IREN Delays More Than $4 Billion in Annualized Revenue at Customer’s Request

According to CNBC, IREN said in its earnings report Thursday that more than $4 billion in annual recurring revenue projected for 2026 has been pushed out to at least January because of a customer-requested change and supplier timing; payment could extend to February. Revenue rose 66% from the prior quarter to $228 million, topping the average analyst estimate of $221 million, while AI Cloud revenue more than doubled to $200 million. The company’s net loss narrowed to $263 million from $684 million in the prior period. IREN said its revenue backlog increased 22% to $20.3 billion, approximately two-thirds of which is with investment-grade counterparties, and that the $4 billion annual recurring revenue target is fully contracted and funded.