Neocloud IREN says $4 billion in annualized revenue being delayed due to customer request
CNBC·
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Following a 26% post-election plunge in its stock price, neocloud IREN said in its earnings report on Thursday that over $4 billion in annual recurring revenue projected to land in 2026 has been pushed out to at least January.
IREN said the move, which could extend payment to February, is due to "a customer-requested change and supplier timing."
Shares of IREN rose in extended trading, but that comes after a 55% drop over the past month.
The company said revenue climbed 66% from the prior quarter to $228 million, beating the $221 million average analyst estimate, according to LSEG. AI Cloud revenue more than doubled to $200 million.
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