IREN Ltd. (IREN) dropped its fiscal first-quarter 2027 results after Thursday's closing bell, and the stock popped. Here's what has investors buying the dip.

IREN Q1 Details

IREN reported quarterly losses of 66 cents per share, which missed the Street estimate for losses of 48 cents, per market data.

Quarterly sales of $228 million beat the analyst consensus estimate of $221.28 million.

IREN reported the following quarterly highlights:

• Total quarterly revenue increased 66% sequentially to $228 million
• AI Cloud quarterly revenue increased 182% sequentially to $200 million
• AI Cloud segment gross margin of 86%, in line with prior quarter
• Revenue backlog increased 22% sequentially to $20.3 billion; approximately two-thirds with investment-grade counterparties
• More than $4 billion ARR target is fully contracted and fully funded

“This quarter Horizon 1 went into service for Microsoft with NVIDIA Exemplar status, AI Cloud revenue nearly tripled to $200 million, and operating ARR doubled to a billion,” said Daniel Roberts, Co-CEO of IREN.

“The more than $4 billion of contracted ARR is funded and now targeted for January, after a customer-requested design change and supplier timing moved it from year-end; it may extend to the end of February,” Roberts added.

IREN Stock Price: According to market data, IREN stock was up 9.14% to $19.68 in Wednesday's extended trading, after shedding more than 14% in the regular session.