IREN's $4B ARR Target Confirmed Amid Revenue Miss

Iren (NASDAQ: IREN) reported $137.2 million in fiscal Q4 revenue, missing Wall Street's consensus of $157 million and resulting in a GAAP net loss of $684 million.

The company secured $6.5 billion in GPU financing over the past three months, with $3.6 billion of investment-grade paper at 6% tied to Microsoft and $2.4 billion at a 9% fixed rate led by Blue Owl and PIMCO-managed funds.

IREN's AI Cloud revenue reached $70.5 million in the quarter, surpassing Bitcoin mining revenue for the first time, with management attributing this crossover to the growing demand for data-center buildout infrastructure.