IREN Ltd
IRENQ2 2024(IREN Q3 FY2024)Derived6.1% AI
AI Revenue %
6.1%
AI Fair Value
$448.6M
AI Revenue (Q)
$3.2M
Total Revenue (Q)
$52.8M
Source: SEC EDGAR 20-F Filing
View 20-F on SEC.govAnalysis
IREN (formerly Iris Energy) Q1 FY25 (Jul-Sep 2024) results disclose revenue by business line in supplemental reporting. Total revenue was $52.8M. Bitcoin mining revenue was $49.6M. AI Cloud Services revenue was $3.2M. Math: $3.2M / $52.8M = 6.06%. This was the first quarter where IREN reported granular AI Cloud Services revenue breakdowns. The company had deployed 816 NVIDIA H100 GPUs by mid-2024 and purchased an additional 1,080 NVIDIA H200 GPUs in September 2024 (announced via 6-K dated September 16, 2024). Prior fiscal year (FY2024 ended June 30, 2024) had total AI Cloud Services revenue of only $3.1M for the entire year, confirming the service was in very early ramp. The segment note in the 20-F FY2024 states AI Cloud Services 'represent less than 10% of the Group's total revenue and assets.' IREN uses a June 30 fiscal year; this quarter (Q1 FY25) corresponds to calendar Q3 2024.
Analyzed by claude-opus-4-6
Quoted Figures
AI cloud services: The Group owns and operates HPC hardware and generates revenue by providing third-party customers with remote access to these HPC hardware.
20-F FY2024, Note 4 Operating Segments
revenue and assets related to the AI cloud services business activity represent less than 10% of the Group's total revenue and assets
20-F FY2024, Note 4 Operating Segments
The Group generated 98% (2023: 100%, 2022: 100%) of its revenue through the provision of computing power to three (2023: two, 2022: two) Bitcoin mining pools for the year ended 30 June 2024
20-F FY2024, Note 4 Operating Segments
IREN is purchasing 1,080 of the latest-generation NVIDIA H200 GPUs for $43.9m, with delivery and commissioning expected during 4Q 2024. This purchase increases the Company's overall GPU fleet to 1,896 NVIDIA H100 and H200 GPUs.
6-K dated September 16, 2024
AI Cloud Services revenue derived from supplemental business line disclosure
Segment Note — IREN reports Bitcoin Mining and AI Cloud Services as business activities
AI Products Identified (Ring 1)
AI Cloud Services (GPU cloud hosting — NVIDIA H100/H200 clusters for AI training and inference)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Bitcoin mining (ASIC-based cryptocurrency mining — primary revenue source)
Confidence Tier
DerivedCalculated from reported segments primarily serving AI