[IREN's AI Cloud Revenue Surges 182% to $200 Million Quarterly, Bitcoin Mining Revenue Drops to $28 Million] IREN (NASDAQ: IREN), a Bitcoin mining company transitioning to AI cloud computing services, announced its first quarter results for fiscal year 2027, ending September 30, 2026. Total revenue increased 66% quarter-over-quarter to $228 million, with AI cloud revenue increasing 182% quarter-over-quarter to $200 million, achieving 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. IREN co-founder and co-CEO Daniel Roberts stated that the over $4 billion ARR target has been fully contracted and funded, originally scheduled for the end of 2026, but has been postponed to January 2027 due to customer design changes and supplier timelines.