IREN pushes more than $4 billion in annualized revenue target to January

The former Bitcoin miner beat quarterly revenue estimates, but a delayed AI cloud milestone and a $263 million net loss complicate the story IREN beat Wall Street on revenue this quarter. It also told investors that one of its biggest promises is running late. The neocloud said in its Thursday earnings report that more than $4 billion in annual recurring revenue, originally projected to arrive in 2026, has been pushed out to at least January. According to CNBC, the delay came at a customer’s request. For a company that has rebuilt its pitch around AI infrastructure, that is not a small footnote. The stock had already been bleeding. Shares fell 55% over the past month, including a 26% post-election plunge, before rising in extended trading after the report.

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