AI Cloud Services annualized hardware profit by end-2024
Company: IREN
What the later record shows
The date slipped
December 2024 AI Cloud hardware profit was $0.8m, which annualizes to about $10m, far below $32m. By March 2025, annualized run-rate revenue was still only $26m.
“AI Cloud Services AI Cloud Services revenue $0.8m $0.9m $1.0m Electricity costs3 ($0.02m) ($0.03m) ($0.03m) Hardware profit $0.8m $0.9m $0.9m”
2025-01-06 · iren 8-K exhibit (irendec2024monthlyupdate.htm) View cached copy (2026-10-21)Live source ↗
“Utilized GPUs generating annualized run-rate revenue of $26 million as of March 31, 2025.”
2025-03-30 · iren 8-K exhibit (businessupdatevf.htm) View cached copy (2026-10-18)Live source ↗
Checked October 26, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
IREN expects its AI Cloud Services division to be generating approximately $32 million in annualized hardware profit by the end of December 2024, about 10% of overall earnings.
Source (primary)
iren 8-K exhibit (aicloud14gwsiteupdatevdc.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-26)Live source ↗
Quote: “IREN’s AI Cloud Services division is expected to be generating approximately $32 million in annualized hardware profit by the end of December 2024, contributing approximately 10% to the company’s overall earnings.”
How we checked this
This claim has not yet been checked assertion-by-assertion against its source. It carries a cited source and quote, but the deeper check has not run. When it does, the result appears here whatever it says.
Additional evidence
confirms iren 8-K exhibit (aicloud14gwsiteupdatevdc.htm)
Quote: “IREN’s AI Cloud Services division is expected to be generating approximately $32 million in annualized hardware profit by the end of December 2024, contributing approximately 10% to the company’s overall earnings.”
delays iren 8-K exhibit (businessupdatevf.htm)
Quote: “Utilized GPUs generating annualized run-rate revenue of $26 million as of March 31, 2025.”
delays iren 8-K exhibit (irendec2024monthlyupdate.htm)
Quote: “AI Cloud Services AI Cloud Services revenue $0.8m $0.9m $1.0m Electricity costs3 ($0.02m) ($0.03m) ($0.03m) Hardware profit $0.8m $0.9m $0.9m”