IREN Q1 Earnings Call Highlights AI Growth and Deployment Delays

IREN Limited reported Q1 FY2027 results with AI cloud revenues of $200 million (182% sequential growth) and a $20 billion revenue backlog. However, the company pushed its $4 billion operating ARR target from December 2026 to January 2027 due to customer-requested design changes and supplier delays. Management also reduced capital expenditure plans to $15 billion for the remainder of fiscal 2027, citing financing conditions rather than weakening demand. The company carries a Zacks Rank #4 (Sell) rating.