Update: Iren Fiscal Q1 Swings to Loss, Revenue Falls; Microsoft AI Infrastructure Deliveries Delayed

05:12 AM EST, 11/06/2026 (MT Newswires) -- (Updates with information on Microsoft delivery delays in the headline and the fifth to seventh paragraphs, as well as the most recent stock move in the last paragraph.) Iren (IREN) reported a fiscal Q1 net loss late Thursday of $0.66 per diluted share, swinging from earnings of $1.08 a year earlier. Analysts polled by FactSet expected a loss of $0.72. Revenue for the three months ended Sept. 30 was $228 million, compared with $240 million a year earlier. Analysts surveyed by FactSet expected $228.3 million. The company said it was delaying the delivery of some AI data center infrastructure to Microsoft (MSFT) after the tech giant requested changes to network design across the Horizon deployments. The delays, along with supplier timing, have pushed back IREN's target of achieving more than $4 billion in annualized run-rate revenue to January 2027 from year-end. The timeline could extend to the end of February, the company said. Horizon 1 was delivered to Microsoft in August and remains in service. Under the Microsoft agreement, delivery dates are extended without delay credits for delays resulting from the requested changes, it added. Shares of Iren rose over 18% in premarket trading Friday. Price: 21.32, Change: +3.29, Percent Change: +18.25