IREN (NASDAQ: IREN) reported Q1 FY2027 results with total revenue surging 66% quarter-over-quarter to $228 million. AI cloud revenue grew 182% QoQ to $200 million at an 86% gross margin, while Bitcoin mining revenue dropped from $67 million to $28 million. The company narrowed its net loss to $263 million and posted $66 million in adjusted EBITDA. Co-CEO Daniel Roberts confirmed the target of over $4 billion in annual recurring revenue is fully contracted and funded, though the timeline has shifted from end-2026 to January 2027 due to customer-requested design changes and supplier schedule adjustments. Post-quarter, IREN signed five-year contracts at approximately $22 million per megawatt with 90% GPU capex prepaid by customers, plus short-term deals at $40 million per megawatt. The firm holds more than 30,000 acres of land, over 5 GW of secured power, and a 35 GW development pipeline.