IREN says over $4 billion of annual recurring revenue slips to 2027 at Microsoft's request
On its earnings call IREN blamed a customer-requested network reconfiguration for 200 MW and supplier timing; quarterly revenue rose 66% to $228 million and backlog is $20.3 billion.
Why it matters
IREN's shares had already fallen 26% after the election and 55% over the month when it said more than $4 billion of annual recurring revenue expected in 2026 will now land from January, with payment possibly in February. Co-CEO Daniel Roberts named Microsoft as the customer, saying it asked to upgrade network infrastructure to serve the latest frontier models. IREN says the contracts remain funded and plans about $15 billion of capital spending this fiscal year, $6 billion of it target financing subject to market conditions. CoreWeave reports on Tuesday.
Key facts
- Over $4 billion of annual recurring revenue moved from 2026 to at least January
- Customer named as Microsoft; 200 MW of capacity
- Quarterly revenue $228 million, up 66%; AI Cloud revenue about $200 million
- Revenue backlog $20.3 billion, up 22%
- Planned capex $15 billion this fiscal year, $6 billion of it subject to market conditions
- Shares down 26% after the election and 55% over the past month