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AI Cloud annualized hardware profit $32m

Company: IREN

This claim was marked delayed on October 28, 2026. Recorded automatically from the cited source when it was published, then queued for evidence review.

How this was decided: Automated extraction from the cited source. The claim is preserved below exactly as it was originally published, so the record shows what was asserted as well as what became of it.

Subject kind
guidance
Statement date
2024-09-15
Promised by
2024-12-31
Promised amount
32000000.0 USD
Current status
delayed

What the later record shows

The date slipped

In Q4 2024, AI Cloud revenue was $2.7m against $0.275m of cost of revenue, about $2.4m of quarterly hardware profit or roughly $10m annualized, well short of $32m. Monthly AI Cloud hardware profit was still only $2.1m in May 2025.

“AI Cloud Services Revenue $2.2m $2.0m $1.6m Electricity costs1 ($0.03m) ($0.04m) ($0.05m) Hardware profit2 $2.1m $2.0m $1.5m”
2025-06-04 · iren 8-K exhibit (ex991may2025monthlyupdat.htm) View cached copy (2026-10-13)Live source ↗
“Our AI Cloud Services revenue for the three months ended December 31, 2025 and 2024, was $17.3 million and $2.7 million, respectively.”
2026-02-04 · IREN 10-Q filed 2026-02-05 View cached copy (2026-08-31)Live source ↗
“Other direct expenses 460 51 511 Total cost of revenue $ 32,019 $ 275 $ 32,294”
2026-02-04 · IREN 10-Q filed 2026-02-05 View cached copy (2026-08-31)Live source ↗

Checked October 28, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.

The claim, verbatim

IREN estimates annualized hardware profit of $32m from its expanded GPU fleet at the end-of-2024 exit run-rate.

Source (primary)

iren 8-K exhibit (irennvidiah200purchasevf.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-28)Live source ↗

Quote: “$32m of estimated annualized hardware profit”

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 (irennvidiah200purchasevf.htm)

Quote: “$32m of estimated annualized hardware profit”

View cached copy (2026-10-28)Live source ↗

delays IREN 10-Q filed 2026-02-05

Quote: “Our AI Cloud Services revenue for the three months ended December 31, 2025 and 2024, was $17.3 million and $2.7 million, respectively.”

View cached copy (2026-08-31)Live source ↗

delays iren 8-K exhibit (ex991may2025monthlyupdat.htm)

Quote: “AI Cloud Services Revenue $2.2m $2.0m $1.6m Electricity costs1 ($0.03m) ($0.04m) ($0.05m) Hardware profit2 $2.1m $2.0m $1.5m”

View cached copy (2026-10-13)Live source ↗

Record of changes

October 28, 2026 — stated
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.
October 28, 2026 — delayed
Automated extraction from the cited source. Recorded automatically from the cited source when it was published, then queued for evidence review.