Neocloud IREN says $4 billion in annualized revenue being delayed due to customer request

Neocloud IREN announced a delay of over $4 billion in annual recurring revenue to at least January due to a customer request from Microsoft to upgrade network infrastructure for frontier AI models. Despite a recent stock price drop, the company reported a 66% revenue increase to $228 million and narrowed its net loss. IREN's revenue backlog grew to $20.3 billion, mostly from investment-grade customers, with the $4 billion ARR fully contracted and funded.