Filing Flows › Iren (IREN) › How it makes money
How Iren (IREN) makes money
Iren (IREN) made $228M of revenue in the first quarter fiscal 2027 (Q1 FY27), -5% from a year earlier. AI Cloud Services brought in $135M (59%); AI Cloud Lease brought in $65.0M (29%); Other revenues brought in $28.0M (12%).
Drawing the Sankey…
Revenue by segment, Q1 FY27
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| AI Cloud Services | $135M | 59.2% | — | 19× |
| AI Cloud Lease | $65.0M | 28.5% | — | — |
| Other revenues | $28.0M | 12.3% | — | -88% |
Where each dollar of revenue goes
| Line | Q1 FY27 | % of revenue |
|---|---|---|
| Revenue | $228M | 100.0% |
| Income tax | $2.0M | 0.9% |
| Operating cash flow | $529M | 232.0% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q1 FY27 | $228M | -5% |
| Q4 FY26 | $137M | -27% |
| Q3 FY26 | $145M | 0% |
| Q2 FY26 | $185M | +59% |
| Q1 FY26 | $240M | +355% |
| Q4 FY25 | $187M | — |
From Iren's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Iren make money?
Iren (IREN) made $228M of revenue in the first quarter fiscal 2027 (Q1 FY27), -5% from a year earlier. AI Cloud Services brought in $135M (59%); AI Cloud Lease brought in $65.0M (29%); Other revenues brought in $28.0M (12%).
What is Iren's biggest business?
AI Cloud Services: $135M in the first quarter fiscal 2027, 59% of revenue, up 19-fold from a year earlier.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.