IRENIREN

How far along is the pivot from bitcoin mining to AI?

→AI cloud is $34M of revenue vs $111M from mining — 23% of the business and climbing.

Why does the AI pivot matter so much?

→AI cloud gross margin is 86% vs 68% for mining — every dollar that shifts is worth more.

What does the power bill look like?

→Electricity is the miner's real cost of goods: $31M last quarter for mining alone — 87% of its cost of revenue.

How much future revenue is already under contract?

→$573M of revenue is contractually locked in — a forward signal straight from the filings, no analyst required. A further $9.7B contract was signed just after quarter-end.

Is the business selling more than it used to?

$707M+41% YoYFY 2026

→$707M in the last fiscal year.

How much of it becomes profit?

$-703MFY 2026

→$-703M last fiscal year.

How much of that growth reaches YOUR share?

→$2.24 of revenue per share last year, split-adjusted.

What's left after everything, in actual cash?

$-898MFY 2026

→$-898M of free cash flow last year.

How much of every sales dollar ends up as free cash?

→-127% FCF margin last year.

What does staying competitive cost, per dollar of sales?

Of every dollar of sales, how much survives?

What does it earn on the money it uses?

And per dollar of sales?

Could it handle its debt if things went wrong?

Is the company's own capital growing?

How fast is your ownership being diluted — or concentrated?

→+41.6% last year.

Are the people running it buying or selling?