On November 6, IREN Ltd rose 18.66% in Regular Trading, trading at $20.8601 with turnover of $433 million.

The move followed the company’s latest quarterly results, with the market reacting to stronger-than-expected revenue and sharp sequential growth in its AI cloud business.

For fiscal first quarter ended September 30, IREN Ltd reported revenue of $228 million, above the $221.281 million consensus cited in market reports and up 66% from the prior quarter. AI cloud revenue was reported at nearly $200 million, up almost threefold sequentially, while adjusted EBITDA improved to $66 million from $19 million in the prior quarter. The company also said its more than $4 billion annual recurring revenue target is fully contracted and funded, now expected for January and possibly extending to February due to customer design changes and supplier delivery timing. Offsetting factors included a net loss of $263 million and EPS of negative $0.66, which missed some estimates, but the revenue beat and AI cloud ramp appear to have dominated trading.

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