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Neocloud after its stock price fell 26% after the election. Airen said in its earnings call Thursday that more than $4 billion in annual recurring revenue expected in 2026 has been deferred to at least January.
IREN said the move, which could extend payments until February, was due to “customer-requested changes and supplier timing.”
Daniel Roberts, co-CEO of IREN, said this during the company’s earnings conference. microsoft I am a customer.
“They requested that we reconfigure and upgrade some of our network infrastructure, and the purpose of that was really to be able to provide 200 megawatts of capacity to these latest generation Frontier models,” Roberts said.
IREN stock rose in extended trading, after falling 55% over the past month.
The company said revenue rose 66% from the previous quarter to $228 million, beating the average analyst estimate of $221 million based on LSEG. AI Cloud revenue more than doubled to $200 million. IREN derives the rest of its revenue from Bitcoin mining. Bitcoin mining was the company’s main business before pivoting to AI.
IREN’s net loss narrowed to $263 million from $684 million in the prior period. The previous year’s figures are not included in the financial results announcement.
The company is attracting attention from investors as AI trading shows signs of unwinding, especially after Democrats won a landslide victory in Tuesday’s midterm elections. As interest rates rise and lenders exit the market, there are growing concerns that companies that rely on debt and burn cash will find it difficult to meet their obligations. The Nasdaq had its worst day on Thursday since April 2025.
“The capital markets have become more selective in recent weeks, and the question has certainly shifted from the size of the contracts to whether they can be delivered, financed and operated profitably,” Roberts said on a conference call.
coreweavewhich is scheduled to report earnings on Tuesday, has plunged 60% in the past month. NeviusIt fell 48% in the period to be reported next Thursday.
IREN said its sales balance was $20.3 billion, up 22% from the previous quarter, and that “approximately two-thirds were from investment grade counterparties.” The $4 billion ARR target is fully contracted and funded, the company said.
“There’s a disconnect between what we’re seeing in the public markets and what we’re seeing at the customer level,” Roberts told CNBC’s Seema Modi.
Still, Eilen said the company plans to spend $15 billion in capital expenditures for the remainder of the year, including $9 billion in cash and committed financing and $6 billion in “targeted” financing, which he said is “subject to market conditions.”
neocloud said the price of its computing continues to rise and it has expanded an existing contract with leading Frontier AI Labs. It is said that he has a contract with. NvidiaMicrosoft and 13 other customers.
Roberts said some of the data center construction next year will be backed by Nvidia and Microsoft, but about a third will be done by companies willing to pay large amounts upfront for capacity.
“We had customers agree to fund 90% of the GPU capital expenditure,” Roberts said of the graphics processing unit.
IREN said local opposition could be addressed by leveraging local suppliers, using water more efficiently and creating jobs.
“Whether it’s in Texas, whether it’s Australia, whether it’s Spain, all we’re seeing is people who want to ensure that data centers do the right thing by paying their own way, and that feels perfectly reasonable,” Roberts said.
IREN said it has intentionally not yet purchased all the GPUs it will need for next year to reduce risk.
—CNBC’s Isabel O’Brien contributed to this report.
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