IREN Ltd
IRENQ3 2024(IREN Q4 FY2024)Derived2.3% AI
AI Revenue %
2.3%
AI Fair Value
$190.0M
AI Revenue (Q)
$2.7M
Total Revenue (Q)
$116.1M
Source: SEC EDGAR 6-K Filing
View 6-K on SEC.govAnalysis
IREN Q2 FY25 (Oct-Dec 2024) results disclose revenue by business line in supplemental reporting. Total revenue was $116.1M. Bitcoin mining revenue was $113.5M. AI Cloud Services revenue was $2.7M. Math: $2.7M / $116.1M = 2.33%. The quarter-over-quarter decline in AI Cloud revenue (from $3.2M to $2.7M) likely reflects GPU fleet transition as the company was taking delivery of H200 GPUs purchased in September 2024, which may have caused some downtime or capacity shuffling. Bitcoin mining revenue more than doubled sequentially due to expanded hashrate (from ~10 EH/s to 20+ EH/s) and favorable BTC prices. During this quarter, IREN issued $440M in convertible notes (6-K December 6, 2024) and officially changed its name from Iris Energy to IREN Limited (effective November 28, 2024). IREN uses a June 30 fiscal year; this quarter (Q2 FY25) corresponds to calendar Q4 2024.
Analyzed by claude-opus-4-6
Quoted Figures
The Company issued $440 million principal amount of its 3.25% Convertible Senior Notes due 2030
6-K dated December 6, 2024
The change of Company name to IREN Limited is effective as of November 28, 2024.
6-K dated November 29, 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