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IREN · Analysis updated Nov 6, 2026, 9:47 AM ET
Why is Iris Energy (IREN Ltd) (IREN) stock moving?
IREN fell another 16.95% on Nov 5, closing at $18.03 on volume of about 130M shares. That is roughly 2.5 times the recent daily average, and it set a new 52-week low of $17.16. The stock has lost about 37% since Oct 28. After the close, it reported fiscal Q1 results that beat expectations. Revenue was $228M against a consensus of about $222.85M, and AI cloud revenue was $200M against about $185M expected. Adjusted EBITDA was $66M, the net loss narrowed to $263M from $684M, and backlog rose 22% to $20.3B. The shares rose roughly 8-10% after hours. Operating ARR reached $1B, and a post-quarter five-year contract included customer prepayments covering 90% of GPU capex. Offsetting this, the target of more than $4B in ARR slipped to January and possibly February because of supplier timing. Management also cut planned FY27 capex to $15B, citing selective financial markets, and operating expenses rose sharply. Funding risk and the sector sell-off in neocloud names remain the main overhangs. Analyst targets (about $75) are far above the price. The stock is extremely volatile, with a beta of about 4, so a bounce is plausible but not assured.
News behind the analysis
- IREN (IREN) Q1 2027 Earnings Call TranscriptRevenue was $228M, up 66% quarter over quarter. AI Cloud revenue was $200M, adjusted EBITDA was $66M, backlog was $20.3B, and operating ARR reached $1B.
- IREN Shares Jump 7.71% After Q1 Fiscal 2027 Report Beats Revenue ExpectationsRevenue of $228M beat the $222.85M consensus. AI cloud revenue of $200M beat the $185.02M estimate, and adjusted EBITDA beat at $66M. The net loss narrowed to $263M from $684M.
- IREN Ltd (IREN) Q1 2027 Earnings Call Highlights: AI Cloud Revenue Nearly Triples to $200 MillionGross margin rose to 80% from 76%. The ARR target of more than $4B slipped from year-end to January, and a possible extension to February was flagged. The $263M net loss and $224M of operating expenses tempered the quarter.
- IREN stock jumps as FQ1 net loss narrows, AI cloud revenue nearly triplesShares rose 7.71% to $19.42 in post-market trading on Thursday after the report.
- IREN Reports Q1 FY27 ResultsBacklog rose 22% to $20.3B. The >$4B ARR target moved to January 2027, possibly February. A post-quarter five-year contract included prepayments covering 90% of GPU capex.
- IREN Q1 FY2027 earnings call — BigGo FinanceGross margin before D&A expanded to 80%. Operating expenses rose with the Mirantis acquisition and higher headcount.
- IREN Fiscal Q1 2027 Earnings Call: AI Cloud Revenue Triples, ARR Target Shifts to JanuaryManagement cut planned FY27 capex to $15B, citing selective financial markets, and said the ARR target could extend to February because of supplier timing.
- IREN Limited (IREN) Stock Price, Chart & NewsIREN closed at $18.03 on Nov 5, down 16.95%, on volume of about 130.6M. It rose about 10.65% after hours, to $19.95. The average analyst price target is $75.42.
- Iren - IREN - Stock Price & NewsThe stock fell 56% over one month and 31% over one week. The 52-week range is $17.16-$70.71.
- IREN (Nasdaq:IREN) - Stock Analysis - Simply Wall StAnalysts have trimmed fair value estimates, citing higher discount rates and funding and regulatory risks alongside new AI contract momentum.