Golden Pig’s take: This earnings report for $IREN needs to be viewed as two separate stories—AI cloud revenue nearly tripled, while mining revenue fell by more than half. ARR above $4 billion is a contracted target; delivery has already shifted from year-end to January next year, and could slip to the end of February. At this level, I’m bullish on $IREN , but I wouldn’t chase a gap-up high.

◎ Earnings at a glance (quarter ended 9/30): Total revenue was about $228 million, up about 66% quarter over quarter; AI Cloud was about $200 million, up about 182%; Bitcoin mining was about $28 million (about $67 million last quarter). Net loss was about $263 million (about $684 million last quarter).

◎ Market action: Binance TradFi perpetuals around 21.9, up about 25% over 24 hours, with about 85 million U in trading volume. High: about 22.5; low: about 17.2.

◎ Golden Pig’s approach: Bullish in the medium term, but don’t chase. Hold on a pullback to around 20 if it holds; keep reducing if it falls below around 17.2. ARR is an operating metric, not GAAP revenue—don’t treat “over $4 billion” as revenue already booked.

When you see “cloud revenue rising, mining revenue falling, and delivery timelines for large ARR deals pushed back,” how would you manage a position like $IREN ?

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Data: IREN IR Q1 FY27 · Binance perpetuals. DYOR; not investment advice.