Quarterly revenue beat analyst targets at $228 million, driven by the AI Cloud division doubling its business while bitcoin mining supplied the remainder. Backlog expanded by 22% to reach $20.3 billion amid rising compute prices. To support this growth, the company intends to direct $15 billion toward capital expenditures through the fiscal year.
Key points
The delayed $4 billion in annualized revenue remains fully funded and contracted despite…: The delayed $4 billion in annualized revenue remains fully funded and contracted despite shifting toward early 2026.
Operational growth is being powered by the AI Cloud unit, which more than doubled to gene…: Operational growth is being powered by the AI Cloud unit, which more than doubled to generate $200 million.
IREN maintains strategic agreements with major tech entities including Nvidia, Microsoft,…: IREN maintains strategic agreements with major tech entities including Nvidia, Microsoft, and an expanded frontier AI laboratory contract.
Sources checked by our analysis pipeline: 1
Following a 26% post-election plunge in its stock price, neocloud IREN said in its earnings report on Thursday that over $4 billion in annual recurring revenue projected to land in 2026 has been pushed out to at least January.
IREN said the move, which could extend payment to February, is due to "a customer-requested change and supplier timing."
Shares of IREN rose in extended trading, but that comes after a 55% drop over the past month.
The company said revenue climbed 66% from the prior quarter to $228 million, beating the $221 million average analyst estimate, according to LSEG. AI Cloud revenue more than doubled to $200 million. IREN gets the rest of its revenue from bitcoin mining, which was its primary business before the company pivoted to AI.
IREN's net loss narrowed to $263 million from $684 million from the prior period. Year-ago figures weren't included in the earnings release.
The company is being closely watched by investors as the AI trade shows signs of unwinding, particularly following the Democratic sweep in Tuesday's midterm elections. Concerns are mounting that…
Downward trends in wage disclosure have prompted ministers to fast-track mandatory wage posting rules to curb workplace discrimination and support workforce entrants. The policy addresses long-standing recruitment opacity backed by overwhelming public support during recent official consultations. However, employment industry leaders caution that rigid advert requirements could overlook how candidate experience shapes final compensation.
Public safety technology provider Axon Enterprise is securing exclusive distribution rights across the United States and Canada through a major cash-and-stock commitment. The move deepens ties with autonomous robotics to modernize law enforcement, though immediate investor sentiment turned sharply negative amid reduced financial projections. Wall Street reacted swiftly to lower earnings benchmarks and trimmed expectations tied to delayed federal deployments.
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.